Photo courtesy of Preservation of Affordable Housing
YARMOUTH – Recent data collection released by the Cape Cod & Islands Association of Realtors shows that housing sale numbers in the region have plateaued since last year, while the median sales price has increased by approximately $90,000 for single-family homes and $10,000 for condominiums.
In October of 2022, 250 single-family homes were sold at a median price of $720,000 with 70 condos being sold at a median price of $475,000, while this year saw 267 single-family homes at $811,000 and 70 condos at $485,000.
“Buyers are still feeling the pinch here on Cape Cod,” said CEO Ryan Castle.
“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. 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,” Castle said.
Cumulative days on market for October increased 13.3% for single-family homes compared to last year, increasing from 30 days to 34 days.
One market indicator that has moved in the right direction is new listings with a slight increase, as there were 311 new listings in October, which was a 3.3% increase in that number since October of 2022.
About Zachary Clapp
