Lack of inventory slows Cape Cod real estate sales

HYANNIS – The Cape Cod & Islands Association of Realtors released its latest figures for Cape Cod real estate transactions in April 2022, with limited inventory and other factors driving total sales down from April of the year last.

“The slowdown in sales that we are currently experiencing is the result of the lack of inventory. However, rising interest rates and inflation are on top of that,” CEO Ryan Castle said.

The data shows that 334 homes were sold in April, including 247 single-family homes and 87 condominiums.

The median sale price was $725,000 for single-family homes and $385,000 for condos in April 2022.

Last April, a total of 397 homes were sold, 309 were single-family homes with a median price of $625,000 and 88 were condos with a median price of $377,500.

The average number of days homes were on the market for the month of April fell for single-family homes from the same month last year, from 59 days to 37 days. Condos went from 54 days on the market last April to 31 days last April.

Similar to data reported for the first quarter of 2022 Cape Town property transactions, although total sales are lower than last year’s figures, the higher median price keeps the value of all residential sales combined in Cape Town at high levels .

The total number of sales and pending listings was also down from April 2021.

By Brian Engles, NewsCenter