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.
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.
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.
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
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.
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.
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