Bucking statewide trends, Cape Cod home prices fall

Buying News
A Cape-style home in Barnstable.
A Cape-style home in Barnstable County, where prices have fallen 1.4 percent over the previous year. Wikimedia Commons / John Phelan

Home prices may be setting new records across the state, but not on Cape Cod.

One of the country’s favorite vacation spots, the sandy spit has seen home prices fall during the first six months of 2016, according to The Warren Group, publisher of Banker & Tradesman.

The median home price in Barnstable County, which covers towns on the Cape from Sandwich to Provincetown, fell 1.4 percent compared to the same period last year, to $345,000.

In fact, the decline was as high as 3 percent through the end of May, before narrowing to 1.4 percent at the end of June.

More significantly, home prices on the Cape, with the exception of a few towns, have yet to get back to the records set during the last real estate boom a decade ago.

By contrast, home prices in several upscale suburbs and urban neighborhoods across Eastern Massachusetts have long since surpassed their last peaks and are well into record territory.

The median price of a home in Massachusetts set a new record in June, rising to $380,000.

“If someone is selling a property in Boston, they can get top dollar there and buy something here for prices that may seem much better than they did at the top of the market in the mid-2000s,” said 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate on Cape Cod.

“From that standpoint, it’s a great market for buying a retirement or second home,” she said.

Orleans saw one of the biggest drops since last year, with the town’s median home price plunging 11 percent, to $563,000, Warren Group numbers show.

Dennis fell 7.1 percent, to $325,000, while Wellfleet fell 6 percent, to $492,000.

Other towns saw smaller but still significant declines, including: Eastham, which fell 4.5 percent to $397,750; Harwich, 4 percent to $350,000; Truro, 2 percent to $615,000; and Marston Mills, 3 percent to $319,000.

A couple towns bucked the trends, though. Provincetown has seen its median home price jump more than 40 percent, to $895,000, while Centerville rose 10 percent, to $320,000.