The inventory of high-end listings increased slightly to 144 listings compared to 142 last year. Since 2010 there have been, on average, 131 listings at year end. It is typical for the listing inventory to shrink at the end of the year. Each of the previous three quarters saw record levels of high-end listings.
For example, at the end of the second quarter, there were 334 listings compared to 284 in 2018.
Sales at year-end 2019 increased by 18% to a record 322 compared to a record 272 last year. Since 2010 there have been, on average, 185 sales at the end of the third quarter. The vast majority (72%) of these sales were in the $2-$3 million range. Twelve sales (4%) were above $5,000,000, only three (1%) above $7,000,000, and none above $9,000,000.
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. -Source:MLS
Days on market for high-end sales at year-end 2019 decreased by 26% to a ten-year record low of 109 compared to 147 last year. Over the past ten years, the record high was 187 in 2010 with an average of 151.
Thirteen of the 54 cities and towns in Middlesex County, Massachusetts had high-end sales in 2019. Most of these markets grew compared to last year and their 10-year averages. Among the six largest high-end markets, Cambridge had the largest percent growth in sales at 65%, followed by Lexington 63%, Newton 24%, Concord 8%, and Weston 2%. Winchester fell back 25% after a phenomenal 2018 and still had its second best performance ever.
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For additional information about LandVests brokerage, real estate consulting, and appraisal services, please contact:
Stewart Young | (syoung@landvest.com) | 617-357-8930 or click here to view Stewart's current Real Estate listings.
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