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Market Highlights
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Active Listings & Sales, $2,000,000+, Q1-Q3, 2000-2013
In Middlesex County, Massachusetts, in the first three quarters of 2013 the inventory of high-end listings grew to 183 compared 146 at the end of the third quarter in 2012. This is also above the first three quarters average since 2000 of 147 listings. 21 of these listings are above $5,000,000 and 2 are above $10,000,000.
Year end 2012 set a record for high-end sales in Middlesex County and 2013 is proceeding at new record levels, driven by significant price adjustments and pent-up demand. After three quarters in 2013, there have been 114 sales compared to 92 at the same time in 2012 and 127 for the year 2012. The recent bottom in terms of number of sales was 45 in 2009. On average since 2000 there have been 77 sales at the end of the third quarter.
HIGHEST AND AVERAGE SALE, $2,000,000+, Q1-Q3, 2000-2013
In the first three quarters of 2013, the top sale in Middlesex County was $6,535,000 for 103 Rolling Lane in Weston. This 10,146 square foot contemporary on 2.52 acres was extensively renovated in 2003 and 2007. It was listed for $6,995,000 and sold in 19 days. The next highest sale was $5,000,000 for 66 Sparks Street in Cambridge that was listed for $3,700,000 and sold in 8 days. These were the only sales above $5,000,000. There were an additional 25 sales between $3,000,000 and $5,000,000, and the remaining 87 sales were between $2,000,000 and $3,000,000. The average sale price at the end of the third quarter was $2,669,685.
Days on Market, Sales, $2,000,000+, Q1-Q3, 2000-2013
Days on market for sales in the first three quarters increased slightly to 156 compared to 150 last year and an average of 175 from 2000 to 2013. This compares favorably to 240 days on market at the end of the third quarter in 2009.
Sales by Town, $2,000,000+, Q1-Q3, 2000-2013
Nine of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in the first three quarters of 2013: Belmont, Cambridge, Concord, Lexington, Lincoln, Newton, Wayland, Weston, and Winchester. Of the 114 sales in the first three quarters, Newton led with 41 followed by Weston with 19 (13 selling in the third quarter), and Cambridge with 18. Concord, given its smaller size, performed well with 14 sales compared to 9 at this time last year. Likewise tiny Lincoln boomed with 5 high-end sales in the third quarter. Over the period 2000-2013, Newton is the leader with 275 sales in the first three quarters, followed by Weston (261), Cambridge (171), and Concord (122).
Middlesex County, Massachusetts, is the most populous county in New England and is located west and northwest of Boston. It contains some of the wealthier towns in Massachusetts and was recently ranked 10th in the country in terms of the number of millionaires. It includes urban, suburban, and rural areas reaching from urban Cambridge, home to Harvard University and the Massachusetts Institute of Technology, to the New Hampshire border. Within Route 95/128, towns with high-end real estate include Belmont with its attractive historic Belmont Hill section; Lexington of Revolutionary War fame; Newton particularly the Chestnut Hill area and home to Boston College; and Winchester with wonderful vistas across the Mystic Lakes. Between Route 95/128 and Route 495, along the Route 2 and Route 20 corridors, Carlisle, Concord, Lincoln, Sudbury, Wayland, and Weston are small historic towns that have maintained a sense of their rural past. Sherborn is an anomaly linked more to the neighboring equestrian towns of Dover and Medfield in Norfolk County. Outside Route 495, Groton is notable for its early 19th century architecture, substantial farm land, and two highly-regarded boarding schools: Groton School and Lawrence Academy.
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 is collected from Multiple Listing Services and does 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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