HIGH-END ($2,000,000+) MARKETS HIGHLIGHTS
- Inventory down 30% (113 vs 162 last year).
- Sales volume up 12% (record 252 vs record 226 last year).
- Top sale: $19,000,000. 10, 20, 22 Scallop Path, Osterville.
- Cape Cod’s high-end market continues to perform strongly despite record low inventories.
- COVID-driven demand for refuge and home-work balance remains a factor in the market, as does the strong stock market.
- As usual, special properties, expertly presented, reaching out to a broad market with a strong value proposition, will have a competitive advantage.
At year-end 2021, the high-end inventory decreased by 30% to 113 listings, compared to 162 last year and the record high of 232 listings in 2015. Historically speaking, the inventory is significantly lower than the ten-year average of 194 listings.
As expected, 2021 was another record-breaking year for high-end real estate on Cape Cod. Sales volume was up 12% with a record 252 sales at year-end compared to a record 226 sales at year-end 2020 and the ten-year average of 104 sales. The Cape high-end market has been booming in recent years, breaking the annual 100 sales barrier for the first time in 2018 and the 200 sales barrier in 2020. If the COVID-driven demand for refuge properties and a work-from-home lifestyle continues, 2022 promises to be another strong year for sellers, but frustrating for buyers facing limited inventory.
Year End – Top Sale
Property: 10, 20, 22 Scallop Path* • Town: Osterville • Selling price: $19,000,000
Oyster Harbors waterfront on 7.4 acres with views over the Seapuit River to Nantucket Sound, restored 18th-century antique, with guest house, workshop, garage, boat house, deep-water dock, and extraordinary gardens.
*Listed by LandVest’s Zee Crocker at previous brokerage. | Source: MLS
Highest & Median Sale
Days on Market
Days on market for high-end sales in 2021 decreased significantly to 158 from 317 last year and significantly below the ten-year average of 367. The range in days on market is wide, from 1 to 1609.
Sales by Town
In 2021, 14 of the 15 towns on Cape Cod had sales at the $2,000,000+ level. The three leading towns: Barnstable (mostly Osterville, 30 of 61 sales), Chatham (tied with 61 sales), and Falmouth (22 sales) represented 57% of the total. With Mashpee and Orleans (each 20 sales), together they had 184 or 75% of the sales. Mashpee and Orleans are particularly noticeable with a doubling of their sales over the past two years.
THE BEACH HOUSE
Falmouth, MA | $14,500,000
QUISSETT HARBOR GEM
Woods Hole, MA | $27,500,000
For additional information about LandVest’s brokerage, real estate consulting, and appraisal services, please contact:
Stewart Young | (firstname.lastname@example.org) | 781-405-3174
or click here to view Stewart’s current Real Estate listings.