- Turnkey properties are favored
- Inventories are high, especially at the higher end of the price range
- Sales in Q1-Q3 of 2016 were strong with a record-tying 68 sales
- Pent-up demand and a strong stock market are fueling the market, but excess inventory means sellers must compete for buyers
On Cape Cod, the inventory of high-end listings at the end of the third quarter is near record levels with 253 listings compared to a record level of 283 at the same time last year.
On Cape Cod, the high-end market is predominately in the $2-$3 million range.
Q1-Q3 2016 has repeated the strong performance of the past five years with a record-tying 68 sales thus far (tied with 2014).
Q1-Q3 Top Sale
Property: 132 Shore Road • Town: Chatham • Lot: 1.3 acres • Selling price: $10,800,000 • Days on Market: 32
The elegant nicely renovated 1900s house was sold for $5,600,000 in 2008 and completely renovated by the current owners.
Highest & Median Sale
Days on Market
Days on the market were down significantly to 305 days compared to 387 days in 2015 and an average since 2007 of 363 days. The range is remarkably wide with sales occurring from 1 day to more than 10 years.
Sales by Town
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 the first three-quarters of 2016, 13 of the 15 towns on Cape Cod had sales at the $2,000,000+ level.
For additional information about LandVest’s brokerage, real estate consulting, and appraisal services, please contact:
Stewart Young | (firstname.lastname@example.org) | 617-359-8930
or click here to view Stewart’s current Real Estate listings.