Cape Cod Continues to See Dip in Real Estate Volume, Median Value Rises

BARNSTABLE – Cape Cod continues to see a dip in real estate sales volume, but a rise in median sale value.

Barnstable Register of Deeds John Meade reports that the volume was down 7.6 percent in June from the previous year, but the median individual property sale value was up 6.9 percent from June 2017.

The total value of sales saw a 1.2 percent reduction from June of 2017, along with a decrease of 8.3 percent in the volume of mortgage activity.

Meade said it was an interesting month for real estate sales in the region.

“I think the high end properties were the ones that were moving and we saw that reflect in the fact that our median value went up about $10,000 from the month before,” Meade said.

The median sale price of $385,000 is as high as it has been in the last decade or more, according to Meade.

The volume of sales, which is down 4.5 percent for the year-to-date, is most likely due to a lack of inventory on the lower end of the market.

“We have had a long nice run on the lower end of the market the last couple of years so it may just be tight at that end,” Meade said. “I can understand that based on what we’ve been doing for the last couple of year. We’ve had a strong run.”

Meade believes that with the median sale price continuing to rise, it could get more property owners to put homes on the market.

Even though the volume of activity for June was down from the previous year is was the busiest month of the year for real estate on Cape Cod.

“We had a very strong month,” Meade said. “Overall things are reasonably positive.”

Meade is not overly concerned about the decrease of volume.

“I’m always a volume guy and I like to see activity up and down the market so being down 4.5 percent half way through the year is not where I’d like us to be but I don’t think it’s anything to panic about,” he said.

There were 832 deeds recorded for June in the county with sales values above $50,000. There were 1,121 mortgages recorded.

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