Market Highlights
HIGH-END $2,000,000+ MARKETS HIGHLIGHTS
- Inventory up 11% (record 266 vs 240 last year).
- Sales up 14% (250 vs record 219 last year).
- Top sale: $8,750,000 – 18 Skating Pond Road, Weston, new construction, 12,000 sq ft Colonial on 3 acres.
- LandVest’s markets continue to perform strongly with significant record sales.
- For the first three quarters of 2019, growing inventory and demand suggest a balanced market, but buyers at the high-end continue to be value conscious and have little tolerance for compromise. As usual special properties, expertly presented, reaching out to a broad market with a strong value proposition, will be well received by the market.
Active Listings
In Middlesex County, Massachusetts, at the end of the third quarter of 2019, the inventory of high-end listings increased 11% to a record 266 listings compared to the record 240 last year. At the of the second quarter there were 334 listings.
Since 2010, there have been on average 213 listings at the end of the third quarter.
High-End Sales
Sales in the first three quarters of 2019 increased by 14% to a record 250 compared to a record 219 last year. Since 2010 there have been on average 143 sales at the end of the third quarter. The vast majority (74%) of these sales were in the $2-$3 million range. Ten sales were above $5,000,000, only two above $7,000,000, and none above $10,000,000.
Q1-Q3 2019 Top Sale
Property: 19 Skating Pond Road • Town: Weston• Selling price: $8,750,000
New construction, 12,000 sq ft Colonial on 3 acres. Previously sold for $2,600,000 in 2002.
Highest & Average Sale
Days on Market
Days on market for high-end sales at the end of the third quarter 2019 decreased by 29% to 103 compared to 145 last year, the record high of 183 in 2011, record low of 69 in 2001, and the 10 year average of 145. The range is remarkably wide with sales occurring from 3 to 954 days.
Sales by Town
Thirteen of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in the first three quarters of 2019. Most of these markets grew compared to last year and their 10 year averages. Cambridge, Concord, Lexington, and Newton had record sales, 30, 22, 36, and 93 respectively. Weston fell back to 34 sales after having a record 36 sales in the first three quarters last year and a 10 year average of 26 sales. Likewise Winchester fell back to 16 sales from last year’s record of 23.
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- 58 TRAPELO ROAD Lincoln | $1,500,000
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- 762 BARRETTS MILL ROAD Concord | $1,325,000
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- 695 MONUMENT STREET-Lot 1 Concord | $1,349,000
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.
