Market Highlights
HIGH-END ($2,000,000+) MARKETS HIGHLIGHTS
- Inventory up 11% (125 vs ten-year record low 113 last year).
- Sales volume down 7% (234 vs record 252 last year).
- Top sale: $18,500,000. 159 Main Street, Osterville.
- Cape Cod’s high-end market continues to perform strongly despite record low inventories, negative economic factors, and diminishing COVID-driven demand.
- Third quarter sales boomed 55% y-o-y and fell back 36% in the fourth quarter suggesting reduced but above average sales in 2023.
- As usual, special properties, expertly presented, reaching out to a broad market with a strong value proposition, will have a competitive advantage.
Active Listings
At year end 2022, the high-end inventory increased by 11% to 125 listings compared to a ten-year record low of 113 last year and the record high of 232 listings in 2015. Historically speaking, the inventory is significantly lower than the ten-year average of 190 listings.
High-End Sales
The Cape high-end market has been booming in recent years, breaking the 200 sales barrier in 2020. As expected, 2022 was another strong year despite the low inventory. Sales volume was down 7% with 234 sales at year-end compared to a record 252 sales last year and the ten-year average of 139 sales.
Third quarter sales boomed 55% y-o-y and fell back 36% in the fourth quarter suggesting reduced but above average sales in 2023. While a dip like in 2009-11 is not expected, recession and other negative economic factors could put a temporary damper on sales.
Year End – 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.
Year End – Highest & Median Sale
Days on Market
Days on market for high-end sales in 2022 decreased significantly to 86 from 158 last year and significantly below the ten-year average of 312. The range in days on market is wide, from 1 to 987.
Sales by Town
In 2022, all 15 towns on Cape Cod had sales at the $2,000,000+ level. The three leading towns, Barnstable (mostly Osterville, 27 of 49 sales), Chatham (46 sales), and Falmouth (23 sales) represented 51% of the total. With Orleans (21 sales), Mashpee (19 sales), and Provincetown (19 sales), these six towns had 76% of the sales. Of note are significant decreases in sales in Barnstable (down 20%) and Chatham (down 25%) and 7 sales in Sandwich compared to a ten-year average of 2 sales and none last year.
BROADWAY OCEAN VIEWS
Gosnold, MA | $2,500,000
LUXURY LIVING AT THE BAY CLUB
Mattapoisett, MA | Sale price: $3,100,000
For additional information about LandVest’s brokerage, real estate consulting, and appraisal services, please contact:
Stewart Young | (syoung@landvest.com) | 781-405-3174
or click here to view Stewart’s current Real Estate listings.
