HIGH-END $2,000,000+ MARKET HIGHLIGHTS
- Inventory up 16% (249 vs 215 last year).
- Sales volume up 21% (record 58 vs record 48 last year).
- Top sale: $9,250,000, 103 Shore Road, Chatham.
- LandVest’s markets continue to perform strongly with significant record sales.
- For the first half of 2019, expanding inventory, strong stock market, and increased demand suggest a balanced market, but buyers at the high-end continue to be value-conscious and have little tolerance for compromise. As usual, special properties, expertly presented, reaching out to a broad market with a strong value proposition, will be well-received by the market.
At the end of the first half, the high-end inventory increased 16% to 249 listings compared to 215 last year and the record of 271 listings in 2016 and 2011. Historically speaking, the inventory is on par with the ten-year average of 251 listings.
The market is showing a record performance in the first half with 58 sales, up 21% from last year’s record of 48 sales and the ten-year average of 37 sales. The Cape high-end market has been strong since 2012, breaking the annual 100 sales barrier for the first time in 2018, up 12% to 111 sales from the previous record of 99 sales in 2016. This record performance in the first half and the strong stock market bode well for another record year for high-end real estate on Cape Cod.
First Half – Top Sale
Property: 103 Shore Road • Town: Chatham • Selling price: $9,250,000
Gold Coast area of Chatham, 1.3-acre site with water views, 2014 shingle-style construction with 4 bedrooms in 6,923 square feet, plus a 1-bed pool house and pavilion, 19 days on market, listed for $9,995,000
Highest & Median Sale
Days on Market
Days on market for high-end sales in the first half increased 32% to 436 from 331 last year, and are on par with the ten-year average of 434. The high mark of 589 days on market was set in 2010, while the low mark was 90 days in 2000.
Sales by Town
In the first half, 13 of the 15 towns on Cape Cod had sales at the $2,000,000+ level. Barnstable is the leader with 15 sales and a ten-year average of 11 sales. Within Barnstable, Osterville accounted for 7 of these 15 sales. Chatham followed with 11 sales and a ten-year average of 8 sales, and Falmouth had 7 sales and a ten-year average of 5 sales. Mashpee and Orleans have smaller sales volumes, but relatively have had a strong first half, doubling their sales to 6 and 4, respectively.
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