Cape Cod by the Numbers

The Cape Cod real estate market is currently ahead of last year’s record-breaking pace. But, it is important to remember that a year ago was the calm before the storm.

According to preliminary data released by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 438 homes sold in May, 347 single-family homes and 91 condominiums. Median sales price was $630,000 for single-family homes and $350,000 for condominiums.

A year ago, 301 homes (241 single-family homes and 60 condos) sold at a median price of $454,500 for single-family homes and $266,392 for condominiums. An astonishing 63% of properties closed above list price in May – fueling the 104.5% of list price received for closings, reflecting the market’s unpredictability.

Sales pending at the end of May were 436 for single-family homes and 117 for condominiums – a 10.7 percent increase for single-family and a 37.6 percent increase for condominiums, which will show up in closed home sales in the coming months.

Last May, there were 394 pending single-family homes and 85 pending condominiums.

New listings in May for single-family homes were 511 and 116 for condominiums. This is a 9.9 percent increase, and a 11.5 percent increase respectively from last May, which had 465 new listings for single-family homes and 104 new listings for condominiums.

Inventory Shortage Easing?

While new listings are still well off the pace needed for a balanced real estate market, the gap between new listings from May 2019 (the last pre-pandemic May for which data is available) and May 2021 is beginning to show signs of closing, offering some hope that the inventory shortage may be beginning to ease.

At the end of May, there were 448 single-family homes for sale and 144 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. A year ago, there were 1,537 single-family homes and 457 condos listed for sale, a 70.9 percent decrease, and a 68.5 percent decrease, respectively.

Cumulative days on market for May decreased 62 percent for single-family homes compared to last May, dropping from 100 days to 38 days. Condominiums had a 57.3 percent decrease in cumulative days on market compared to last May, dropping from 110 days to 47 days.

For buyers, the very modest increase in inventory could be signaling the beginning of a calmer market as the frenzied pace of the spring is not sustainable.

For sellers — especially those who have been sitting on the sidelines — this might be the start of opportunities lost as more competition is coming onto the field. While inventory is no where near what it needs to be, the number of homes for sale seems to be heading in the right direction as virus restrictions are lifted and life returns to “normal.”

As always, we’re available to answer your questions and concerns. Let’s connect at 508-568-8191 or [email protected].

Happy first day of summer!

Mari and Hank