Market Highlights
HIGH-END $2,000,000+ MARKETS HIGHLIGHTS
- Inventory up 26% (203 vs 161 last year).
- Sales volume down 30% (78 vs 112 last year).
- Top sale: $12,200,000, 209 Bay St, Osterville.
- Cape Cod’s high-end market inventory continues to improve.
- COVID-driven demand is slacking while rising inflation, interest rates, and global uncertainty remain concerns.
- As usual, special properties that are expertly presented to a broad market with a strong value proposition will have a competitive edge.
Active Listings
At the end of the first half of 2023, the high-end inventory increased by 26% to 203 listings compared to 161 last year. The record high of 271 listings was in 2016. Inventories began improving in Q4 2022 but remain significantly lower than the ten-year average of 225 listings.
High-End Sales
Sales volumes are down in the first half by 30% with 78 sales compared to 112 sales last year but were better than the ten-year average of 62 sales. Most of these high-end sales (63%) are in the $2-3 million range and generally sell quickly. The story from the first quarter remains the same. Wealthy millennials are driving the market and are increasingly price sensitive. 2023 continues to be another strong year for sellers but not as strong as previous years and will be frustrating for buyers facing limited inventory and residual COVID pricing in some Cape markets.
First Half 2023 – Top Sale
Property: 209 Bay Street • Town: Osterville •Selling price: $12,200,000
North Bay waterfront contemporary built in 2022 with 5,400 sq. ft. and 6 bedrooms on a 2.8 acre site. Features include a dock, small beach, pool, cabana, and a carriage house. Listed for $12,950,000 and on the market for 13 days. Source: MLS.
Days on Market
Days on market for high-end sales in the first half decreased significantly by 16% to 86 from 102 last year and significantly below the ten-year average of 296. The range in days on market is wide from 1 to 449.
Sales by Town
In the first half, 14 of the 15 towns on Cape Cod had sales at the $2,000,000+ level. Chatham rebounded from a slow start in Q1 to take the lead with 16 sales followed by Barnstable with 15 sales (8 in Osterville). Falmouth came in third with 11 sales.
West Falmouth, MA | $9,500,000
Bristol, RI | $8,000,000
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
