HIGH-END $2,000,000+ MARKETS HIGHLIGHTS
- Inventory down 12% (296 vs 334 last year).
- Sales down 23% (Record 119 vs record 146 last year).
- Top Sale: $16,000,000, 46 Fayerweather Street, Cambridge.
- Middlesex County’s high-end market continues to perform strongly.
- COVID-19 is increasing demand and pricing premiums for special “refuge” properties. As usual, expert presentation, broad market reach, and a strong value proposition provide a competitive advantage..
In Middlesex County, Massachusetts, at the end of the first half 2020, the inventory of high-end listings decreased 12% to 296 listings compared to a record 334 last year. Since 2010, there have been on average 251 listings at the end of the first half of the year. The effect of COVID-19 is being felt with properties temporarily withdrawn from the market or delayed in market launch.
Sales in the first half of 2020 decreased by 23% to 119 compared to a record 146 last year. Since 2010, there have been on average 92 sales at the end of the first half. The vast majority (72%) of these sales were in the $2-$3 million range. Three sales were above $5,000,000 (current inventory 25) and one was above $10,000,000.
First Half 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
Highest & Average Sale
Days on Market
Days on market for high-end sales at the end of the first half 2020 increased to 125 compared to 113 last year, the 10-year record high of 197 in 2011, and the 10-year average of 139.
Sales by Town
Thirteen of the 54 cities and towns in Middlesex County, Massachusetts had high-end sales in the first half of 2020. The leading high-end markets are in Newton (32), Lexington (21), Weston (18), Cambridge (15), and Concord (13). All had fewer sales than last year except Lexington, which increased from 16 to 21 sales. Newton fell back dramatically from 53 sales to 32 which is its ten-year average. Watertown had its first residential sale over $2,000,000.
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.