- High-end $2,000,000+ sales in the first half of 2014 were strong with 39 sales compared to 31 in the first half of 2013
- Inventories are high, especially at the higher end of the price range.
- Pent-up demand and a strong stock market are fueling the market, but excess inventory means sellers must compete for buyers.
- Chatham is the sales leader for the first half of 2014 with almost twice its average number of sales for 2000-2014.
Active Listings and Sales, $2,000,000+, First Half, 2000-2014
On Cape Cod, Massachusetts, at the end of June 2014 the inventory of high-end listings was close to record levels with 248 listings compared to an all time high of 271 at the same time in 2011. 144 of the 248 listings were under $3,000,000, 48 were over $5,000,000, and 12 were over $10,000,000. Typically the listing inventory grows through the first half of the year and then declines in the fourth quarter as sales are closed and properties are taken off the market. Last year there were 258 at the end of the second quarter, 251 at the end of the third quarter, 215 at the end of 2013, and 246 at the end of the first quarter of 2014.
High-end sales boomed to record levels in 2012 and declined by about 20% in 2013. The first quarter of 2014 exploded with 17 sales compared to 6 in the first quarter of 2013. The second quarter was also strong bringing the total number of sales to 39 for the first half compared to 31 at the same time last year.
Highest And Median Sale, $2,000,000+, First Half, 2000-2014
According to MLS, the top sale in the first half was 459 Sea View Avenue in Osterville selling for $13,000,000. The property combines two lots on 2.76 acres with beachfront on Nantucket Sound. The main residence was built in 2008 and there are also a carriage house, boat house, and pool.
The median value for high-end sales in the first half 2014 was $2,600,000, down to a level last seen in 2006-2008. The high-end market on Cape Cod is predominately in the $2-$3,000,000 range. Of the 39 sales in the first half, 24 were in the $2-$3,000,000 range and 8 were in the $3-$4,000,000 range. There were 5 sales in the $5-$10,000,000 range and 2 sales above $10,000,000.
Days On Market, Sales, $2,000,000+, First Half, 2000-2014
Days on market for high-end properties sold during the first half 2014 were down significantly to 391 days compared to 430 days in 2013 and 493 days in 2012. Despite the high inventory, properties that are selling are selling quicker. Demand is strong, but selective.
Sales by Town, $2,000,000+, First Half, 2000-2014
Starting around 2002 the high-end market on Cape Cod broadened as the perennial top markets were perceived as being too expensive and as buyers bid up the prices of special properties in other towns. For the first half of 2014, there were high-end sales in 11 of the 15 Cape Cod towns. This compares favorably with only 5 towns in 2010. Towns with high-end sales in the first half of 2014 include: Barnstable (8, 6 in Osterville), Bourne (4), Chatham (11), Dennis (2), Eastham (2), Falmouth (5), Harwich Port (1), Mashpee (3), Orleans (1), Provincetown (1), and Truro (1).
The LandVest High-End Market Watch is a periodic review of select high-end markets in Maine, Massachusetts, New Hampshire, Vermont and the Adirondacks. Market data are collected from Multiple Listing Services and do not include private listings. LandVest makes no representation as to the accuracy of the data and therefore is not responsible for any actions taken as a result of use of or reliance on this information.
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