Market Highlights
HIGH-END $2,000,000+ MARKETS HIGHLIGHTS
- Inventory down 33% (185 vs 275 last year).
- Sales up 17% (Record 54 vs record 46 last year).
- Top Sale: $16,000,000, 46 Fayerweather St., Cambridge, 2010 Contemporary with 7,000 sq ft on oversized lot.
- LandVest’s markets continue to perform strongly with significant record sales, but the effect of COVID-19 is being felt with many properties temporarily withdrawn from the market.
- Time will tell how deeply and for how long the pandemic impacts demand and pricing. As usual, special properties, expertly presented, reaching out to a broad market with a strong value proposition, will have a competitive advantage.
Active Listings
In Middlesex County, Massachusetts, at the end of the first quarter 2020, the inventory of high-end listings decreased 33% to 185 listings compared to 257 last year and a record 267 in 2016.
Since 2010 there have been, on average, 193 listings at the end of the first quarter. The effect of COVID-19 is being felt with many properties temporarily withdrawn from the market or delayed in market launch.
High-End Sales
Sales in the first quarter of 2020 increased by 17% to a record 54 compared to a record 46 last year and a record 44 in 2018. Since 2010 there have been, on average, 32 sales at the end of the first quarter. The vast majority (72%) of these sales were in the $2-$3 million range. Three sales were above $5,000,000. In the first three weeks of Q2, it appears that there has been a slow down with 12 high-end sales compared to 18 in the same time period last year.
Q1 2020 Top Sale
Property: 46 Fayerweather Street • Town: Cambridge • Selling price: $16,000,000
2010 Contemporary with 7,000 sq ft on an oversized lot with development potential, 11 days on market.
– Source: MLS
Highest & Average Sale
Days on Market
Days on market for high-end sales at the end of the first quarter 2020 increased to 156, compared to 140 last year, the record high of 308 in 2009, and the 10-year average of 165.
Sales by Town
Nine of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in the first quarter of 2020. Cambridge, Lexington, Lincoln, and Newton improved over their performance in the first quarter of 2019. Weston fell back slightly to 6 sales compared to 8 last year and 14 in the previous year. Watertown had its first residential sale over $2,000,000.
Great Spots to Work from Home
If you are looking to work at home or far away, we have something for you. Check out some of these available properties with home offices. Looking elsewhere? Reach out and I will connect you with a trusted advisor in one of our many regions.
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- WHITE FOX FARM West Windsor, VT | $1,995,000
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- 171 LITTLETON COUNTY RD Harvard | $1,950,000
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- MOREWOOD Pittsfield, MA | $1,995,000
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.
