Middlesex, MA Real Estate News: High-End Market Watch, First Half, 2000-2014

Market Highlights

• First half volume of high-end $2,000,000 + sales was a record high for 2000-2014.
• First half inventories are also at record levels.
• Top sale for the first quarter: $6,500,000, 85 Sparks Street, Cambridge.
• LandVest’s markets continue to improve in volume, turnover, and with significant record sales. Special properties, expertly presented, reaching out to a broad market with a strong value proposition, are well received by the market.

Active Listings and Sales, $2,000,000+, First Half, 2000-2014

In Middlesex County, Massachusetts, in the first half of 2014 the inventory of high-end listings grew to a record level of 233 listings, a significant increase from 198 listings at this time last year.  The majority of these listings (148) are in the $2,000,000 to $2,999,999 range. 43 are in the $3,000,000 to $3,999,999 range and 42 are in the $4,000,000+ range. Only 4 are at or above $10,000,000.

Sales volume set a new record with 65 sales vs. the previous records of 61 sales in 2013 and 2007 and an annual average of 46 for the period 2000-2014. Of the 65 high-end sales, 46 were in the $2,000,000 to $2,999,999 range, 14 were in the $3,000,000 to $3,999,999 range, and at $4,000,000 and above there were 5 sales.

Highest And Median Sale, $2,000,000+, First Half, 2000-2014

In the first half of 2014, the top sale in Middlesex County was $6,500,000 for 85 Sparks Street in Cambridge. This elegant 1877 Mansard roof Victorian is located in the Brattle Street section of Cambridge on a half acre lot with formal gardens, a conservatory, and a 2 car garage. The average sale price was $2,824,268.

Days On Market, Sales, $2,000,000+, First Half, 2000-2014

Improving demand is resulting in quicker sales. Days on market for high-end sales decreased to 116 in the first half of 2014 from 118 in 2013 and are lower than the average from 2000-2014 of 179.

Sales by Town, $2,000,000+, First Half, 2000-2014

Ten of the 54 cities and towns in Middlesex County, Massachu-setts, had high-end sales in the first half of 2014: Belmont, Cam-bridge, Concord, Lexington, Lincoln, Newton, Sherborn, Wayland, Weston, and Winchester.

Over the period 2000-2014, Newton is the leader with 177 sales followed by Weston (171), Cambridge (112), and Concord (68). For the first half, Weston’s activity was particularly strong with 15 sales compared to 6 last year.