Cape Real Estate Sales and Mortgage Activity Remain Strong

HYANNIS – The volume of real estate sales and mortgage activity continue to climb on Cape Cod.

Barnstable County Register of Deeds John Meade reports that the volume of sales was up 4.4 percent for September from the previous year and the total value of sales increased by 8.3 percent.

“We’ve seen a nice run the last few months for real estate activity that is getting us to closing in on where we were a year ago in terms of volume of sales,” Meade said.

“It’s been a nice month.”

There was also a 47.6 percent increase in the volume of mortgage activity from last September due to the recent drop in interest rates.

“That has triggered a lot of activity for folks who are getting involved in either refinancing, home equity lines or things like that,” Meade said. “We are starting to see a significant pick up in mortgage volume.”

The individual property sale value was also up 3.1 percent from last September to $399,000. That price remains the same from August.

“We’ve seen a pretty steady level of median value for the last five or six months,” Meade said.

The median price has been $370,000 or higher since March and has been hovering around $400,000.

“I think that is where we are going to be for a little bit,” he said.

For the year to date, volume of sales is down 1.2 percent, total value of sales is up 5.9 percent, individual sales value is up 3.8 percent, and mortgage volume is up 6.1 percent.

Meade said he can contribute the 1.2 percent in volume for the year to a lack of foreclosure sales, which he said is a positive sign.

“I think the net volume of true sales, so to speak, is up a little bit from a year ago,” he said.

There were only seven foreclosure deeds in September, which was down from 20 the previous year. For the year to date, foreclosure deeds are down 45 percent, from 185 to 102.

“Three-quarters of the way through the year that’s a nice sign and a positive that we have been long looking for,” Meade said.

Meade feels the market will continue recent trends if the rates remain low and the economy remains strong.

“The main complaint I hear anecdotally from realtors is that inventory is tight,” Meade said.

After a long period of sales on the lower end of the market, homes are becoming harder and harder to find below the median price.

About Brian Merchant

Brian Merchant grew up in Central Massachusetts and now lives in South Dennis on the Cape. He has been part of the news team in the NewsCenter since the spring of 2014. He studied radio broadcasting at the University of Tennessee.
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