Cape Cod market sees more price decreases in May than any month this year: Massachusetts HomeBuyers HomeOwnership

 The Cape Cod real estate market had more price decreases in May than it’s seen so far this year. According to a new report by the Cape Cod & Islands Association of Realtors, one hundred and thirty listed properties dropped their prices in May, representing twenty percent  of new listings. Along with those decreases, Cape Cod residential real estate saw median sales price growth and decreases in pending sales last month. In May, three hundred and eight four homes sold on the Cape, including two hundred and ninety six single family homes and eighty eight condominiums, at median prices of seven hundred and forty nine thousand dollars and four hundred and twenty six thousand dollars, respectively.

 A year ago, three hundred and fifty single family homes and ninety two condos sold at median prices of six hundred twenty seven thousand nine hundred and fifty dollars and three hundred fifty three thousand seven hundred and fifty dollars, respectively.  Pending sales fell in May, when there were three hundred and forty three single family homes and ninety condominium sales pending at the end of the month.  Pending sales for single family homes fell fifteen point seven percent from last year, while pending condominium sales had an eighteen point nine percent decrease. In May 2021, there were four hundred and seven pending single family homes and one hundred and eleven pending condominium sales. 

 There were four hundred and twenty eight single family homes and eighty five condominiums for sale in the Cape Cod & Islands Multiple Listing Service at the end of May, compared to the same time last year when there were four hundred and ninety one single family homes and one hundred and fifty three condos listed for sale. The report also found drops in cumulative days on market, as single family homes spent an average of twenty eight  days on market, down thirty percent from forty days last year. Condominium days on market were down thirty eight point three percent, dropping from forty seven days to twenty nine.

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