Market Highlights
$2,000,000+ MARKET HIGHLIGHTS
- Inventory up 19% (182 vs 153 last year).
- Sales volume down 12% (30 vs 34 last year).
- Top sale: $11,500,000, 61 Fox Island Road, Osterville.
- Cape Cod’s high-end inventory is recovering, doubled since 2022.
- COVID driven demand is slacking while interest rates, climate change, and global uncertainty remain concerns.
- 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 the end of the first quarter of 2024, the high-end inventory increased by 19% to 182 listings compared to 153 last year and the record high of 253 listings in 2016. Inventories began improving in Q4 2022, but still remain lower than the ten-year average of 191 listings.
High-End Sales
Sales volumes are down in the first quarter by 12% with 30 sales compared to 34 sales last year, but were better than the ten-year average of 27 sales. The majority (67%) of these sales were in the $2-$3 million range and 80% were in the $2-$4 million range. Ten percent were above $7,000,000. As stated at year-end, we expect that high-end sales volumes will reset to pre-COVID levels. Wealthy millennials continue to drive the market for high-end properties on Cape Cod. COVID-driven demand is less important while climate change risks, particularly sea level rise, and costly insurance, with limited coverage or not available, are increasing concerns for owners and buyers of coastal properties. 2024 is likely to be another strong year for sellers, but not as strong as previous years. Buyers will benefit from improving inventories and will find exceptional deals for high-risk properties.
Year End – Top Sale
Property: 61 Fox Island Road • Town: Seapuit, Osterville • Selling price: $11,500,000 Seapuit community, North Bay waterfront contemporary Cape built in 1964 with 3,524sq ft on a 4.4 acre site. Features include a dock, pool, and tennis court. Likely tear-down. Listed for $11,000,000 and was on the market for 4 days. Source: MLS.
First Quarter – Highest & Median Sale
Days on Market
Days on market for high-end sales in the first quarter increased by 41% to 137 from 97 last year and significantly below the ten-year average of 301. The range in days on market is wide from 2 to 975.
Sales by Town
In the first quarter, 12 of the 15 towns on Cape Cod had sales at the $2,000,000+ level. Barnstable led the pack with 9 sales (3 in Osterville). In second place, Falmouth had 4 sales and the remaining towns are off to a slow start with no more than 2 high-end sales.
Osterville, MA | $8,100,000
Duxbury, MA | $6,900,000
The LandVest High-End Market Watch is a periodic review of select high-end markets in Maine, Massachusetts, New Hampshire, Vermont, and the Adirondacks. Market data are collected from Multiple Listing Services and do not include private listings. LandVest makes no representation as to the accuracy of the data and therefore is not responsible for any actions taken as a result of use of or reliance on this information.
