Market Activity Down as For Sale Inventory Continues to Decline in October

According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 473 homes sold in October, 365 single-family homes and 108 condominiums. Median sales price was $640,000 for single-family homes and $415,500 for condominiums. Last October, 715 homes (575 single-family homes and 140 condos) sold at a median price of $549,900 for single-family homes and $404,500 for condominiums.

Sales pending at the end of October were 400 for single-family homes and 88 for condominiums – a 22.2 percent decrease for single-family and a 38.9 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last October, there were 514 pending single-family homes and 144 pending condominiums.

“We continue to see a healthy demand for Cape Cod housing and those seeking to make their home on the Cape. However, we fully expected this decline in market activity as the available homes for sale continues to decline, and you cannot expect to keep pace with a record-breaking 2020 housing market,” Ryan Castle, chief executive officer of the Cape Cod & Islands Association of REALTORS.

At the end of October, there were 469 single-family homes for sale and 152 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last October, there were 871 single-family homes and 276 condos listed for sale, a 46.2 percent decrease, and a 44.9 percent decrease, respectively.

“The data from the recently released Census shows that there are more year round Cape Codders than ever, which is the good news. As are adding more year-rounders, we do not have the available housing to house them and as such, prices are escalating and making it harder for existing year-round Cape Codders to stay here. We simply need more housing inventory.” said Castle.

Cumulative days on market for October decreased 64.7 percent for single-family homes compared to last October, dropping from 85 days to 30 days. Condominiums had a 70 percent decrease in cumulative days on market compared to last October, dropping from 110 days to 33 days.

Data released reflects all single-family homes and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.