At the end of 2024, the high-end inventory was up by 29% to 171 listings compared to 133 last year and the previous record high of 232 listings in 2015. The majority (59%) of these listings were in the $2-$3 million range and 75% were in the $2-$4 million range. Eleven percent were $7,000,000+ and 5% were $10,000,000+. Inventories dropped significantly in 2020, more so in 2021, and began improving in Q4 2022. At year end 2024, they are essentially on par with the ten year average of 170 listings.
Sales volume at year end was up by 27% with a record 264 sales compared to 203 sales last year, and better than the ten year average of 169 sales. The majority (59%) of these sales were in the $2-$3 million range and 78% were in the $2-$4 million range. Seven percent were $7,000,000+ and 3% were $10,000,000+. High-end sales volume had a post-COVID retraction in 2023, but now exceeds COVID peak levels. 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. Recent Florida hurricanes are likely to increase this sensitivity. Buyers will benefit from improving inventories and will find exceptional deals for high risk properties. On the other hand, demand still outstrips supply.
Property: 835 Sea View Avenue
Town: Osterville
Selling price: $22,750,000
Wianno gold coast waterfront location,
contemporary Cape built in 2012 with 15,000
SF 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
$30,000,000 and on the market for 816 days.
Days on the market for high-end sales at year-end were up by 23% to 108 from 88 last year and are significantly below the ten year average of 261. The range in days on the market is wide from 0 to 975.
At year-end 2024, all 15 towns on Cape Cod had sales at the $2,000,000+ level. Barnstable led the pack with 43 sales (20 in Osterville) followed by Chatham with 40 sales, and Falmouth 33 sales. Provincetown is remarkable with 27 sales compared to a 10-year average of 11 sales. Other big jumps in sales were Harwich with 22 sales vs a 10-year average of 9 sales, Sandwich with 16 sales vs a 10-year average of 4 sales, and Truro 11 sales vs a 10 year average of 6 sales.
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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