Market Highlights
HIGH-END $2,000,000+ MARKET HIGHLIGHTS
- Inventory up 57% (291 vs 185 last year).
- Sales up 16% (Record 544 vs record 468 last year).
- Top Sale: $12,500,000, 10 Channing Street, Cambridge.
- Middlesex County’s high-end market continues to perform strongly but rising inflation, interest rates, and global uncertainty are a concern.
- Low inventories in the second half of 2021 and first quarter 2022 have improved to record levels.
- 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 third quarter, the inventory of high-end listings increased 57% to 291 listings compared to 185 last year and 21% higher than the 10-year average of 241 listings. Inventories of active listings were weak last year but have been improving throughout the year relative to last year.
High-End Sales
Sales in the first three quarters increased by 16% to a record 544 compared to a record 468 last year. Since 2013, there have been on average 249 sales at this time. The majority (71%) 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 1.5% were above $7,000,000. Record sales performance continues in 2022; however, rising inflation, interest rates, and global uncertainty are causing buyers to rethink their plans and sellers will need to consider these factors in their pricing.
Q1-Q3 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 Square. 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.
Q1-Q3 – Highest & Average Sale
Days on Market
Days on market for high-end sales in the first three quarters decreased 37% to a speedy 38 compared to 60 last year. The second quarter saw a record low of 36 days on market, compared to the 10-year record high of 156 in 2013 and the 10-year average of 112. As usual, days on market range widely from 1 to 600 days.
Sales by Town
In Middlesex County, Massachusetts, 23 of the 54 cities and towns had high-end sales in the first half of the year. Newton led the pack with 159 sales, followed by Lexington (73), Weston (63), Concord (45), and Winchester (40). 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. Together these five towns made up 70% of the high-end sales. Notably, three towns have doubled or tripled their high-end sales volumes: Arlington (4 to 18), Belmont (16 to 33), and Sudbury (6 to 21). Melrose joined the ranks with its first residential sales above $2,000,000.
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.
