Market Highlights
- First quarter volume of $2,000,000 + sales was strong (34 vs peak 40 sales in 2015).
- Top sale for the first quarter: $6,700,000, 383 River Road, Carlisle.
- First quarter inventories grew 46% compared to a year ago.
- 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 & Sales, $2,000,000+ | Q1, 2000-2016
In Middlesex County, Massachusetts, in the first quarter of 2016 the inventory of high-end listings grew 46% to 270, a significant jump from 159 at year-end and 185 a year ago. 167 of the listings were in the $2-3,000,000 range, 80 were in the $3-5,000,000 range, 20 were in the $5-10,000,000 range, and 3 were over $10,000,000.
Sales in the first quarter of 2016 were strong with 34 sales vs. 40 in Q1 2015 and 23 in Q1 2014. Q2 2016 is starting out strongly with 50 properties under agreement. Of the 34 sales, 25 were in the $2-3,000,000 range, 7 were in the $3-5,000,000 range, and 2 were in the $5-10,000,000 range. The average sale price was $2,882,246.
Available Listings
| 680 Strawberry Hill Road Concord, MA | $3,900,000 |
Nashawtuc Hill Estate Concord, MA | $2,900,000 |
55 Estabrook Concord, MA | $3,950,000 |
Highest and Average Sale, $2,000,000+, Q1, 2000-2016
In the first quarter of 2016, the top sale in Middlesex County was $6,700,000 for 383 River Road in Carlisle. The 1992 Georgian mansion has 10,680 sq ft, an attached apartment above a 3 car garage, a separate 2 car carriage house, and pool. The house is sited on 8.3 acres with an additional 18.5 acres.
Days on Market, Sales, $2,000,000, Q1, 2000-2016
Improving demand is resulting in quicker sales. Days on market for high-end sales decreased to 136 in Q1 2016 from 172 in Q1 2015 and are lower than the average from 2000-2016 of 177.
Sales by Town, $2,000,000, Q1, 2000-2016
Ten of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in the first quarter of 2016: Belmont, Cambridge, Carlisle, Concord, Framingham, Natick, Lexington, Newton, Weston, and Winchester.
Over the period 2000-2016, Newton is the leader with 88 sales followed by Weston (66), Cambridge (51), and Concord (27). Newton and Weston were significantly weaker this quarter. After record first quarters in 2014 and 2015, they decreased 41% and 63%, respectively.
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:
Stewart Young | (syoung@landvest.com) | 617-359-8930
or click here to view
Stewart’s current Real Estate listings.
