Market Highlights
Atthe endof the firsthalf of2024, thehigh-endinventoryincreasedby30%to263listings compared to203last yearand the recordhighof271listings in 2016.Inventories began improving in Q4 2022and now exceedtheten-yearaverage of227listings.There was strong growthin inventoryatthe very high end ($5mm+).
Sales volume is up in the first half by 26% with 98 sales compared to 78 sales last year, and better than the ten year average of 67 sales. The majority (63%) of these sales were in the $2-$3 million range and 79% were in the $2-$4 million range. Seven percent were above $7,000,000. High-end sales volumes had a post-COVID retraction in 2023, but are trending close to COVID peak levels. Wealthy millennials continue to drive the market for high-end properties on Cape Cod. Climate change risks, particularly sea level rise, and insurance that is costly, with limited coverage or not available, are increasing concerns for owners and buyers of coastal properties. Buyers will benefit from improving inventories and will find exceptional deals for high risk properties.
A Wianno gold coast waterfront location, contemporary Cape built in 2012 with 15,000 sq ft in the house guest house, and staff house. The 3.7 acre site features a sandy beach, pool, summer kitchen, wine cellar, gym, golf simulator, and 7 garage spaces. Listed for $30 millionand on the market for 816 days.
Days on market for high-end sales in the first half increased by 35% to 116 from 86 last year and significantly below the ten year average of 269. The range in days on market is wide from 1 to 975.
In the first half, 12 of the 15 towns on Cape Cod had sales at the $2,000,000+ level. Barnstable led the pack with 16 sales (8 in Osterville) closely followed by Chatham with 15 sales, Harwich 14 sales, and Falmouth and Sandwich with 10 sales each. Harwich is remarkable with 14 sales compared to a 10 year average of 4 sales and Sandwich had 10 sales compared to a 10 year average of 2 sales.
Osterville, MA | 4 Beds | 5 Baths | 3,877 SF | 1.31 Acres | Listed: $8,100,000 Osterville, MA | 4 Beds | 5 Baths | 3,877 SF | 1.31 Acres | Listed: $8,100,000
Duxbury, MA | 6 Beds | 9 Baths | 14,000 SF | 25 Acres Listed: $40,000,000 Duxbury, MA | 6 Beds | 9 Baths | 14,000 SF | 25 Acres Listed: $40,000,000
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.
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