Boston Real Estate News: Half of Massachusetts Cape Cod Homes Sold above Asking

Boston Condos for Sale and Apartments for Rent

Boston Real Estate News: Half of Massachusetts Cape Cod Homes Sold above Asking

Cape Cod home listings surge at pace not seen in years

In April, Cape Cod sellers were listing homes at a rate the market hadn’t seen in years, according to the Cape Cod & Islands Association of REALTORS® April 2024 Market Stats Report.

By month’s end, 495 single-family homes and 137 condominiums were listed for sale in the Cape Cod & Islands Multiple Listing Service. That’s a 15.7% increase in single-family home listings and an 11.4% increase in condo listings from April 2023.

Ryan Castle, CEO of the Cape Cod & Islands Association of Realtors, said now’s the time to look if you are thinking about buying.

“Sellers are listing houses at a pace we have not seen in the last few years,” Castle said. “If you have been considering buying, it’s a great time to see what is new to the market. The market could continue to use more homes to help ease affordability pressures.”

In April, 279 homes sold on the Cape, including 222 single-family homes and 57 condominiums, at median prices of $809,250 and $512,500, respectively. A year ago, 216 single-family homes and 68 condos sold at median prices of $762,500 and $441,250.

Meanwhile, pending home sales rose in April, while condominium sales fell.

Pending sales for single-family homes increased 18.1% from last year to 300 while pending condominium sales fell 6.1% to 62. In April 2023, there were 254 pending single-family homes and 66 pending condominiums.

Compared to last year, days on market stayed the same as last year at 46. Meanwhile, condominium days on market grew 27.3% compared to last year, increasing to 56 days from 44.

Peace be with you

Boston Beacon Hill Condos for Sale

Updated: Boston Real Estate Blog 2024

Condo Broker 137 Charles St. Boston, MA 02114

Visit our office at 137 Charles Street, Beacon Hill MA 02114

Sorry we are experiencing system issues. Please try again.

Boston condos for sale

Click Here to view: Google Ford Realty Inc Reviews

_____________________

Boston Real Estate News: Half of Massachusetts Cape Cod Homes Sold above Asking

Nearly half of all Cape Cod home listings sold for more than the asking price last month, as high demand and little inventory continue heading into the spring and summer markets.

Low real estate inventory driving up prices

Low inventory levels continue to drive up prices. According to the Cape Cod & Islands Association of Realtors’ latest data, 43% of all March transactions closed above asking price, compared with 11% in March 2020 and 9.5% in March of 2019.

Additionally, the median sales price of a single-family home in Barnstable County set a new record high in the region, rising to $653,500. The median sales price for condominiums was $339,500.

The imbalance between supply and demand on the Cape is a concern for the future of home affordability, according to Ryan Castle, chief executive officer of the Cape Cod & Islands Association of Realtors.

“Quite simply, we need all hands on deck to create more inventory on the market,” Castle said in a press release. “The housing market for buyers is extremely challenging and it relates back to decades of lack of housing production and those who are choosing to keep Cape Cod as their permanent home.”

New single-family home and condominium listings last month were down 18% and 19.1%, respectively, from March 2020. At the end of last month, there were 346 single-family homes and 131 condominiums for sale on the Cape and Islands compared to 1,567 single-family homes and 446 condos a year ago, a decrease of 77.9% and 70.6%, respectively.

“There is a perilously low number of homes for sale in the market. We were worried last year when homes for sale dipped below 2,000, and to be at 346 single-family homes for sale is simply astonishing,” Castle said.

Real Estate: Days-on-Market

March also saw a decrease in total days on market since last year. Single-family homes dropped 36.7% from 120 days in 2020 to 76 days. Condominiums decreased 23.8%, dropping from 101 days to 77.

Pending Home Sale

Pending sales at the end of last month increased 21.3% for single-family homes and 37.8% for condominiums.