HIGH-END ($2,000,000+) MARKETS HIGHLIGHTS
- Inventory down 14% (140 vs 163 last year).
- Sales up 58% (Record 597 vs record 377 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.
At year-end 2021, the inventory of high-end listings decreased 14% to 140 listings. Since 2012, there have been on average 141 listings at year end. Inventories of active listings started the year in a strong position with 240 listings compared to a ten-year average of 204 and shrank dramatically over the year.
Sales for 2021 increased by 58% to a record 597 compared to a record 377 last year. Since 2012 there have been on average 267 sales at year end. The majority (70%) of these sales were in the $2 to $3 million range and 89% were in the $2 to $4 million range. Four percent were above $5,000,000 and 1% were above $7,000,000. It appears that 2022 will continue this record sales performance; however, low inventories and ambitious pricing could put a crimp in sales.
Top Sale Year-End 2021
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 in 2021 decreased to 57 compared to 92 last year, the record high of 236 in 2009, and the 10-year average of 132. The range of days on market has narrowed considerably from 1 to 368 days versus up to several years previously.
Sales by Town
Twenty-two of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in 2021. Almost all improved their performance over last year. Among the five largest high-end markets, Newton has the most sales and grew the most on a percentage basis: 66% (107 to 178 sales). The other large markets also performed well: Weston 53% (60 to 92), Lexington 49% (67 to 100), Cambridge 48% (40 to 59), and Concord 41% (34 to 48). Lexington is notable for the dramatic growth of its high-end market over the past two years due in part to a strong tear-down construction market. Compared to their ten-year annual averages, Lexington’s current sales increased by 178%, while the other four towns increased by 92-110%.
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