BARNSTABLE – The real estate market on Cape Cod continues to see a downward trend for volume but an increase in median value.
Barnstable County Register of Deeds John Meade reports that real estate volume in the region was down 9.4 percent from last September, along with a drop in total value of sales of 5.9 percent.
The median individual property sale value did see an increase of 4.6 percent in September.
“We reached the year high of $387,000 for the median sale value which is as high as we’ve been in quite a while,” Meade said.
Meade said the higher end of the market has remained strong to increase the median sale value.
“I’m a little concerned about the volume,” Meade said. “We’ve been down for the year 4.8 percent in volume which isn’t horrible, but we like to see a little more active market from that perspective and maybe we can rally for the last quarter.”
For the year to date, the total value of sales is up 0.1 percent and the individual sales value is up 6 percent. Mortgage volume is down 7.7 percent.
Meade said as the prices of homes increase it has an impact on sales.
“As the prices go up there are buyers chasing those pricing levels, but I think the lower end of the market is a tough find right now,” Meade said. “That’s probably explaining our volume.”
For the last few years the lower end of the market powered real estate on Cape Cod.
“Now we are seeing that slow down and we are starting to see the other level of the market start to move a little better or become a more dominant part of the market,” Meade said.
Meade said an increase of interest rates could also make things interesting for the market moving forward. He also feels the tax bill, which placed a cap on deductions, may be impacting the second home sales market.
“I’m hearing anecdotally that we are going to be busy in October,” he said.
Realtors are telling Meade that it is hard to find homes in the $250,000 to $300,000 market.
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