Market Highlights
- First half of 2015 $2,000,000+ sales were at record levels.
- Inventories were 12% below the same period last year.
- The top sale in Norfolk County for the first half of 2015 was $11,800,000 for 255-257 Warren Street in Brookline.
- Strong demand continues into Q3.
- LandVest’s markets continue to improve in volume and turnover – with significant record sales. Special properties, expertly presented to a broad market with strong value propositions are well received.
Active Listings and Sales, $2,000,000+, First Half, 2006-2015In Norfolk County, there were 165 high-end listings in the first half of 2015, down from 187 during the same period last year. |
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Number of Sales, $2,000,000+, First Half, 2006-2015The 82 sales of $2 million+ properties in first half surpassed all previous records. The previous record was 60 sales in 2007. The average number of first half sales from 2006 through 2015 was 47. |
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Highest And Average Sale, $2,000,000+, First Half, 2006-2015The top sale in Norfolk County for the first half of 2015 was $11,800,000 for 255-257 Warren Street in Brookline. A beautiful 4-acre property, it was formerly part of the Isabella Stewart Gardner estate. It included a four-bedroom carriage house in addition to the five-bedroom, 9500 sq. ft. main residence with a gym and an eight-car garage. The average first half sales price for 2015 was $3.9 million, an all-time high. |
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Days On Market, Sales, $2,000,000+, First Half, 2006-2015In 2013, Days on Market dropped to under 200 days. The first half of 2015 averaged 198 days. Improved demand is resulting in quicker sales. |
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Sales by Town, $2,000,000+, First Half, 2006-2015
Seven of the 28 cities and towns in Norfolk County had high-end sales in the first half of 2015: Brookline, Cohasset, Dover, Milton, Needham, Wellesley, and Westwood.
Over the entire period 2006 through the first half of 2015 for Norfolk County, Wellesley lead with 351 sales followed by Brookline (321), Cohasset (60), Dover (55), Needham (55), and Westwood (29).
For the first half of 2015, Brookline’s activity was particularly strong with 35 sales compared to 26 at this time last year. Needham was strong as well with eight sales in the first half compared with zero at this time last year. Cohasset, Dover, Milton, and Wellesley either matched or exceeded last year’s first half.
The upward trend in the segment continues into Q3. Demand is at record levels, average sale price is up and days on market are down. A new top sale for 2015 recorded in July: 101 Fernwood Road, Brookline sold at $13,500,000. LandVest represented the buyer.
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:
Jay Boyle | (jboyle@landvest.com) | 617-733-8930
or click here to view Jay’s current Real Estate listings.
