In 2015 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 improving consumer confidence.
Sales volumes increased by 7% compared to 2014 (1,275 vs 1,192 sales). Compared to 2006 (861 sales), our baseline year, sales are up 48%, and have recovered substantially from a bottom of 533 sales in 2009. Across the board these high-end markets continue their strong recovery. While demand is strong, inventories are high, particularly in vacation markets and at higher price levels. We also continue to see turnkey properties favored over renovations. More detailed year-end reports for selected markets can be found at www.landvest.com/blog.
Stewart Young, LandVest’s Regional Manager on Cape Cod and in Boston’s western suburbs, compiles the LandVest Index. According to Young,
“In 2015 we witnessed continued record numbers of sales in most primary residential markets and strong performance in most vacation markets. Around Boston, Essex County was off 9%, Norfolk County up 8%, Middlesex County up 34%, and Suffolk County single families off 13% with high-end condos up 10%. In the vacation markets of Massachusetts, the Berkshires were up 35%, Martha’s Vineyard up 30%, while Nantucket was off 10%. Barnstable County (Cape Cod) was flat after being up 35% last year. Other markets with significant improvement were Southern Vermont up 88%, the Mt Desert area of Maine (Hancock County) up 44%, Adirondacks and Lake George up 27%, and New Hampshire up 15%.”
Ruth Kennedy Sudduth, LandVest’s Managing Director of Residential Brokerage, observed:
“2015 continued the pattern of solid performance by the luxury market throughout New England. The best deals continue to be for country properties in Mid-Coast Maine, Vermont and New Hampshire. The tightest markets are in town and the nearby suburbs of Boston and Portland, Maine.”
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