Cape Cod Real Estate Volume Down, Value Up

HYANNIS – Cape Cod continues to see a dip in real estate volume.

Barnstable County Register of Deeds John Meade reports that the volume of sales was down 5.1 percent in August from last year – and is down 4.2 percent for the year to date.

Despite the continuing trend of a drop in volume, Meade says August was still a pretty good month for real estate on the Cape.

“Our value of sales was up significantly and the median individual property sale value was up nearly 10 percent from last year,” Meade said. “So we had a pretty strong month overall.”

The median individual sale price was $373,500 in August and the total value of sales was up 6.7 percent from August 2017.

For the year to date, the total value of sales is up 1 percent and the individual sales value is up 5.7 percent.

Meade does expect the volume and value numbers to state to come together at some point.

“I do like to see more volume obviously and that is always a positive sign, but it may be that we start to see prices have to come down to a little bit to get those volume numbers up,” Meade said.

A strong economy and a stock market that remains high could lead to more real estate activity for the region.

“Maybe people will pull some money out and start buying second homes,” Meade said.

A different tax environment for real estate when it comes to the deductibility of certain property taxes and mortgage interest could have an impact on potential buyers looking at second homes, according to Meade.

The real estate industry is expecting a pickup in volume over the next few months.

“Typically we see more activity in the fall,” Meade said. “Fall and the spring are our two busiest quarters so my expectations are that we will see more activity and knock on wood that follows through.”

Meade said he has been pleased with the market in July and August but expects a busier September and October.


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