Middlesex, MA Real Estate News: High-End Market Watch, Year End, 2013

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Market Highlights

  • High-end $2,000,000 + sales up 12% from 2012 and more than twice the number of sales in 2009 (142 vs 60).
  • 2013 top sale by LandVest at 5 Willow Road in Weston for $10,000,000. Inventories are tightening. At year-end 8.6 months of inventory.
  • Strong performance in primary residential high-end markets across New England driven by pent-up demand and competitive pricing. Less strength in the vacation home markets.

 

Active Listings & Sales, $2,000,000+, Year End, 2000-2013
 
In Middlesex County, Massachusetts, at year-end 2013 there were 102 listings compared to 97 at the end of 2012. Unlike some other markets like Cape Cod with 36 listings above $5,000,000, the inventory of the highest priced properties in Middlesex County is thin with only 10 listings above $5,000,000 (Cambridge (1), Concord (1), Wayland (1), and Weston (7)).
 
Like the previous year 2013 was a record year for high-end sales in Middlesex County. There were 142 sales compared to the previous record of 127 sales in 2012. Post-bubble sales bottomed out in 2009 with 60 sales. At year-end there were 8.6 months of inventory. Last year there were 9.2 months of inventory and in 2005 there were 15.2 months of inventory. Constraints on supply are usually associated with rising prices and the lower end of the market and condos in Boston seem to be increasing in price. This is not the case for high-end single family properties, perhaps due to the counterbalancing effect of post-bubble price reductions.		 MM_active_hr
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HIGHEST AND AVERAGE SALE, $2,000,000+, Year End, 2000-2013

In 2013, the top sale in Middlesex County was $10,000,000 for a stylish 17,000 square foot California Lodge designed by Jerimiah Eck and sited on 13 acres. Terry Maitland and Nicole Monahan of LandVest marketed the property and procured the buyer. The three highest sales in the past twelve years in Middlesex County were $15,600,000 last year in Weston, $13,301,027 in Chestnut Hill in 2006, and $10,000,000 in Weston in 2008 (excluding private sales).Of the 142 high-end sales in 2013, the average sale price was $2,771,884. 75% (107) sold between $2,000,000 and $3,000,000 and only 4% (6) were above $5,000,000.

 
Days on Market, Sales, $2,000,000+, Year End, 2000-2013

Average days on market for high-end sales improved again during 2013 to 157. In comparison, year-end days on market were 168 in 2012, 176 in 2011, and 187 in 2010.

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Sales by Town, $2,000,000+, Year End, 2000-2013

Nine of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in 2013: Belmont (5), Cambridge (23), Concord (17), Lexington (12), Lincoln (5), Newton (49), Wayland (2), Weston (26), and Winchester (3). For the first time Newton has become the sales leader for the year and for the period 2000-2013 with 336 sales followed by Weston (318), Cambridge (226), and Concord (151). On a population-adjusted basis, Weston is the leader by a 3-fold margin followed by Concord and Lincoln. LandVest’s markets continue to improve in volume, turnover, and with significant record sales. As always, special properties expertly presented reaching out to a broad market with a strong value proposition are well received by the market.

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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.

For additional information about LandVest’s brokerage, real estate consulting, and appraisal services,
please contact:

Stewart Young | (syoung@landvest.com) | 617-359-8930
or click here to view Stewart’s current Real Estate listings.