CCIAOR: “More for sale signs” across Cape Cod MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 May brought “welcome news” to the Cape Cod real estate market, according to a preliminary report released by the Cape Cod & Islands Association of REALTORS. In May, seven hundred and ninety single family homes were listed on the Cape Cod & Islands Multiple Listing Service in Barnstable County, a sixteen point seven percent percent yearly increase. Condo listings saw an even bigger boost at two hundred and eighty three new listings, a sixty two point six perrcent increase.

 Sales decreased slightly, with two hundred and forty nine single-family homes and seventy four condos sold last month, compared to two hundred and ninety five homes and seventy two condos in May 2024. However, more homes and condos in Cape Cod’s market went under contract in May relative to the same month last year, with increases of point four percent and two point six percent, respectively. Single-family homes fetched a median sales price of $755,000, while condos brought in a median price of $443,500. Cape Cod properties sold for a median of $475 per square foot for single-family homes and $411 for condos.

 “The biggest trend we’re seeing in the market over the last few months is the increase in inventory,” noted CCIAOR President Todd Machnik. “While affordability remains a persistent challenge for many buyers in our market, your eyes are not deceiving you: You are actually seeing more for sale signs across the Cape.” He continued: “This is welcome news for a region that has been starved for inventory over the last five years. Homes are still selling at or close to list price, so while the increased inventory is certainly helpful to buyers, they should still be prepared to make their first offer a serious one if they want to land the property.”

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