Market Highlights
- High-end $2,000,000+ sales in the first three quarters of 2014 were strong with 68 sales compared to 52 in the first three quarters 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 three quarters of 2014 with 18 sales.
Active Listings and Sales, $2,000,000+, Q1-Q3, 2000-2014On Cape Cod, Massachusetts, at the end of September 2014 the inventory of high-end listings was close to record levels with 249 listings compared to an all time high of 257 at the same time in 2012. 139 of the 249 listings were under $3,000,000. 47 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 251 at the end of the third quarter, and 215 at the end of 2013, and 246 at the end of the first quarter of 2014, and 248 at the end of the second quarter. High-end sales boomed to record levels in 2012 and declined by about 20% in 2013. The first quarter of 2014 was strong as was the second quarter, although a bit weaker than last year. The third quarter added 29 sales, almost at the record of 30 sales in 2012, bringing the total number of sales to 68 for the first three quarters compared to 52 at the same time last year. Highest And Median Sale, $2,000,000+, Q1-Q3, 2000-2014According to MLS, the top sale in the first three quarters 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 three quarters of 2014 was $2,600,000, down to a level last seen in 2010. The high-end market on Cape Cod is predominately in the $2-$3,000,000 range. Of the 68 sales in the first half, 42 were in the $2-$3,000,000 range and 16 were in the $3-$4,000,000 range. There were 5 sales above $5,000,000 range and 2 sales of those were above $10,000,000. Days On Market, Sales, $2,000,000+, Q1-Q3, 2000-2014Days on market for high-end properties sold during the first three quarters 2014 were down significantly to 299 days compared to 419 days in 2013 and 345 days in 2012. Despite the high inventory (3 years at $2,000,000+ and 9.4 years at the $5,000,000+), properties that are selling are selling quicker. Demand is strong, but selective. Sales by Town, $2,000,000+, Q1-Q3, 2000-2014 |
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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 three quarters of 2014, there were high-end sales in 11 of the 15 Cape Cod towns. These towns include: Barnstable (13, 8 in Osterville), Bourne (5), Chatham (18), Dennis (4), Eastham (3),Falmouth 12),Harwich (2),Mashpee (5),Orleans (2), Provincetown (3), 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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please contact:
Stewart Young | (syoung@landvest.com) | 617-359-8930
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