HIGH-END ($2,000,000+) MARKETS HIGHLIGHTS
- Inventory up 9% (Record 290 vs record 266 last year).
- Sales up 4% (Record 261 vs record 250 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 Q3 2020, the inventory of high-end listings increased 9% to a record 290 listings compared to a record 266 last year. Since 2010, there have been on average 223 listings at the end of the third quarter. In the first half, COVID-19 resulted in properties being temporarily withdrawn from the market or delayed in market launch. While selected markets complain of a shortage of inventory, overall the supply of high-end properties is healthy.
Sales in the first three quarters of 2020 increased by 4% to a record 261 compared to a record 250 last year. Since 2010, there have been on average 163 sales at the end of the third quarter. The vast majority (69%) of these sales were in the $2-$3 million range. Twelve sales were above $5,000,000 (current inventory 26) and two were above $10,000,000 with 4 active listings.
Q1-Q3 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 Q3 2020 decreased to a record low of 94 compared to a record low of 103 last year, the 10-year record high of 183 in 2011, and the 10-year average of 136.
Sales by Town
Fifteen of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales during the first three quarters of 2020. The largest numbers of sales were in Newton (68), Lexington (46), Weston (43), Concord (28), and Cambridge (27). Newton continued to have a relatively slow year with 68 sales compared to a record 93 sales last year.
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.