HYANNIS – October was a strong month for real estate sales on Cape Cod.
Barnstable County Register of Deeds John Meade reports that volume of sales for the month was up 6.3 percent from last year, with a total value of sales increase of over 25 percent.
The median individual property sale value was up 9.7 percent from last October to $406,000, which is the highest Meade can recall.
“The last time we were close to that, which may be a little ominous, was June of 2006 just before the wheels came off,” Meade said. “I don’t think we are looking at that in this scenario.”
Meade said the market was over the ledge twelve years ago and could almost be seen coming.
“It’s been a steadier, slower progression to get to this median sale value,” Meade said.
There are concerns for potential home buyers with a slight increase in interest rates and the impact of the tax bill in terms of mortgage deductibility.
“We’ll see how that effects the market,” Meade said. “The overall economy doing well gives me some confidence that we’ll be solid.”
Meade says a strong economy and threat of increasing interest rates could be leading to the increased real estate activity.
Meade said the market begins to slow down a little bit in terms of volume in November and December.
“We usually do okay these next two months but then things slow down significantly in January, February and March before we pick up again in the spring,” Meade said.
For the year to date, the volume of sales is down 3.7 percent, the total value of sales is up 2.7 percent and the individual sales value is up 7.1 percent.
“Knock on wood we will have a nice, strong finish and get ourselves at least to matching last year’s [volume] activity,” Meade said.
There were 23 foreclosure deeds in October, which was up from 18 last year, a 27.8 percent increase. For the year to date, foreclosures are down 2.3 percent.
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