BARNSTABLE – Barnstable County real estate revenues are still coming in strong despite a slight drop from a historic fiscal year.
“We are one third of the way into the year so far and we’re at 50% of estimated revenue,” said Register of Deeds Jack Meade.
“So with two months to go to the halfway point, we’re already at our halfway point in terms of budget revenue numbers so, so far, so good.”
Due to low inventory numbers on Cape Cod, there has been continued speculation on whether activity would slow down.
“We’re about ten percent down from where we were a year ago, which still puts us 30% over where we were three years ago,” said Meade.
Eventually, the registry expects the market to slow down as interest rates rise and impact the purchasing power of a large segment of the population.
“We do have concerns going forward, and the reality is it’s tough to project where we’re going to be, but we expect to see some pullback in value and volume as interest rates correct upwards, and all indications indicate that interest rates are going to correct upwards,” he said.
Meade also reported that operations at the County Registry have run smoothly throughout the pandemic due to the adoption of electric filing methods, and highlighted the implementation of a queue system at the registry to increase efficiency for walk ins.
By, Matthew Tomlinson, CapeCod.com NewsCenter
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