Cape Cod Real Estate Sales Volume Rises, But Value Drops Sharply

house for saleBARNSTABLE – Barnstable County is seeing an increase in real estate sales volume but there has been a big price drop off.

Real estate sales last month were up over 30 percent from March 2015 and the total value of sales was up over 20 percent from the previous year.

But Barnstable County Register of Deeds Jack Meade reports that the median individual property sale value was down 9 percent and there was a decrease of 1.8 percent in the volume of mortgage activity from March 2015 levels.

“The volumes have been steady for all intent purposes so this sort of a new scenario to me,” said Meade. “It’s one of those deals where I’ll be interested to see what happens when the spring really happens, our April, May and June numbers, are we going to see a bump or uptick in pricing.”

So far in 2016, the volume of sales is up 21.8 percent, total value of sales up 20.1 percent, mortgage volume is up 5.6 percent and individual sales value is down 6.2 percent.

There were over 540 deeds recorded last month with the median sales price of $300,000 in Barnstable County.

Last year, there were 420 deeds recorded in March, but the median sales price was over $329,000 in Barnstable County.

Despite the price drop off, Meade said he is not worried.

“If we were seeing a drop of prices and drop in volume, I’d be more concerned,” said Meade. “At least we’re seeing high levels of activity and that’s a positive.”

By JUSTIN SAUNDERS, CapeCod.com Newscenter

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