HIGH-END $2,000,000+ MARKETS HIGHLIGHTS
- Inventory down 20% (142 vs 177 last year).
- Sales up 18% (Record 272 vs record 230 last year).
- Top sale: $22,000,000 – Balls Hill Road, Concord (LandVest Private sale).
- LandVest’s markets continue to perform strongly with significant record sales.
- For 2019, reduced inventory and increased demand suggests a seller’s market, but buyers at the high-end continue to be value conscious and have little tolerance for compromise. As usual, special properties, expertly presented, reaching out to a broad market with a strong value proposition, will be well received by the market
In Middlesex County, Massachusetts, at year end 2018 the inventory of high-end listings decreased 20% to 142 listings compared to a record 177 last year.
Since 2009 there have been, on average, 128 listings at year end.
Sales in 2018 increased by 18% to a record 272 compared to a record 230 last year. Since 2009 there have been on average 159 sales at year end. The vast majority (85%) of these sales were in the $2-$3 million range. Twenty sales (7%) were above $5,000,000. At the very high end, there were 3 sales above $10,000,000, the top 2 in Concord and 1 in Cambridge. Significant growth in sales was recorded in Winchester and Newton maintained its leading market position with steady growth.
Year End 2018 Top Sale
Property: Balls Hill Road • Town: Concord • Selling price: $22,000,000
Exceptional 131+/- acre estate on the Concord River. Three residences, barn, and pool.
(LandVest Private Sale)
Highest & Average Sale
Days on Market
Days on market for high-end sales at year end 2018 increased slightly to 147 compared to 143 last year, the record high of 236 in 2009, and the 10 year average of 164. The range of days on market is remarkably wide from 1 day to more than 50 months.
Sales by Town
Fourteen of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in 2018. Arlington recorded its first sale above $2,000,000 (per MLS). Listed at $1,898,000, the property was new construction with views of Spy Pond and the Boston skyline. It sold for $2,260,000 with 6 days on market. Concord roared back with a record 24 sales compared to a 10-year average of 13 sales and after slumping to 12 sales in 2017. Lexington has been booming for the past 5 years, but this year was down to 27 sales from its record of 32 sales last year. Newton, the leading market by unit sales, set another record with 94 sales vs 84 last year and a 10-year average of 51 sales. Weston’s market is strong and stable with a record 47 sales, tying 2017, and compared to a 10-year average of 32 sales. Winchester continues to expand its high-end market with a notable record of 29 sales vs the previous record of 17 sales in 2017 and a 10-year average of 9 sales.
For additional information about LandVest’s brokerage, real estate consulting, and appraisal services, please contact:
Stewart Young | (firstname.lastname@example.org) | 617-357-8930
or click here to view Stewart’s current Real Estate listings.