HIGH-END $2,000,000+ MARKETS HIGHLIGHTS
- Inventory down 8% (161 vs 175 last year).
- Sales volume down 3% (112 vs record 116 last year).
- Top sale: $13,750,000 – 198 & 227 Bridge St, Osterville
- 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 uncertainly are a concern.
- As usual, special properties, expertly presented, reaching out to a broad market with a strong value proposition, will have a competitive edge.
At the end of the first half of 2022, the high-end inventory decreased by 8% to 161 listings compared to 175 last year and the record of 271 listings in 2016. Historically speaking, the inventory is significantly lower than the ten-year average of 231 listings.
After another record-breaking year for high-end real estate on Cape Cod, sales volumes are down in the first half by 3% with 112 sales compared to 116 sales last year but almost twice the ten-year average of 57 sales. Most (54%) of the high-end market is in the $2-3,000,000 price range with only one sale above $10,000,000. COVID-driven demand for refuge and home-work balance remain positive factors in the market but rising inflation, interest rates, and global uncertainty are causing buyers to rethink their plans. 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 Half 2021 – Top Sale
Property: 198 & 227 Bridge Street • Town: Osterville •Selling price: $13,750,000
West Bay waterfront compound with a 6-bed main house, 2-bed guest house, garage apartment, and a boathouse, all renovated in the 1970s. The 3.7 acre site features a long bulkhead wharf and a deep water pier. Listed for $25,000,000 and on the market for 987 days. Source: MLS.
First Half 2022 – Highest & Median Sale
Days on Market
Days on market for high-end sales in the first half decreased significantly to 102 from 226 last year and significantly below the ten-year average of 331. The range in days on market is wide from 1 to 987.
Sales by Town
In the first half, 13 of the 15 towns on Cape Cod had sales at the $2,000,000+ level. The three leading towns were Chatham (25 sales), Barnstable (23 sales); after a slow start in the first quarter, Osterville had 9 of the 23 sales.), and Falmouth (14 sales). The Upper Cape market is performing well with 11 sales in Orleans, 9 in Provincetown, and 5 in Truro. This is almost 3 times the ten-year average for these three towns.
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