HIGH-END $2,000,000+ MARKETS HIGHLIGHTS
- Inventory up 13% (257 vs 223 last year).
- Sales up 4% (46 vs 44 last year).
- Top sale: $7,000,000 – 5 Fayerweather Street near Brattle Street, Cambridge, 1894 Victorian with 5 bedrooms on a quarter-acre lot.
- LandVest’s markets continue to perform strongly with significant record sales.
- For Q1 2019, increased inventory and demand suggests a balanced 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 the end of the first quarter 2019, the inventory of high-end listings increased 13% to 257 listings compared to 223 last year and a record 267 in 2016.
Sales in the first quarter 2019 increased by 4% to a record 46 compared to a record 44 last year. Since 2010 there have been on average 28 sales at the end of the first quarter. The vast majority (70%) of these sales were in the $2-$3 million range. Two sales were above $5,000,000.
First Quarter 2019 Top Sale
Property: 5 Fayerweather Street, near Brattle Street • Town: Cambridge • Selling price: $7,000,000
1894 Victorian with 5 bedrooms on a quarter-acre lot, on market 69 days
Highest & Average Sale
Days on Market
Days on market for high-end sales at the end of the first quarter 2019 decreased significantly to 140 compared to 204 last year, the record high of 308 in 2009, and the 10 year average of 163. The range of days on market is remarkably wide from 1 day to more than 50 months.
Sales by Town
Nine of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in the first quarter of 2019. Concord and Newton had hot first quarters, while Weston fell back to near-record levels with 8 sales after having 14 sales in the first quarter last year.
For additional information about LandVest’s brokerage, real estate consulting, and appraisal services, please contact: