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 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. 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.
Active Listings and Sales, $2,000,000+, Q1-Q3,
On Cape Cod, Massachusetts, in the first three quarters of 2010 the inventory of high-end listings grew to historic levels (252 listings vs. 211 at the same point in 2009). Q1-Q3 high-end sales increased by 27% compared to last year (38 sales vs. 30 at the same point in 2009). The peak for Q1-Q3 sales was 60 sales in 2006. 2009 sales were the lowest since 2002. It is interesting to note that the first quarter 2010 performance was lagging 2009 (5 sales vs. 8 in 2009), but surged ahead in the second and third quarters. In June we reported seeing a burst of energy across LandVest’s markets and the positive trends continue. We are cautiously optimistic that the reminder of the year will see increasing activity in the high-end market.
Highest and Median Sale,
$2,000,000+, Q1-Q3, 2000-2010
Q1-Q3 sale prices peaked in 2006 with a sale in Osterville at $12.5 million that remains the record sale for Cape Cod. In 2010 the top sale to date is $7.5 million for a LandVest listing in Cotuit that sold for $1,500,000 above the asking price. The next three highest sales were $5.8 million for a property in Centerville that was on the market for 2,180 days starting at $9,800,000, $5.8 million for a property in Truro, and $5 million for a property in Chatham. The median value for high end sales in the first three quarters of 2010 was $2.5 million, down 12% from the same period in 2009, but the same as in 2008.
Days on Market, Sales, $2,000,000+, Q1-Q3, 2000-2010
Days on market for high-end properties sold during the first three quarters of 2010 grew substantially to 531 days compared to 253 days for the first three quarters of 2009. This increase is skewed by the sale of the property in Centerville after 2,180 days, although there were several other properties selling after 3 years on the market. In 2006-2008, the average days on market for sales in the first three quarters of the year ranged from 212 to 290 days.
Sales by Town, $2,000,000+, Q1-Q3, 2000-2010
For the past few years the high-end market on Cape Cod has broadened as the perennial top markets have been perceived as being too expensive and as buyers have bid up the prices of special properties in other towns. In the first half of 2010, the market seemed to be contracting, but it has broadened in the third quarter. Cape Cod towns with high-end sales in the first three quarters of 2010 include the leader, Barnstable, (with 8 of the 14 sales in the village of Osterville), followed by Chatham (11), Harwich (3), Orleans (3), Falmouth (2), Provincetown (2), Bourne (1), Truro (1), and Yarmouth (1). In 2006, 13 of the 15 Cape Cod towns had high-end sales.
Wychmere Harborfront Estate is currently available for sale in Harwich Port
Fairview Waterfront Compound is currently for sale in Woods Hole
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