Market Highlights
- Record number of high-end $2,000,000 + sales in 2014.
- Inventories also at record levels.
- Top sale for 2014: $12,500,000, 63 Winsor Way, Weston.
- Despite strong demand, large inventories challenge sellers with buyers preferring turnkey properties and requiring strong value propositions.
Active Listings and Sales, $2,000,000+, Year End, 2000-2014In Middlesex County, Massachusetts, in 2014 the inventory of high-end listings was sustained at a record level of 138 listings, a significant increase from 102 listings at this time last year. At mid year there were 233 listings. Most of the high-end market is in the $2-3,000,000 range with 77 of the 138 listings. There are 42 listings in the $3-5,000,000 range, 19 above $5,000,000, and 3 above $10,000,000. Sales volume was also at record levels for this time of year with 161 sales compared to 142 last year, 127 sales in 2012, and an annual average for the period 2000-2014 of 101 sales. Highest And Median Sale, $2,000,000+, Year End, 2000-2014The top sale in Middlesex County in 2014 was $12,500,000 for 63 Winsor Road in Weston. Located in the golf club area of Weston, the property consists of more than 4 acres and a 1998 Georgian brick manor house of almost 22,000 square feet. Of the 161 high-end sales, 122 were in the $2-3,000,000 range, 31 were in the $3-5,000,000 range, 8 above $5,000,000, and 1 above $10,000,000. The average sale price was $2,811,223. Days On Market, Sales, $2,000,000+, Year End, 2000-2014Improving demand is resulting in quicker sales. Days on market for high-end sales in 2014 decreased to 127 from 157 in 2013 and are significantly lower than the average from 2000-2014 of 174. Sales by Town, $2,000,000+, Year End, 2000-2014Fourteen of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in 2014: Belmont, Cambridge, Carlisle, Concord, Hopkinton, Lexington, Lincoln, Natick, Newton, Sherborn, Sudbury, Wayland, Weston, and Winchester. Over the period 2000-2014, Newton is the high-end sales leader with 379 sales followed by Weston (351), Cambridge (251), and Concord (166). For 2014, Weston’s activity was particularly strong with 33 sales compared to 26 last year. Lexington’s high-end sales jumped from 12 in 2013 to 23 in 2014. |
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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.
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