- High-end $2,000,000+ sales in the first three quarters of 2015 continued to perform at near record levels with 59 sales compared to a record of 68 sales at this time in 2014.
- Inventories are high, nearly record 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.
- Barnstable (led by Osterville) is the sales leader for the first three quarters of 2015. Last year Chatham was hot, but this year has dropped back by 30% to average levels of sales.
Sales by Town, $2,000,000+, Q1-Q3, 2000-2015
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. For the first three quarters of 2015, there were high-end sales in 14 of the 15 Cape Cod towns. This compares favorably with only 10 towns at the bottom of the market in 2009. Towns with high-end sales in the first three quarters of 2015 include: Barnstable (17, 8 in Osterville), Bourne (1), Brewster (1), Chatham (13), Dennis (1), Falmouth (7), Harwich Port (3), Mashpee (3), Orleans (5), Provincetown (2), Sandwich (1), Truro (2), Wellfleet (2), and Yarmouth (1).
Cape Cod is internationally famous as a summer resort area and is increasingly popular for retirement living. It features miles of beaches, natural attractions, historic sites, art galleries, and four star restaurants and hotels. Outdoor activities include world class yachting, coastal and deep-sea fishing, numerous public and private golf courses, and a wide variety of other informal summer sports. The Cape is just 75 miles from international air service at Logan Airport in Boston, Massachusetts and T.F. Green Airport in Providence, Rhode Island. Executive jet services are available at the Hyannis airport and there are several other smaller airports.
Cape Cod is divided into four regions: Upper Cape, Mid Cape, Lower Cape, and Outer Cape, each including several towns and villages and each with their own unique charms. Upper Cape towns include Bourne, Sandwich, Falmouth, and Mashpee. Mid Cape towns include Barnstable, Dennis, and Yarmouth. Lower Cape towns include Harwich, Brewster, Chatham, and Orleans. Outer Cape towns include Eastham, Wellfleet, Truro, and Provincetown. (For additional information on Cape Cod, check out: http://www.capecodonline.com/ )
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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