Rising Cape Cod real estate inventory sparks opimism in market MABA MassachsuettsRealEstate FirstTimeHomeBuyerts MaBuyerAgent

The increasing inventory on Cape Cod and the islands is fostering optimism within the market, signaling positive signs as the spring season begins, according to a new report from the Cape Cod & Islands Association of Realtors (CCIAOR). Both new home listings and condo listings had double-digit growth in February. By month’s end, four hundred and twenty two single-family homes and one hundred and twenty condominiums were listed for sale in the Cape Cod & Islands Multiple Listing Service.

That’s a twenty one point six percent increase in single-family home listings and a thirteen point two percent increase in condo listings from February 2023. Ryan Castle, CEO of the Cape Cod & Islands Association of Realtors, said the increase in new listings is a positive sign that “has us feeling cautiously optimistic for the market this year.” “Higher mortgage rates and historically low inventory will likely continue to keep potential sellers in their homes for some time, which would temper the overall number of listings coming onto the market,” he said. “Overall, we have been waiting for positive signs in the market and this is certainly one of them.” Sales also improved.

In February, one hundred and ninety five homes sold on the Cape, including one hundred and forty seven single-family homes and forty eight condominiums, at median prices of $717,000 and $417,500, respectively. A year ago, one hundred and fifty seven single-family homes and thirty five condos sold at median prices of $661,000 and $400,000. Meanwhile, pending home sales rose in February, while condominium sales fell. Pending sales for single-family homes increased nine point six percent from last year to two hundred and five while pending condominium sales fell sixteen point four percent to fifty six. In February 2023, there were one eighty seven pending single-family homes and sixty seven pending condominiums.

“In a real estate market like this, it’s important to have expert agent representation,” Castle said. “Buyers and sellers need a professional on their side to navigate this market when making a significant decision to invest in a new home or sell their current one.” Homes are not staying on the market long. Average days on market for single-family homes fell to fifty, down from sixty five a year prior. Condominium days on market also fell, down from fifty seven to fifty.

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