Market Highlights
HIGH-END $2,000,000+ MARKET HIGHLIGHTS
- Inventory down 30% (96 vs 138 last year).
- Sales volume down 24% (45 vs record 59 last last year).
- Top sale: $8,000,000, 116 Old Wharf Road, North Chatham.
- Cape Cod’s high-end market is struggling with record low inventories.
- COVID-driven demand remains a factor in the market but rising inflation, interest rates, and global uncertainty are a concern.
- As usual, special properties, expertly presented, reaching out to a broad market with a strong value proposition, will have a competitive advantage.
![Cape Cod | Massachusetts High-End Market Watch, SOLD](https://landvest-blog-media.s3.amazonaws.com/wp-content/uploads/2022/05/16204523/1_Market_Highlights-1-1024x509.jpg)
Active Listings
At the end of the first quarter 2022, the high-end inventory decreased by 30% to 96 listings, compared to 138 last year and the record high of 253 listings in 2016. Historically speaking, the inventory is significantly lower than the ten-year average of 216 listings.
![Cape Cod | Massachusetts High-End Market Watch, Active Listings](https://landvest-blog-media.s3.amazonaws.com/wp-content/uploads/2020/09/13113428/2_Active_listings-1024x367.jpg)
High-End Sales
After another record breaking year for high end real estate on Cape Cod, sales volume was down in the first quarter by 24% with 45 sales compared to 59 sales last year but more than twice the ten-year average of 20 sales. COVID-driven demand for refuge and home-work balance remains a factor in the market, as does the strong stock market, but rising inflation, interest rates, and global uncertainty are a concern. 2022 promises to be another strong year for sellers but perhaps not as strong as previous years and will be frustrating for buyers facing limited inventory.
![Cape Cod | Massachusetts High-End Market Watch, High-End Sales](https://landvest-blog-media.s3.amazonaws.com/wp-content/uploads/2020/09/13113432/3_High-end_Sales-1024x448.jpg)
First Quarter 2022 – Top Sale
Property: 116 Old Wharf Road • Town: North Chatham • Selling price: $8,000,000
Chatham harbor waterfront on 2.2 acres with dramatic views over the harbor to the Atlantic. Known as the Red Tavern, this restored 18th-century Federal has 4,856 sq ft, a 3-bed restored barn and a private sandy beach. Listed for $10,500,000 and on the market for 147 days. Source: MLS.
First Quarter 2022 – Highest & Median Sale
![Cape Cod | Massachusetts High-End Market Watch, Highest & Median](https://landvest-blog-media.s3.amazonaws.com/wp-content/uploads/2020/09/13113438/5_Highest_Median_sales-1024x373.jpg)
Days on Market
Days on market for high-end sales in the first quarter decreased significantly to 88 from 292 last year and significantly below the ten-year average of 406. The range in days on market is wide from 1 to 448.
![Cape Cod | Massachusetts High-End Market Watch, DOM](https://landvest-blog-media.s3.amazonaws.com/wp-content/uploads/2020/09/13113442/6_days_on_Market-1024x443.jpg)
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: Barnstable (interestingly Osterville only had 2 of 11 sales), Chatham (9 sales), and also interestingly Provincetown displaced Falmouth with 6 sales vs 5 in Falmouth. Typically at this time, Ptown would have only 1 sale.
![Cape Cod | Massachusetts High-End Market Watch, Town Map](https://landvest-blog-media.s3.amazonaws.com/wp-content/uploads/2020/09/13113445/7_sales_by_Town_Map-1024x758.jpg)
![Cape Cod | Massachusetts High-End Market Watch, Town Table](https://landvest-blog-media.s3.amazonaws.com/wp-content/uploads/2020/09/13113450/8_sales_by_Town_table-1024x484.jpg)
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![](https://landvest-blog-media.s3.amazonaws.com/wp-content/uploads/2020/09/13114821/8WigwamV2-1050-1024x682.jpg)
THE BEACH HOUSE
West Falmouth, MA | $14,500,000
![](https://landvest-blog-media.s3.amazonaws.com/wp-content/uploads/2020/09/13114835/314Quissett-1019-1024x682.jpg)
QUISSETT HARBOR GEM
Woods Hole, MA | $22,000,000
For additional information about LandVest’s brokerage, real estate consulting, and appraisal services, please contact:
Stewart Young | syoung@landvest.com | 617-359-8930
Zee Crocker | zcrocker@landvest.com | 508-276-2355
Jamie Crowley | jcrowley@landvest.com | 508-982-4029
Click here to to see available Cape Cod Real Estate listings.
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