BARNSTABLE – After a flat month for Cape Cod real estate in April, the market bounced back with a strong May.
Barnstable County Register of Deeds John Meade reports a rise in sales volume of 9.7 percent and an increase in total value of sales of 11.3 percent from last May.
The median individual property sale value was also up 2.7 percent from last May to $385,000.
“It was a strong month for actual transfer of property,” Meade said.
“On top of that, for the first time in a long time, we had an increase in the volume of mortgage activity from a year ago. All in all a strong month of May and very pleasing to see.”
Mortgage activity increased by 9.6 percent from May 2018.
Meade said he hopes the increased activity becomes a trend.
“The rates are attractive for first-time homebuyers or anyone, and that hopefully will result in an increase in activity across the board,” Meade said.
For the year to date, the volume of sales is up 0.7 percent, the total value of sales is up 6.7 percent and individual sales value is up 2.2 percent. Mortgage activity is down 4.9 percent for the year.
“It’s kind of where I expected us to be after a little bit of a slow start,” Meade said.
There were only 7 foreclosure deeds in May which was down 61 percent from last year. For the year, foreclosures are down nearly 36 percent from 92 in 2018 to 59 this year.
Meade hopes that the trend in foreclosures means the market has worked its way out of a 10-year morass.
“Knock on wood that is signaling to us that we’re getting to where foreclosures are an aberration,” Meade said.
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