Market Highlights
HIGH-END $2,000,000+ MARKET HIGHLIGHTS
- Inventory up 90% (312 vs 164 last year).
- Sales down 21% (79 vs record 100 last year). For the first time in 20 quarters, sales fell compared to the previous year.
- Top Sale: $8,667,000, 69 Scotch Pine Rd, Weston.
- Elevated inflation, interest rates, and global uncertainty remain a concern for buyers.
- 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 increased 90% to 312 listings compared to 164 last year. Over the past 10 years, there have been on average 222 listings at this time. Inventories slowed in 2021 but have been improving since Q2 2022.
High-End Sales
Sales in the first quarter decreased by 21% to 79 compared to a record 100 last year. Over the past 10 years there have been on average 53 sales at this time. The majority (54%) of these sales were in the $2-$3 million range and 64% were in the $2-$4 million range. Eight percent were above $5,000,000 and 1% were above $7,000,000. We expect that the flurry of sales activity in the past two years will abate in 2023; however, demand will remain strong and improved inventories should lead to a more balanced market.
First Quarter 2023 – Top Sale
Property: 69 Scotch Pine Road • Town: Weston • Selling price: $8,667,000
Contemporary on 2.3 acres built in 2022 with 9,200 sq ft, 5 bedrooms and pond views. Originally priced at $9,500,000 and on the market for 263 days. Source: MLS.
First Quarter – Highest & Average Sale
Days on Market
Days on market for high-end sales in the first quarter increased to 103 compared to a record low of 55 last year, the 10-year record high of 204 in 2018, and the 10-year average of 140. The range of days on
market has widened considerably from 1 to 834 days.
Sales by Town
Fifteen of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in the first quarter. For the first time, Lexington led the pack with 19 sales, followed by Newton with 18, and Concord and Weston tied with 9. Together these four towns made up 70% of the high-end sales in Middlesex County.
75 BUTTRICKS HILL ROAD
Concord, MA | $6,750,000
52 BOW STREET
Concord, MA | $1,950,000
For additional information about LandVest’s brokerage, real estate consulting, and appraisal services, please contact:
Stewart Young | (syoung@landvest.com) | 781-405-3174
or click here to view Stewart’s current Real Estate listings.
