Market Highlights
- 2014 was a record year for the high-end $2,000,000+ market with 93 sales vs 69 in 2013 and the previous record of 92 sales in 2012.
- Inventories are tightening with 188 listings at year-end vs 215 at the end of 2013.
- Pent-up demand and a strong stock market have been fueling the market. Tightening inventories could drive up prices.
- Chatham is the high-end sales leader 2014 with 23 sales. Barnstable had 17 sales with 11 in Osterville.
Active Listings and Sales, $2,000,000+, Year End, 2000-2014On Cape Cod, Massachusetts, during 2014 the inventory of high-end listings tightened with 188 listings at year end compared to a record level of 215 listings at the end of 2013. The previous low for listings was 185 in 2009. 95 of the 188 listings were under $3,000,000. 40 were over $5,000,000 and 8 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. In 2014 there were 246 at the end of the first quarter, 248 at the end of the second quarter, and 249 at the end of the third 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, and the fourth quarter was also strong adding 25 sales for a total number of 93 sales compared to 69 at the end of 2013 and the previous record of 92 sales at the end of 2012 Highest And Median Sale, $2,000,000+, Year End, 2000-2014According to MLS, the top sale in 2014 was 52 Ships Eagle Lane in Osterville selling for $13,200,000. This waterfront property is sited on 9 acres with an updated 1880’s manor house and additional buildings comprising 17,000 square feet of living space and a pier. The median value for high-end sales in 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 93 sales in the first half, 57 were in the $2-$3,000,000 range and 22 were in the $3-$4,000,000 range. There were 9 sales above $5,000,000 and 3 of these sales were above $10,000,000. Days On Market, Sales, $2,000,000+, Year End, 2000-2014Days on market for high-end properties sold during 2014 were up to 386 days compared to 324 days in 2013 and 319 days in 2012. Although on average properties are taking longer to sell, inventories are reduced giving 1.7 years of inventory at $2,000,000+ and 4.4 years at $5,000,000+. Sales by Town, $2,000,000+, Year End, 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. In 2014, there were high-end sales in 13 of the 15 Cape Cod towns. These towns include: Barnstable (17, 11 in Osterville), Bourne (5), Brewster (1), Chatham (23), Dennis (6), Eastham (3), Falmouth (17), Harwich (4), Mashpee (6), Orleans (6), Provincetown (3), Truro (1), and Yarmouth (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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Stewart Young | (syoung@landvest.com) | 617-359-8930
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