Market Highlights
- Inventory up 4% (323 vs 312 last year).
- Sales up 37% (record 108 vs 79 last year).
- Top Sale: $7,850,000, 48 Lincoln Road, Wayland.
- Strong inventories and buyer demand continue to propel the market despite economic and political
concerns. - 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 4% to a record 323 listings compared to a record 312 last year. Over the past 10 years there have been on average 239 listings at this time. Inventories dipped in 2020 and 2022 but have been improving since Q2 2022.
High-End Sales
Sales in the first quarter increased by 37% to a record 108 compared to 79 last year. Over the past 10 years there have been on average 62 sales at this time. The majority (58%) of these sales were in the $2-$3 million range and 81% were in the $2-$4 million range. Six percent were above $5,000,000 and 3% were above $7,000,000. As predicted the flurry of sales activity in 2021 and 2022 abated in 2023. In 2024 we expect continuing strong demand and improving inventories leading to a more balanced market.
Q1 – Top Sale
Property: 48 Lincoln Road • Town: Wayland • Selling price: $7,850,000 Duck Puddle Farm: Federal Farmhouse on 34 acres built in 1939 with a large equestrian barn, sheds, paddocks, guest house, and a buildable 2 acre lot. Originally priced at $10,750,000 and on the market for 28 days. Source: MLS.
Q1 – Highest & Average Sale
Days on Market
Days on market for high-end sales in the first quarter decreased to 86 compared to 103 last year, the 10-year record high of 204 in 2018, and the 10-year average of 135. The range of days on market is wide, from 1 to 520 days, but narrower than last year.
Sales by Town
Seventeen of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in the first quarter. Newton regained the lead with 34 sales after a dip to 18 sales last year. Lexington followed with 17 sales, Weston with 13, Concord with 8, and Winchester with 7. Together these five towns made up 73% of the high-end sales in Middlesex County.
Featured Properties Middlesex County:
AVAILABLE | Sudbury, MA | $5.495M
AVAILABLE | Lincoln, MA | $3.790M
The LandVest High-End Market Watch is a periodic review of select high-end markets in Maine, Massachusetts, New Hampshire, Vermont, and the Adirondacks. Market data are collected from Multiple Listing Services and do not include private listings. LandVest makes no representation as to the accuracy of the data and therefore is not responsible for any actions taken as a result of use of or reliance on this information
