Low inventory continues to impact home sales across Cape Town and the Islands.

the Cape Cod & Islands Association of Realtors March Market Report found that market activity fell in the first quarter of 2022 as inventory for sale continued to decline.

In the first quarter, 855 homes sold on the Cape, including 663 single-family homes and 192 condominiums, at median prices of $650,000 and $425,000, respectively. A year ago, 856 single-family homes and 237 condos were selling for median prices of $590,000 and $340,000, respectively.

There were 718 single-family homes and 221 condominium sales in progress at the end of the first quarter. Pending sales of single-family homes fell 24% from the first quarter of 2021, while pending sales of condominiums fell 22.5%. In the first quarter of 2021, there were 945 pending single-family homes and 285 pending condominium sales.

Listings were also down year over year for the quarter, down 27.5% for single-family homes and 37.2% for condominiums. At the end of March, there were 274 single-family homes and 93 condominiums for sale in the Cape Cod & Islands Multiple Listing Service, compared to 278 single-family homes and 148 condos listed at the same time last year.

CCIAOR CEO Ryan Castle said the association is seeing the expected decline in total sales due to persistently low inventory levels over the past two years.

“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,” he said in a press release. .

Homes for sale with list prices below $500,000 also fell in the first quarter with 209 single-family homes and 186 condominiums listed, down 48.6% and 35.9%, respectively, from the same period last year.

The report also found a drop in cumulative days on the market, with single-family homes falling 52.1% from the same period last year, from 73 days to 35. Condominiums fell 46 .3%, from 82 days to 44.