What Happened in the Cape Cod Market in September, 2022

*Information provided in this video is pulled on the 5th day of the following month, so numbers may not be an exact match to the information below. Median List Price is calculated using all properties that were active for sale with a list date prior to October 1st, 2022. This is a good video to share with your clients.

Full Market Report

As Expected, Number of Sales Continues Decline, Prices Still Appreciating

According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 428 homes were sold in September, 333 single-family homes, and 95 condominiums. The median sales price was $675,000 for single-family homes and $545,000 for condominiums. Last September, 538 homes (420 single-family homes and 118 condos) sold at a median price of $625,500 for single-family homes and $403,500 for condominiums.

Sales pending at the end of September were 288 for single-family homes and 76 for condominiums – a 25.6 percent decrease for single-family and a 32.7 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last September, there were 387 pending single-family homes and 113 pending condominiums.

“While we are seeing some movement on pricing and homes are staying on the market longer, demand for Cape Cod housing remains strong as our months supply of inventory is low and is likely to remain that way, absent any drastic changes. To trigger major market changes, would need to have an oversupply of housing, which we are nowhere near having, and a complete evaporation of demand, which we do not anticipate happening.” said Ryan Castle, chief executive officer of CCIAOR.

At the end of September, there were 606 single-family homes for sale and 135 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last September, there were 608 single-family homes and 167 condos listed for sale, a 0.3 percent decrease, and a 19.2 percent decrease, respectively.

Cumulative days on market for September increased 4.2 percent for single-family homes compared to last September, increasing from 24 days to 25 days. Condominiums had a 38.1 percent increase in cumulative days on market compared to last September, increasing from 21 days to 29 days.

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