Cape Cod: Boston’s insular get-away destination
Cape Cod: Boston’s insular get-away destination
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 3.3% from last year to 311.
By month’s end, 591 single-family homes and 159 condominiums were listed for sale in the Cape Cod & Islands Multiple Listing Service. That’s a 6.9% decrease in single-family home listings and a 1.9% increase in condo listings from October 2022.
Despite the increase in listings, inventory issues continue to drive up prices.
In October, 337 homes sold on the Cape, including 267 single-family homes and 70 condominiums, at median prices of $811,000 and $485,000, respectively. A year ago, 250 single-family homes and 70 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 11.7% from last year while pending condominium sales rose 1.4%. In October 2022, there were 243 pending single-family homes and 72 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 34, up from 30 a year prior. Condominium days on market also grew, up from 34 to 37.
Updated: Boston Real Estate Blog 2023
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Just in time for Memorial Day and the start of the summer season, Scott has a funny post about Bostonians’ favorite vacation spots.
And the winners are … Cape Cod, in nine of the ten places where people in Greater Boston apparently like to vacation.
So to “get away” from it all, Bostonians effectively hang out with each other just in another part of the state.
Classic Boston.
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Updated: Boston Real Estate Blog 2023
