Market Highlights
HIGH-END $2,000,000+ MARKET HIGHLIGHTS
- Inventory up slightly (231 vs 229 last year).
- Sales up 20% (83 vs record 69 last year).
- Top sale: $11,250,000 251 Seapuit Road, Osterville.
- LandVest’s markets continue to perform strongly with significant record sales.
- Special properties, expertly presented, reaching out to a broad market with a strong value proposition, are well received by the market.
Active Listings
At the end of the third quarter of 2018, the inventory of high-end listings increased slightly to 231 listings compared to 229 last year and the record of 283 listings in 2015. On average, since 2009 there have been 245 listings at the end of the third quarter.
High-End Sales
Sales were at record numbers at the end of third quarter, 83, up 20% from last year’s record of 69 sales. On average, since 2009 there have been 56 sales at the end of the third quarter.
Q1-Q3 2018- Top Sale
Property: 251 Seapuit Road • Town: Osterville • Selling price: $11,250,000
St Mary’s Island, a unique private 5-acre island connected by a causeway to the mainland. The Norman-style residence has nearly 9,000 square feet of living space plus a one-bed cottage and a deep-water dock. Originally priced at $18,500,000, the property sold in 168 days.
Highest & Median Sale
Days on Market
Days on market for high-end sales decreased significantly to 317 from 405 last year and are below the average from 2009-2018 of 382. The range is remarkably wide with sales occurring from 1 day to more than 2 years.
Sales by Town
At the end of the third quarter of 2018, 14 of the 15 towns on Cape Cod had sales at the $2,000,000+ level. Barnstable and Chatham are the leaders, tied with 19 sales. Barnstable has a 10-year average of 15 sales while Chatham has 13. Falmouth followed with 13 sales and a 10-year average of 7. All of the other towns are in the single digits.
For additional information about LandVest’s brokerage, real estate consulting, and appraisal services, please contact:
Stewart Young | syoung@landvest.com | 617-359-8930 or
Jamie Crowley | jcrowley@landvest.com | 508-982-4029
Click here to to see available Cape Cod Real Estate listings.
