HIGH-END $2,000,000+ MARKET HIGHLIGHTS
- Inventory up 13% (232 vs 205 last year).
- Sales volume down 32% (17 vs record 25 last year).
- Top sale: $20,000,000, 187 Penzance Road, Woods Hole.
- Cape Cod’s high-end market continues to perform strongly with significant record sales, with strong inventory, but a worrisome Q1 decline in sales.
- Time will tell how COVID-19 impacts demand and pricing. As usual special properties, expertly presented, reaching out to a broad market with a strong value proposition, will have a competitive advantage.
At the end of the first quarter, the high-end inventory increased by 13% to 232 listings compared to 205 last year and the record of 253 listings in 2016. Historically speaking, the inventory is healthy compared to the ten-year average of 226 listings. This contrasts with the market in greater Boston, where the inventory is impacted by a significant number of listings being temporarily withdrawn.
Sales volume was down 32% with 17 sales, compared to a record of 25 sales in Q1 2019, but Q1 2020 performance was favorable compared to the ten-year average of 15 sales. The Cape high-end market has been strong since 2012, breaking the annual 100 sales barrier for the first time in 2018. Time will tell how deeply, and for how long, the pandemic impacts demand and pricing. LandVest brokers working in second home markets across New England report an increase in buyer interest in having a country refuge. On the other hand, Cape Cod data from the first three weeks in April suggest a slowdown in sales.
First Quarter 2020 – Top Sale
Property: 187 Penzance Road • Town: Woods Hole (Falmouth) • Selling price: $20,000,000
Trophy property within the gated community of Penzance Point, 10-acre peninsula with panoramic views of Woods Hole Passage, 1993 residence with 6,923 square feet, plus guesthouse, boathouse, and a small beach, 35 days on market, listed for $25,000,000.
Highest & Median Sale
Days on Market
Days on market, for high-end sales in the first quarter, decreased significantly to 217 from 389 last year, and are below the ten-year average of 435.
Sales by Town
In the first quarter, 8 of the 15 towns on Cape Cod had sales at the $2,000,000+ level. The three leading towns, Barnstable (mostly Osterville), Chatham, and Falmouth together had 7 sales compared to 16 sales last year, and a ten year average of 9 sales.
For additional information about LandVest’s brokerage, real estate consulting, and appraisal services, please contact:
Click here to to see available Cape Cod Real Estate listings.