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strongly with significant record sales, but the effect of COVID-19 is being felt with many properties temporarily withdrawn from the market.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.
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 The effect of COVID-19 is being felt with many properties temporarily withdrawn from the market or delayed in market launch.
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.
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