Market Highlights
HIGH-END $2,000,000+ MARKET HIGHLIGHTS
- Inventory down 32% (164 vs 240 last year).
- Sales up 58% (Record 100 vs record 80 last year).
- Top Sale: $10,500,000, 64 Highland Street, Cambridge.
- Middlesex County’s high-end market continues to perform strongly but rising inflation, interest rates, and global uncertainty are a concern.
- 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
At the end of the first quarter, the inventory of high-end listings decreased 32% to 164 listings compared to 240 last year. Since 2013, there have been on average 207 listings at this time. Inventories of active listings were weak last year but ended the year close to the 10-year average.
High-End Sales
Sales in the first quarter increased by 25% to a record 100 compared to a record 80 last year. Since 2013, there have been on average 47 sales at this time. The majority (56%) of these sales were in the $2-$3 million range and 85% were in the $2-$4 million range. Nine percent were above $5,000,000 and 4% were above $7,000,000. It appears that 2022 is continuing this record sales performance; however, low inventories and overly ambitious pricing could put a crimp in sales.
First Quarter 2022 – Top Sale
Property: 64 Highland Street • Town: Cambridge • Selling price: $10,500,000
Contemporary Bauhaus-inspired estate built in 1963 with 6,900 sq ft, and sited on a large, for the
area, 0.7 acre lot. Architectural Record House of 1965. Originally priced at $8,500,000 and on the
market for 22 days. Source: MLS.
Highest & Average Sale
Days on Market
Days on market for high-end sales in the first quarter decreased to 55 compared to 108 last year,
the 10-year record high of 204 in 2018, and the 10-year average of 147. The range of days on
market has narrowed considerably from 1 to 434 days versus up to several years previously.
Sales by Town
Fourteen of the 54 cities and towns in Middlesex County, Massachusetts had high-end sales in the first quarter. Newton led the pack with 31 sales, followed by Weston with 15, and Lexington with 14. Together, these three towns made up 60% of the high-end sales.
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. Tewksbury joined the ranks with its first residential sale above $2,000,000
10 OLD PICKARD ROAD
Concord, MA | $3,700,000
7 PINE SUMMIT CIRCLE
Weston, MA | $3,700,000
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.
