Market Highlights
HIGH-END ($2,000,000+) MARKETS HIGHLIGHTS
- Inventory down 64% (185 vs 290 last year).
- Sales up 79% (Record 468 vs record 261 last year).
- Top Sale: $10,500,000, 70 Possum Road, Weston.
- Middlesex County’s high-end market continues to perform strongly fueled by low interest rates and a strong stock market.
- Covid-driven demand for suburban refuge and home-work balance remains a factor in the market. 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 third quarter, the inventory of high-end listings decreased 64% to 185 listings compared to a record high 290 last year. Since 2012 there have been on average 227 listings at the end of Q3. Inventories of active listings shrank dramatically in the third quarter, resulting in the lowest level since 2013. Individual markets within Middlesex County continue to report exceptionally tight inventories.
High-End Sales
Sales in the first three quarters of 2021 increased by 79% to a record 468 compared to a record 261 last year. Since 2012 there have been on average 163 sales at the end of Q3. The majority (69%) of these sales were in the $2-$3 million range. Twenty sales were above $5,000,000 and seven above $7,000,000. It appears that 2021 will continue this record sales performance with 73 properties under agreement at the end of Q3.
Q1-Q3 2021 Top Sale
Property: 70 Possum Road • Town: Weston • Selling price: $10,500,000
Contemporary estate built in 2012 with 11,352 sq. ft, dramatic 12 ft ceilings and floor-to-ceiling walls of windows. Sited on 2 acres on a private road near the Weston Golf Club. Originally priced at $11,950,000 and on the market for 111 days.
Highest & Average Sale
Days on Market
Days on market for high-end sales at the end of the third quarter decreased to 60 compared to 90 last year, the record high of 236 in 2009, and the 10-year average of 142. The range of days on market has narrowed considerably from 1 to 633 days versus up to several years previously.
Sales by Town
Twenty of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in the first three quarters of 2021. Almost all improved their performance over last year. Newton’s sales grew by 113% (68 to 145). Other leaders were Lexington 72% (46 to 79), Weston 70% (43 to 73), Cambridge 56% (27 to 42), and Concord 32% (28 to 37).
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.
