Cape Cod market activity fell in March as for sale inventory continued to decline: Massachusetts Homebuyers Homeownership

Low inventory continues to impact home sales across the Cape and the islands. The Cape Cod & Islands Association of Realtors March Market report found market activity fell in the first quarter of 2022, as for sale inventory continued to decline. In the first quarter, eight hundred and fifty five homes sold on the Cape, including six hundred and sixty three single family homes and one hundred and ninety two condominiums, at median prices of six hundred and fifty thousand dollars and four hundred and twenty five thousand dollars, respectively. A year ago, eight hundred and fifty six single family homes and two hundred and thirty seven condos sold at a median prices of five hundred and ninety thousand dollars and three hundred and forty thousand dollars, respectively.

 There were seven hundred and eighteen single family homes and two hundred and twenty one condominium sales pending at the end of the first quarter. Pending sales for single family homes fell twenty four percent from the first quarter of 2021 while pending condominium sales had a 22.5 percent decrease. In the first quarter of 2021, there were nine hundred and forty five pending single family homes and 285 pending condominium sales. Listings also fell year over year for the quarter, down 27.5 percent for single family homes and down 37.2 percent for condominiums. By the end of March, there were two hundred and seventy four single family homes and ninety three condominiums for sale in the Cape Cod & Islands Multiple Listing Service, compared to two hundred and seventy eight single family homes and one hundred and forty eight condos listed at the same time last year. CCIAOR CEO Ryan Castle said the association is seeing the expected decline in total sales due to persistent low inventory levels over the last two years.

 ”What we are watching into the future is how consumers respond to rising interest rates and new rules governing second home loans by Fannie Mae, which might just give cash buyers even more of an upper hand moving forward,” he said in a press release.
Homes for sale with a list price of under five hundred thousand dollars also fell in the first quarter with two hundred and nine single family homes and one hundred and eighty six condominiums listed, down 48.6 percent and down 35.9 percent, respectively, from the same time last year. The report also found drops in cumulative days on market as single family homes fell 52.1 percent from the same time last year, dropping from seventy three days to thirty five. Condominiums fell 46.3 percent, dropping from eight two days to forty four.

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