By AMY ANTHONY
September 05, 2014
BARNSTABLE - The median value of property sold on Cape Cod hit a multi-year high in August, Barnstable County Register of Deeds John Meade reported Thursday.
And the value of real estate sales on the Cape increased 17.9 percent last month compared with August 2013, according to the Registry of Deeds.
And the median individual property sale value increased 8 percent over last year, with a median sale price of $343,500, Meade said.
Referring to the median sale price of $343,500, Meade said, “This is as high as it’s been in a while.” Meade estimates it is the highest it has been in several years. The median individual property sale price was 8 percent higher than in August 2013, when it was $318,000, he said.
But Meade cautioned that the monthly report is only a snapshot of the market.
“The one-month view can skew what’s going on in the market,” Meade said. He noted that the median sale price for July was lower than expected at $305,000.
“There are a combination of things that could affect the median number,” Meade said.
While there may have been more high-end sales in August, Meade estimated that there are still plenty of properties available at the low end of the market - in the $100,000 to $200,000 range.
The volume of real estate sales last month increased from the previous August as well, but only by 3.3 percent, Meade said.There were 622 deeds recorded last month at the Barnstable Registry of Deeds, whereas there were 602 deeds recorded in August 2013, he said.
One area that decreased in year-over-year comparison was the volume of mortgage activity, Meade said. In fact, there was a 22.6 percent decrease, he said.
Meade attributed the decrease to the “historically low” interest rates of the past several years.
People are “at a rate they’re comfortable with,” Meade said.