Market Highlights
- Sales in the first half of 2016 were strong with 39 sales, on par with the past two years.
- Inventories are at record high levels, especially at the higher end of the price range.
- Pent-up demand and a strong stock market are fueling the market, but excess inventory means sellers must compete for buyers.
- Turnkey properties are favored.
Active Listings & Sales, $2,000,000+ | First Half, 2000-2016
On Cape Cod, Massachusetts, the first half inventory of high-end listings is at record levels with 271 listings compared to a recent low of 209 in 2008 and a previous all time high of 271 in the first half of 2011. At the end of last year, there were 232 listings vs 188 at the end of 2014. The high-end market on Cape Cod is predominately in the $2-$3 million range. Of the 271 listings, 152 are in the $2-$3 million range, 72 are in the $3-$5 million range, 38 in the $5-10 million range, and 9 at or above $10 million.
High-end sales in the first half repeated the strong performance of the past two years with 39 sales of which 22 were in the $2-$3 million range, 12 were in the $3-$5 million range, and 5 in the $5-9 million range (2 in Chatham, 1 in Harwich Port, and 2 in Osterville). There were no sales above $10 million. The record for the first half was 44 sales in 2006.
Featured Listings
| Seven Winds Penzance Point, Woods Hole, MA $13,900,000 |
Wianno Waterfront Estate Osterville, MA $6,995,000 |
Seapuit Waterfront Osterville, MA $5,900,000 |
Highest and Average Sale, $2,000,000+, First Half, 2000-2016
According to MLS, the top sale in the first half was 560 Fox Hill Road in Chatham selling for $8,500,000. This waterfront property consists of 1.8 acres on Crow’s Pond near Eastward Ho Golf Club and with access to Pleasant Bay. The house was built in 2012 and consists of 10,191 sq ft with a pool, spa, and deepwater dock. It was listed for $10,000,000 and was on the market for 175 days.
The median value for high-end sales in the first half of 2016 was $2,875,000, about on par with median sale prices over the past decade.
Days on Market, Sales, $2,000,000+, First Half, 2000-2016
Days on market for high-end properties sold during the first half of 2016 were up significantly to 477 days compared to 355 days in 2015 and 391 days in 2014. The range is remarkably wide with sales occurring from 1 to 3,719 days.
Sales by Town, $2,000,000+, First Half, 2000-2016
Starting around 2002, the high-end market on Cape Cod broadened as the perennial top markets were perceived as being too expensive and as buyers bid up the prices of special properties in other towns. In the first half of 2016, 13 of the 15 towns on Cape Cod had sales at the $2,000,000+ level including Barnstable (11), (6 different villages, 5 in Osterville), Bourne (2), Brewster (1), Chatham (11), Dennis (1), Falmouth (6), Harwich Port (1), Mashpee (2), Orleans (1), Provincetown (1), Truro (1), and Yarmouth (1).
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.
For additional information about LandVest’s brokerage, real estate consulting, and appraisal services, please contact:
Stewart Young | (syoung@landvest.com) | 617-359-8930
or click here to view Stewart’s current Real Estate listings.
