High-End Market Watch, News Flash, Summer, 2012
Cape Cod, Massachusetts
Usually LandVest publishes a High-End Market Watch report every quarter, but the stellar market performance through Labor Day is worth reporting. At the $2,000,000 plus level, there were 45 residential sales compared to 27 at the same time last year. Traditionally, the fourth quarter has the highest number of sales due to deals formed during the summer and early fall and closing toward the end of the year.
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For perspective, the peak year was 2007 with 88 sales, bottoming at 41 in 2009, and recovering to 55 in 2010, and 50 in 2011. On the negative side, the high-end continues to struggle with inflated inventory with 261 listings at $2,000,000 plus. At the very high-end, the inventory problem is even more acute. At $5,000,000 plus, there are 40 listings with 4 sales through Labor Day and at $10,000,000 plus, there are 13 listings with no sales. Another unusual observation this summer is that Chatham with 12 high-end sales far outpaced Osterville, the traditional market leader, with 4 sales. Second place went to Falmouth with 6 high-end sales. We are hopeful that the strong trend of the summer of 2012 will continue into the fall.
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This post was brought to you by Stewart Young (syoung@landvest.com). Whether it’s an elegant Greek Revival in Lincoln, a 130 acre farm in Medfield, or a waterfront compound on Cape Cod, Stewart advises buyers and sellers of some of the most distinctive properties in Massachusetts with a focus the Metro West area of Boston and Cape Cod.
