In 2014 the luxury real estate market in New England and the Adirondacks continued to perform at historically high levels due to a combination of pent-up demand, price reductions, low interest rates, and a strong stock market.
Sales volumes increased by 35% compared to 2013 (1,192 vs 886 sales). Compared to 2006 (861 sales), our baseline year, sales are up 38%, and have recovered substantially from a bottom of 533 sales in 2009. Compared to the previous peak in 2007 (976 sales), sales are up by 22%. Across the board these high-end markets continue their strong recovery, but, while demand is strong, it is particular, favoring turnkey properties over renovations. More detailed year-end reports for selected markets can be found at www.landvest.com/blog.
The LandVest Real Estate Index tracks high-end real estate sales in Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, and the Adirondack region of New York. The lower limit of high-end prices ranges from $1,000,000 to $2,000,000 depending on the market.
Stewart Young, LandVest’s Regional Manager on Cape Cod and in Boston’s western suburbs, compiles the LandVest Index. According to Young, “In 2014 we witnessed continued record levels of performance in primary residential markets and a strong rebound in most vacation markets. Around Boston, Essex County was up 43%, Norfolk County up 22%, Middlesex County up 13%, and Suffolk County up 22% with a boom in high-end condos up 33%. In the vacation markets, Barnstable County (Cape Cod) was up 35% after being off 25% last year. In other vacation markets there were significant improvements in the Adirondacks up 32%, Nantucket County up 57%, New Hampshire up 122%, Rhode Island up 23%, and Vermont up 46%.”
Ruth Kennedy Sudduth, LandVest’s Managing Director of Residential Brokerage, observed: “This was a year of good improvement, with urban and select suburban markets quite tight in terms of supply. The best values are in country and waterfront properties in New England.”
LandVest, founded in 1968, provides real estate advisory and brokerage services for buyers and sellers of land, luxury real estate, timberland, and other special assets in New England and beyond.
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 information about LandVest’s marketing of residential real estate, contact Stewart Young.
For more information on great New England country and waterfront homes, contact Ruth Kennedy Sudduth, Director, Residential Brokerage.
View Extraordinary New England Real Estate for Sale www.landvest.com