HIGH-END ($2,000,000+) MARKET HIGHLIGHTS
- Inventory up 22% (171 vs 140 last year).
- Sales up 8% (Record 645 vs record 597 last year).
- Top Sale: $12,500,000, 10 Channing Street, Cambridge.
- Middlesex County’s high-end market continues to perform at record levels with strong demand and improving inventories.
- Suburban refuge, home-work balance, and underlying demographics remain important market factors resulting in competitive bidding and record low days on 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 2022, the inventory of high-end listings increased 22% to 171 listings, almost matching the record level of 177 listings in 2017. Since 2012, there have been on average 148 listings at year end. Inventories of active listings started the year in a weak position with 164 listings compared to a ten-year average of 207 and increased dramatically to a record 345 at the end of the second quarter.
Sales for 2022 increased by 8% to a record 645 compared to a record 597 last year. Since 2012, there have been, on average, 319 sales at year end. The majority (70%) of these sales were in the $2-$3 million range and 89% were in the $2-$4 million range. Five percent were above $5,000,000 and 2% were above $7,000,000. It appears this record sales performance will continue in 2023; however, this depends on having adequate inventory to meet the strong demand. At the $2-$3 million price range, increased costs for financing and aggressive pricing could shut some buyers out of this market.
Year End – Top Sale
Property: 10 Channing Street • Town: Cambridge • Selling price: $12,500,000
Colonial revival residence on a 0.29 acre lot in the Brattle Street neighborhood near Harvard Sqauare. Built in 1894 and recently renovated, there are 9,080 sq ft with 7 bedrooms. Listed for $14,000,000 and on the market for 141 days. Source: MLS
Year End – Highest & Average Sale
Days on Market
Days on market for high-end sales in 2022 decreased to a record low 41 compared to a record low 57 last year, the 10-year record high of 157 in 2013, and the 10-year average of 117. The range of days on market has narrowed considerably from 1 to 578 days versus up to several years previously.
Sales by Town
Twenty-seven of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in 2022. Sixteen improved their performance over last year. Among the five largest high-end markets, Newton had the most sales and grew 8% (178 to 192 sales). The other four markets also performed well but, except for Concord, decreased compared to last year: Lexington -15% (100 to 85), Weston -12% (92 to 81), Cambridge -14% (59 to 51), and Concord +2% (48 to 49). Compared to their ten-year annual averages, Lexington’s 2022 sales increased by 93% while the other four towns increased by 50-92%. Among the smaller high-end markets, compared to last year, Sudbury increased by 214% (7 to 22 sales), Arlington increased by 156% (9 to 23 sales), and Belmont increased by 55% (22 to 34 sales).
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