HIGH-END $2,000,000+ MARKETS HIGHLIGHTS
- Inventory up 18% (Record 334 vs record 284 last year).
- Sales up 8% (Record 146 vs record 135 last year).
- Top Sale: $7,200,000, 5 Fayerweather Street near Brattle, Cambridge, 1894 Victorian with 5 bedrooms on a quarter-acre lot.
- LandVest’s markets continue to perform strongly with significant record sales.
- For the first half of 2019, growing inventory and demand suggest 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 half of 2019, the inventory of high-end listings increased 18% to a record 334 listings compared to the record 284 last year.
Since 2010, there have been on average 240 listings at the end of the first half.
Sales in the first half of 2019 increased by 8% to a record 146 compared to a record 135 last year. Since 2010 there have been on average 84 sales at the end of the first half. The vast majority (69%) of these sales were in the $2-$3 million range. Seven sales were above $5,000,000, only one above $7,000,000.
First Half 2019 Top Sale
Property: 5 Fayerweather Street, near Brattle • Town: Cambridge • Selling price: $7,200,000.
1894 Victorian with 5 bedrooms on a quarter-acre lot, on market 69 days – Source: MLS
Highest & Average Sale
Days on Market
Days on market for high-end sales at the end of the first half 2019 decreased by 24% to 113 compared to 148 last year, the record high of 258 in 2009, record low of 66 in 2001, and the 10-year average of 148.
Sales by Town
Eleven of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in the first half of 2019. Most of these markets grew compared to last year and their 10-year averages. Weston fell back to 21 sales after having a remarkable 27 sales in the first half last year and a 10-year average of 15 sales.
For additional information about LandVest’s brokerage, real estate consulting, and appraisal services, please contact:
Stewart Young | firstname.lastname@example.org | 617-359-8930
or click here to view Stewart’s current Real Estate listings.