Cape Cod dwelling gross sales fell in July, as costs held regular. The drop was anticipated, in line with a brand new report from the Cape Cod & Islands Affiliation of Realtors, which famous a 20% decline in gross sales from final yr.
In July, 347 houses bought on the Cape, together with 286 single-family houses and 61 condominiums, at median costs of $686,000 and $500,000, respectively. A yr in the past, 360 single-family houses and 96 condos bought at median costs of $600,000 and $395,750 respectively.
Pending gross sales additionally fell in July, when there have been 319 single-family houses and 71 condominium gross sales pending on the finish of the month. Pending gross sales for single-family houses fell 10.6% from final yr whereas pending condominium gross sales had a 23.7% lower. In July 2021, there have been 357 pending single-family houses and 93 pending condominium gross sales.
Ryan Fort, CEO of CCIAOR, mentioned the continued decline in exercise was anticipated.
“With rising rates of interest, patrons having moved up their timeline and extra journey overseas, we’re seeing a decline in exercise,” Fort mentioned. “Nevertheless, stock and new listings are staying traditionally low, which is conserving patrons out there nonetheless going after a small quantity of listings and conserving worth appreciation up.”
By month’s finish, 558 single-family houses and 119 condominiums had been listed on the market within the Cape Cod & Islands A number of Itemizing Service. That’s a 4% lower in single-family dwelling listings and a 31.6% lower in condominium listings from July 2021
The report did discover a rise in cumulative days on marketplace for single-family houses which elevated to a median of 24 days on market, up from 22 a yr prior.
Condominium days on market had been down 47.8%, dropping from 46 days to 24 as demand for condos on Cape Cod continues to develop. And that demand is having an affect on costs.
“With many condos now being a spot patrons — particularly retirees and first-time dwelling patrons — are turning to, we now have seen a fast 20% worth appreciation within the median gross sales worth for the yr by means of July,” the report mentioned. “July itself was stronger than the remainder of the yr with a 26% bounce within the median gross sales worth from final July.”
Every month since Might, and for the primary time since January of 2019, there was a decrease month-to-month provide of condos on the Cape in comparison with single-family houses, in line with the report.