HIGH-END $2,000,000+ MARKET HIGHLIGHTS
- Inventory down 3% (174 vs 180 last year).
- Sales volume up 11% (171 record vs record 154 last year).
- Top sale: $18,500,000, 159 Main Street, Osterville.
- Cape Cod’s high-end market continues to perform at record levels.
- Rising inflation, interest rates, and global uncertainty are an increasing concern and buyers are pushing back on COVID premium pricing.
- 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 third quarter of 2022, the high-end inventory decreased by 3% to 174 listings compared to 180 last year and the record of 283 listings in 2015. Historically speaking, the inventory is significantly lower than the ten-year average of 241 listings. On the other hand, inventories have been improving throughout the year.
After a slight lag in the first half of 2022, the high-end market took off in the third quarter resulting in a record sales volume up by 11% for the year with 171 sales compared to the record 154 sales last year and significantly higher than the ten-year average of 94 sales. Most (56%) of the high-end market is in the $2-3,000,000 price range with only four sales above $10,000,000. Rising inflation, interest rates, and global uncertainty are an increasing concern and buyers are pushing back, especially when they perceive COVID premium pricing. While so far 2022 has been another strong year for sellers, it remains to be seen whether this strong performance will be sustained in the fourth quarter.
Q1-Q3 – Top Sale
Property: 159 Main Street • Town: Osterville • Selling price: $18,500,000
Waterfront compound on the Centerville River with views across to Nantucket Sound. Sited on 4 acres with a 2017 10,000+ sq ft residence, 8 ensuite bedrooms, pool, cabana, deep-water dock. Also, an additional beach lot and dock across the river. 8 days on market. Source: MLS.
Highest & Median Sale
Days on Market
Days on market for high-end sales in the first three quarters decreased by 55% to 90 from 202 last year and significantly below the ten-year average of 313. The range of days on market is wide from 1 to 987.
Sales by Town
In the first three quarters, all 15 towns on Cape Cod had sales at the $2,000,000+ level. The three leading towns were Barnstable (38 sales, 21 in Osterville), Chatham (31 sales), and Falmouth (13 sales). The Upper Cape market is performing well with 15 sales in Orleans, 12 in Provincetown, and 6 in Truro. All doubling their ten-year averages. Mashpee also doubled its ten-year average with 14 sales.
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