High-End $2,000,000+ Market Highlights
- Inventory up 13% (197 vs record low 174 last year).
- Sales volume down 16% (143 vs record high 171 last year).
- Top sale: $15,100,000. 959 SeaView Ave, Osterville.
- Cape Cod’s high-end inventory is imporiving but historically low.
- Multi-year contractor lead times hamper sales of renovations and tear-down projects.
- As usual, special properties that are expertly presented, reach a broad market, and have strong value proposition will have the most competitive advantage.
At the end of Q3 2023, the high-end inventory increased by 13% to 197 listings compared to a record low of 174 last year and the record high of 283 listings in 2015. Inventories began improving in Q4 2022 but remain significantly lower than the ten year average of 227 listings.
Sales volumes are down by 16% at the end of Q3 with 143 sales compared to a record 171 sales last year but were better than the ten year average of 104 sales. Most of these high-end sales (63%) are in the $2-3 million range and generally sell quickly. The story from the first half of the year 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 the past two years. Buyers are frustrated with limited inventory and long lead times to engage contractors for renovation projects and tear-downs.
Q1-Q3 – Top Sale
Property: 959 SeaView Avenue • Town: Osterville • Selling price: $15,100,000
Wianno gold coast property on Nantucket Sound with sandy beach. Newer construction built in 2004 with 5,600 sq ft in the main house and an additional 1,800 sq ft in a carriage house with apartment and pool house. Listed for $16,800,000 and on the market for 17 days. Source: MLS.
Q1-Q3 Highest & Median Sale
Days on Market
Days on market for high-end sales in the first three quarters decreased by 2% to 88 from 90 last year and significantly below the ten-year average of 280. The range of days on market is wide from 1 to 1754.
Sales by Town
At the end of Q3 2023, 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 26 sales followed by Barnstable with 24 sales (12 in Osterville). Falmouth came in third with 19 sales. These three towns made up 52% of the high-end sales. With Provincetown at 14 sales and Mashpee at 12 sales, these five towns made up 70% of the high-end sales.
Want more market information and an early look at upcoming real estate listings?
Then sign up for our website and top-ranked blog below.