Market Highlights
HIGH-END ($2,000,000+) MARKETS HIGHLIGHTS
- Inventory up 13% (163 vs 144 last year).
- Sales up 17% (Record 377 vs record 322 last year).
- Top Sale: $16,000,000, 46 Fayerweather Street, Cambridge.
- Middlesex County’s high-end market continues to perform strongly.
- COVID-19 crimped listings and sales in the first half, but the year ended with record sales.
- As usual, expert presentation, broad market reach, and a strong value proposition provide a competitive advantage.
Active Listings
In Middlesex County, Massachusetts, at the end of 2020, the inventory of high-end listings increased 13% to 163 listings compared to 144 last year. Since 2011, there have been on average 136 listings at the end of the year. In the first half, COVID-19 resulted in properties being temporarily withdrawn from the market or delayed in market launch. While selected markets suffered from premium pricing and a shortage of inventory toward the end of the year, overall the supply of high-end properties is healthy and growing.
High-End Sales
Sales in 2020 increased by 17% to a record 377 compared to a record 322 last year. Since 2011 there have been on average 215 sales at year-end. The vast majority (71%) of these sales were in the $2-$3 million range. Fifteen sales were above $5,000,000 with 13 active listings at year-end and two were above $10,000,000 with one active listing.
Top Sale Year End 2020
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 2020 decreased to a 10-year record low of 92 compared to a 10-year record low of 109 last year, the 10-year record high of 176 in 2011, and the 10-year average of 142.
Sales by Town
Eighteen of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in 2020. The largest number of sales were in Newton (107), Lexington (67), Weston (60), Cambridge (40), and Concord (34). Newton recovered from a slow start, ending with 107 sales compared to a record 117 sales last year. Belmont (up 40%), Concord (up 31%), Lexington (up 52%), and Winchester (up 57%) showed dramatic improvement compared to last year and their 10-year averages. Waltham and Watertown had their first residential sales over $2,000,000.
Weston | $4,200,000
Newton | $2,999,000
(LV represents the buyer)
Newton
(LV represented the buyer)
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.
