Home For Sale Real Estate Sign and House
(YARMOUTH) – The month of June showed signs of a limited inventory on the Cape Cod housing market as preliminary data released by the Cape Cod & Islands Association of Realtors, showed 342 homes were sold compared to 424 in June of 2022.
New listings on the market have decreased by approximately 34% over the last year which has CEO Ryan Castle worried about the continued direction of reports.
“Pre-pandemic we were talking about 2,000 to 2,500 homes for sale depending on seasonality. Now even in July, which is supposed to be one of our hot months for inventory, we’re down to around 380 single family homes on the market in Barnstable County,” Castle said.
Cumulative days on market for June increased 100% for single-family homes compared to last June, increasing from 17 days to 34 days showing the limited movement.
With listings staying on the market longer with median sales prices staying high Castle believes the trend of the reports will only continue if something does not change.
“What we’re seeing nationally is, pre 2008 people generally moved every seven years. Now it’s around 15 to 17 years that people are owning their house for. Especially people who have low fixed rate mortgages,” said Castle.
With inventory staying stagnant and the number of home sales dropping, the lack of new construction for the market will affect the housing market availability and allow second homeowners and retirees to outbid those who work in the region.
Homeowners will be able to get high sale prices for their homes, but if they want to stay on Cape there are not many opportunities to buy something else.
About Zachary Clapp
