Cape Cod Real Estate Volume Dips, Median Value Rises

BARNSTABLE – It was a mixed bag for real estate activity on Cape Cod in May as volume dipped but median value increased.

The Barnstable County Register of Deeds John Meade reports that the volume of real estate sales was down 5.5 percent from May of 2017 and the total value of sales was down 7.3 percent from the previous year.

Although the volume was down, the median individual property sale value was up 1.4 percent from last year to $375,000. The median value is also at its highest level for at least a year.

Meade credits the slow down to a lack of options on the lower end of the market.

“We had a stretch there where everything was going for the $200,000 to $300,000 range, the low 3’s and mid 2’s, and now it’s harder and harder I think to find those properties,” he said.

Meade said the real estate market has been up and down all year.

“We are only down 3.6 percent [in value] through five months in 2018 compared to 2017, which I think is pretty good given we are starting to see interest rates move up a little bit,” Meade said.

Year-to-date numbers are also down 0.5 percent for total value and the individual sales value is up 4.5 percent.

May also saw a decrease in the volume of mortgage activity of 8.8 percent from the previous year. Year-to-date mortgage activity is also down 6.8 percent.

“As things get a little more expensive it starts to put a little slow down in the market,” Meade said. “I hear from realtors that inventory is light but I think it always is a price/value equation that people enter into when people make a decision to buy and or sell.”

By BRIAN MERCHANT, CapeCod.com NewsCenter

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