Homes and condos on the Cape and Islands are taking longer to sell.

And while some real estate professionals bemoan the slump, for buyers and creative real estate agents, the future is bright.

''There's no question in that it's down,'' Jack Cotton, Cape Cod brokerage manager for Sotheby's International Realty, said of the latest sales statistics released Wednesday.

In October, residential property sales were down by 28.7 percent when compared with the same month last year and condo sales dropped by 53 percent, according to data from the Cape Cod & Islands Association of Realtors. The group tracks only sales of properties sold through the Multiple Listing Service.

For condominiums, it was the most precipitous drop from last year's figures in 10 months.

Meanwhile, the average home sale price was $531,062, down $66,000, or 11 percent, from October 2005.

The average number of days residential properties were on the market before being sold jumped 11 percent from 113 in October 2005 to 134.

The numbers are in keeping with a national trend.

For the first nine months of the year, sales of existing homes were down 14 percent across the country and condo sales were down 10 percent, according to the National Association of Realtors. In the Northeast, sales of existing homes were off 13 percent in that time and condo sales were off 17 percent.

Until the past year or so, the Cape and Islands market had been steaming ahead at a red-hot pace.

While local real estate agents aren't jumping for joy about the shift, they aren't leaping out of tall buildings, either.

There is no obvious reason for the recent downturn in sales, and that's a good sign that it's no more than the mind-set of buyers, Cotton said.

''This is an unbelievable opportunity for buyers,'' he said. ''By spring, you'll see a dramatic shift.''

With unemployment below 5 percent and a recent drop in housing inventory on Cape Cod, market forces should kick back in soon, Cotton said.

In the meantime, real estate agents are getting creative to encourage buyers.

Bayview Real Estate owner Jean Schiffmann said this is a new experience for her.

''I've never seen buyers on the fence as much as I do now,'' said Schiffmann, who has owned the Barnstable agency since 1985. ''It's still a great market for buyers, mortgage rates are great and the economy is not that bad.''

Schiffmann said she believes there's a lot of apathy right now, spurred by news of the shifting market, the war and the high cost of homes on Cape Cod.

Buyers will likely get off the fence as housing prices correct, she said. ''I just think you have to do some extra things to sell the properties.''

To that end, her agency is co-hosting a unique home tour Sunday afternoon with Sovereign Bank, with the hopes of attracting prospective buyers.

The tour of six antique Barnstable homes includes food ranging from sushi to clam chowder, wine tasting, a raffle, a trivia contest and a fundraiser for the local hospice. Four sellers participating in the event have also agreed to reduce their asking price for one week as an added draw, she said.

''From our standpoint, it's great for our clients,'' said broker Edward McKenna of Buyer Brokers of Cape Cod, Berard Associates, a group that represents home buyers.

The softening market and increased incentives mean opportunities for home buyers who have been priced out of the market until now, McKenna said.

''Cape Cod is on sale right now,'' he said.

Patrick Cassidy can be reached at pcassidy@capecodonline.com.

(Published: November 17, 2006) Cape Cod Times