Cape & Islands News

Cape real estate market falls sharply in November

Number of sales, overall sales volume nosedive
Transaction prices slide, mortgage activity cut in half

By James Kinsella

The slump in the Cape Cod real estate market is going from bad to worse.

Real estate sales volume dropped 34.4 percent in November compared with a year ago, and the overall dollar value of sales fell 50.4 percent, according to the Barnstable County Register of Deeds John F. Meade.

While registry transaction figures show the market has been slumping most of the year - a trend that started back in 2004 - November exhibits by far the steepest drop.

Meade reports 321 deeds were recorded at the Barnstable County Registry of Deeds in November 2008 with stated sales values above $50,000, representing a stated value of $122.3 million in Cape real estate sales.

Based on all property sales valued above $50,000, the median sale price of property in Barnstable County in November was $297,500.

So far in 2008, the volume of Cape real estate sales is down 7.8 percent; the overall dollar value of sales is down 20 percent; the sales value of individual transactions is down 10.1 percent; and mortgage volume is down 20.6 percent.

In the same month the previous year, 489 deeds were recorded at the registry with stated sales values above $50,000, representing a stated value of $246.2 million in Cape real estate sales.

Based on all property sales valued above $50,000, the median sale price of property in Barnstable County in November 2007 was $330,000.

So far in 2008, the volume of sales is down 7.8 percent; the overall dollar value of sales is down 20 percent; the sales value of individual transactions is down 10.1 percent; and mortgage volume is down 20.6 percent.

In November, 671 mortgages were recorded with at the registry with values above $50,000, for a total value of $201.2 million. The median mortgage amount, commercial, residential or other, was $217,000.

Mortgage volume fell 47 percent from a year ago, when the registry recorded 1,268 mortgages.

Foreclosure deeds only crept up a bit, from 35 a year ago to 37 in November. But for the first 11 months of the year, the registry has recorded 560 foreclosure deeds, an increase over last year of 80 percent.