Cape Cod Real Estate Market Showing Promising Signs

Home For Sale Real Estate Sign and House

HYANNIS – The COVID-19 pandemic has had an impact on Cape Cod’s real estate market, the month of June showed some promising signs.

Though the volume of real estate sales in June was down 9.5% from June 2019, Barnstable County Register of Deeds Jack Meade said that the market rebounded after a difficult May.

“Actually we had a pretty good month of June, notwithstanding the fact that we were down nine and a half percent from a year ago. But given what’s going on in the world and everything else that’s a pretty good number,” said Meade.

“We were down nearly 50 percent a month ago from May of last year so to see a significant rebound in June is a really good sign.”      

The median individual sale value of properties saw a 3.4% uptick from last June.

Compared to June 2019, there was a 57% increase in the mortgage activity volume.

Mortgage volume has also seen an increase of 46.5% on the year to date.

1,698 mortgages worth over $50,000 were recorded, with the median mortgage amount for the month reported at $295,600.

“Obviously the mortgage numbers are extremely positive in terms of the activity,” continued Meade.  

“People are out there refinancing like crazy and we are seeing that in our numbers.”   

Meade said that he believes June showed positive signs because people felt more comfortable doing business with COVID-19 restrictions in place.

“Once people felt a little more comfortable in understanding what needed to be done in order to do some business, I think they were able to go out and maybe look at homes and do it in the appropriate manner,” said Meade.  

“They were anxious to get out there and we are starting to see the real estate activity levels that we expected to see notwithstanding the pandemic.”

Meade reported that 684 deeds with stated values north of $50,000 were recorded this past month within Barnstable County, as the median property sale price in the area stood at $420,000.

Meade also believed that Barnstable County was going to see a strong spring real estate market had the pandemic not hit and that strong spring got pushed back.

“I think a lot of the activity that we would have otherwise seen in April, May, and June we are going to see pushed into the summertime,” said Meade.  

The volume of sales for the year to date is down 14.2%, according to Meade. The total value of sales is also down 11.5%, while the individual sales value is up 5%.

Demand is still present and Meade expects numbers to be strong by the end of the year.

“It’s always an economic puzzle in terms of how things will unfold but I am generally positive for the rest of the year,” Meade said. 

“I think when we get to December we’re going to find out that we’re probably even or better than we were last year.”

About Luke Leitner

Luke Leitner grew up in Watertown Massachusetts and now lives in West Yarmouth on the Cape. He has been a part of the news team in the News Center since the spring of 2019. He studied business communications at Western New England University.
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