BARNSTABLE – Barnstable County Register of Deeds Jack Meade says that both the sales volume and value of real estate properties on Cape Cod saw increases last month.
Compared to last August, the volume of real estate sales in the region jumped up 30.4%, while the total sales value rose 45.6%.
Both the median sale value for individual properties and mortgage activity volume also increased in comparison to August 19, by 14% and 45.2% respectively.
Meade said that the pent-up demand that was built during the initial months of the coronavirus pandemic continues to lead to positive trends in the local real estate market, although the total inventory of homes on the market is still relatively lower.
He added that could change, however, if these values continue to increase.
“That may push other people to put their properties on the market as well, if they’re seeing that this is a chance to take an opportunity and the market’s in their favor for the sellers, but we’ll see how long that lasts,” Meade said.
The median sales price of properties recorded by the Barnstable County Register of Deeds valued above $50,000 jumped up to $455,000 this August from $399,000 last August.
The median mortgage amount for properties valued above that threshold also saw a $13,000 bump up from last August, as it sat at $313,000 for the month.
To date, Barnstable County has seen a 0.9% decline in sales volume and a 6.9% increase in the total value of property sales, along with 9.9% and 49% increases in the individual sales value and mortgage volume respectively.
Meade noted that the last two months have come close to bringing the region back to 2019 sales volume levels after months of decreases during the COVID-19 outbreak. He is hoping that the region can reach, or even surpass, those levels from last year.
“Typically our fall is busy, and I’m expecting we’ll see a normal level of business…going through for the rest of the year,” Meade said.
Meade did mention that the county has not necessarily seen any impacts from foreclosures due to the moratorium put in place, and that could potentially lead to some negative impacts in the area going forward.Share