Realtors in the Cape Cod, Massachusetts housing market report slowing sales and more stand-offs between buyers and sellers.
"Cape Cod has great beaches," says Realtor Karen Stefani. "It's a wonderful year-round living area."
About the market, Stefani says, "Prices have stabilized. More aggressive price reductions are being seen throughout the Cape, greater than I have seen in several years. So, if you are seriously considering the purchase of a home on Cape Cod in 2005, you might want to consider your search before the "spring market" starts and take advantage of current home prices. Over the last several weeks, I have noticed a considerable jump in inquiries and consumers wanting to set up house-hunting tours.
"Barnstable County Register of Deeds John F. Meade reports that the volume of real estate sales in January 2005 was down 6.5 percent from January 2004 volume and the total value of sales was up 2.2 percent from the previous year," says Stefani. "The average individual property sale value was up 9.3 percent from the previous year. There was a 2.3 percent decrease in the volume of mortgage activity from January 2004 levels. Register Meade reports that there were 532 deeds recorded at the Barnstable Registry of Deeds in January 2005 with stated sales values between $25,000.00 and $1,000,000.00, representing a stated value of $201,333,370.00 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 January was $378,446.00. There were 2,130 mortgages recorded with values between $25,000.00 and $1,000,000.00 in January with a total value of $436,830,474.00. The average mortgage amount, commercial, residential or other, was $205,085.00. By way of comparison, in January 2004, there were 569 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 $197,020,198.00 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 $346,257.00. There were 2,130 mortgages recorded in January 2004 with values between $25,000.00 and $1,000,000.00 with a total value of $438,107,628.00. The average mortgage amount, commercial, residential or other, was $200,967.00."
Agrees Realtor Mike Turner, "Things have really slowed in recent weeks. 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."
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Published: February 14, 2005
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