Cape Cod’s hot real estate market is strangled by low inventory

House For Sale Real Estate and House Sign

HYANNIS – Recent data from the Cape Cod & Islands Association of Realtors (CCIAOR) shows that fewer homes were sold in the area during the first quarter of 2022 compared to the same period last year.

“We are seeing the expected decline in total sales caused by persistently low inventory levels over the past two years,” said CCIAOR CEO Ryan Castle.

The report says 855 homes were sold in the first quarter of 2022, including 663 single-family homes and 192 condominiums.

The median sale price was $650,000 for single-family homes and $425,000 for condos.

Comparatively, 1,093 total homes were sold in the first quarter of 2021, 856 were single-family homes with a median price of $590,000 and 237 were condos with a median price of $340,000.

According to the CCIAOR websiteeven though the number of sales is lower than a year ago, the higher median price keeps the value of all residential sales combined in Cape Town at high levels.

“What we’re seeing going forward is how consumers react to rising interest rates and new rules governing second home loans by Fannie Mae, which could well give cash buyers even more benefits in the future,” Castle said.

By Brian Engles, CapeCod.com NewsCenter

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