HIGH-END $2,000,000+ MARKETS HIGHLIGHTS
- Inventory down 41% (138 vs 232 last year).
- Sales volume up 247% (record 59 vs 17 last year).
- Top sale: $9,850,000 – 230 Cedar Street, Chatham.
- Cape Cod’s high-end market continues to perform strongly despite decreasing inventories since Q2 2020.
- COVID-driven demand for refuge and home-work balance remains a factor in the market. As usual, special properties, expertly presented, reaching out to a broad market with a strong value proposition, will have a competitive advantage
At the end of the first quarter, the high-end inventory decreased by 41% to 138 listings compared to 232 last year and the record of 253 listings in 2016. Historically speaking, the inventory is significantly lower than the ten-year average of 216 listings. Inventories began decreasing in the second quarter of 2020 and continued to decrease through the year paralleled by an explosive growth in sales.
Sales volume was up 247% with 59 sales compared to 17 sales in Q1 2020 and the ten-year average of 20 sales. The Cape high-end market has been strong since 2012, breaking the annual 100 sales barrier for the first time in 2018 and finishing last year with 226 high-end sales. If the COVID-driven demand for refuge properties and a work-from-home lifestyle continues as signaled by a backlog of 49 properties under agreement, 2021 promises to be another record-breaking year.
Q1 2021 – Top Sale
Property: 230 Cedar Street •Town: Chatham •Selling price: $9,850,000
Family compound on 7.8 acres fronting on Oyster Pond with a deep water dock and pool. The residence was built in 1960 and comprises 5,299 sq ft. It spent 445 days on market, originally listed for $10,500,000.
Highest & Median Sale
Days on Market
Days on market for high-end sales in the first quarter increased significantly to 292 from 217 last year, a ten-year record low, but remain below the ten-year average of 406. The range in days on market is wide, from 1 to 1609.
Sales by Town
In the first quarter, 10 of the 15 towns on Cape Cod had sales at the $2,000,000+ level. The three leading towns, Chatham, Barnstable (mostly Osterville, 8 of 15 sales), and Orleans together had 39 or 66% of the sales compared to 5 sales last year, and a ten-year average of 11 sales. Orleans is particularly noticeable with 7 sales in Q1 compared to 1 last year. In 2020, Orleans recorded 29 sales vs a ten-year average of 9 sales.
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