Cape Cod listings increase in October market shows signs it’s moving in the right direction MABA MaBuyerAgent MassachusettsRealEstate FirstTimeHonmeBuyers

Listings of homes on Cape Cod rose slightly last month, an indication the market is moving in the right direction, according to a new report from the Cape Cod & Islands Association of Realtors (CCIAOR). New listings in October increased three point three percent from last year to three hundred and eleven. By month’s end, five hundred and ninety one  single-family homes and one hundred and fifty nine condominiums were listed for sale in the Cape Cod & Islands Multiple Listing Service. That’s a six point nine percent decrease in single-family home listings and a one point nine percent increase in condo listings from October 2022. Despite the increase in listings, inventory issues continue to drive up prices.

In October, three hundred and thirty seven homes sold on the Cape, including two hundred and sixty seven single-family homes and seventy condominiums, at median prices of $811,000 and $485,000, respectively. A year ago, two hundred and fifty single-family homes and seventy condos sold at median prices of $721,500 and $475,000. Meanwhile, pending home sales fell in October, and condominium sales rose. Pending sales for single-family homes fell eleven point seven percent from last year while pending condominium sales rose one point four percent. In October 2022, there were two hundred and fort three pending single-family homes and seventy two pending condominiums. Ryan Castle, CEO of CCIAOR, said buyers are still feeling the pinch on Cape Cod.

“Between high interest rates and high prices, year-round buyers are being squeezed out of the market, a trend that we have been seeing for some time,” Castle said. “We have said it before and will say it again, towns on the Cape need to take action to prevent more year-round residents from leaving for more attainable regions, or the Cape’s year-round economy will suffer.” Those high prices mean homes are staying on the market longer. Average days on market for single-family homes increased to thirty four, up from thirty a year prior. Condominium days on market also grew, up from thirty four to thirty seven.

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