Cape Real Estate Value Rises, Volume Dips in July

BARNSTABLE – The value of real estate sales continues to rise on Cape Cod as the volume of sales decreases.

Barnstable County Register of Deeds John Meade reports that the volume of real estate sales in July was down 1.4 percent from the previous year, but the total value of sales was up 4.5 percent from July 2017.

Meade says July was a solid month for real estate activity as the median individual property sale value was also up 5.6 percent from last year.

“The median price for homes was $375,000 which was a nice little bump from the previous July which was $355,000 – a $20,000 bump,” Meade said.

For the year to date, the individual sales value is up 5.7 percent, but the volume of sales is down 4.1 percent which is concerning to Meade.

“I always like to see more volume – the volume numbers be strong” he said.

“They are still okay. We are just a little down but it seems like it is more quality than quantity at the moment.”

Meade said the complaint he is hearing from realtors is that there is not enough inventory available on the lower end of the market to meet demand for interested buyers.

“It’s just hard to find properties that are matching up with potential buyers,” Meade said.

“I’m not hearing that there are a lack of people interested but I know their main complaint is just the lack of availability of inventory and I assume that is affordable inventory.”

The real estate market had previously had a strong run over the last few year in terms of the lower end of the market.

Meade said higher interest rates do not seem to be impacting the region.

“I am curious about the impact on the second home market – on the deductibility of interest and taxes for people on second homes on their income taxes and see if that will have an effect in that area,” he said.

There was a decrease in the volume of mortgage activity of 8.9 percent from July 2017. For the year to date, mortgage activity is down 7.3 percent.

There were 24 foreclosure deeds for July which was a 9 percent increase from 22 last year. For the year to date, the number of foreclosure deeds are down 7.8 percent.

Meade said the foreclosure numbers are still high compared to years in the early 2000s. He said there were only about 20 for the entire year in 2004.

“We are on pace to do close to 300 for this year – which is low for the last 10 years but still a higher number,” Meade said.

Most of the mortgage foreclosures are coming from deals that were taken out over 10 years ago that were taken out in 2006 and 2005.

“We are still paying for the sins of the aughts I think in some ways,” he said.

About NewsCenter

The award-winning NewsCenter provides the Cape Cod community with a constant, credible source for local news. We are on the job seven days a week.
737 West Main Street
Hyannis, MA 02601
Contact Us | Advertise Terms of Use 
Employment and EEO | Privacy