Rent Real EstateCape Cod, Mass. Housing Sales Ebb Temporarily
Sales are ebbing slightly in Cape Cod, Massachusetts, say local Realtors, due in part to weather conditions, rising interest rates, and other conditions, but they say to expect the tide of buyers to come back in soon.
"Cape Cod values are solid, though sales are tapering off," reassures Realtor Jerry Epstein. "The trend for fewer mortgages continues into this month with the number of mortgages Capewide down 14 percent from the previous year to date. The number of real estate sales in the past month was down 14.5 percent compared to the same time last year and the year to date mortgages are down 14 percent. The number of sales last month was also off 14.5 percent from March of last year. The average sale price was up in March to $369,662 from March of 2004"s value of $344,985 (excluding sales over $1,000,000)."
Observes Realtor Mike Turner, "Things have really slowed in recent weeks due to extreme weather. We received almost three feet of snow recently which hindered travel. The Cape Cod market is still a tug-of-war. Sellers continue to try to keep the rate of price increase steep while Buyers are still trying to slow that rate of increase in prices. Choice properties located on or near the water still bring top prices. A property must be priced at a "market rate" unless it is exceptional."
"Barnstable County Register of Deeds, John F. Meade, reports that the volume of real estate sales in March 2005 was down 14.5 percent from March 2004 volume and the total value of sales was down 8.4 percent from the previous year," say the Realtors at Cedrone and Macdonald. "The average individual property sale value was up 7.2 percent from the previous year. There was a 20.5 percent decrease in the volume of mortgage activity from March 2004 levels. Year to date: sales volume is down 7.4 percent, but total sales value is up 1 percent, and individual sales value is up 9 percent. Mortgage volume is down 14 percent.
They add, "Register Meade reports that there were 566 deeds recorded at the Barnstable Registry of Deeds in March 2005 with stated sales values between $25,000.00 and $1,000,000.00, representing a stated value of $209,228,958.00 in county-wide real estate sales. Based on all property sales valued between $25,000.00 and $1,000,000.00, the average sale price of property in Barnstable County in March was $369,662.00. There were 2,617 mortgages recorded with values between $25,000.00 and $1,000,000.00 in March with a total value of $572,116,177.00. The average mortgage amount, commercial, residential or other, was $218,615.00. By way of comparison, in March 2004, there were 662 deeds recorded at the Registry of Deeds with stated sales values between $25,000.00 and $1,000,000.00, representing a stated value of $228,380,278.00 in county-wide real estate sales. The average sales price, based on all property sales valued between $25,000.00 and $1,000,000.00 was $344,985.00. There were 3,291 mortgages recorded in March 2004 with values between $25,000.00 and $1,000,000.00 with a total value of $641,931,439.00. The average mortgage amount, commercial, residential or other, was $195,057.00."
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