At year-end 2021, the inventory of high-end listings decreased 14% to 140 listings. Since 2012, there have been on average 141 listings at year end. Inventories of active listings started the year in a strong position with 240 listings compared to a ten-year average of 204 and shrank dramatically over the year.
Sales for 2021 increased by 58% to a record 597 compared to a record 377 last year. Since 2012 there have been on average 267 sales at year end. The majority (70%) of these sales were in the $2 to $3 million range and 89% were in the $2 to $4 million range. Four percent were above $5,000,000 and 1% were above $7,000,000. It appears that 2022 will continue this record sales performance; however, low inventories and ambitious pricing could put a crimp in sales.
Property: 70 Possum Road Town: Weston Selling price: $10,500,000
Contemporary estate built in 2012 with 11,352 sq ft, dramatic 12-ft ceilings and floor-to-ceiling walls of windows. Sited on 2 acres on a private road near the Weston Golf Club. Originally priced at $11,950,000 and on the market for 111 days.
Days on market for high-end sales in 2021 decreased to 57 compared to 92 last year, the record high of 236 in 2009, and the 10-year average of 132. The range of days on market has narrowed considerably from 1 to 368 days versus up to several years previously.
Twenty-two of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in 2021. Almost all improved their performance over last year. Among the five largest high-end markets, Newton has the most sales and grew the most on a percentage basis: 66% (107 to 178 sales). The other large markets also performed well: Weston 53% (60 to 92), Lexington 49% (67 to 100), Cambridge 48% (40 to 59), and Concord 41% (34 to 48). 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. Compared to their ten-year annual averages, Lexingtons current sales increased by 178%, while the other four towns increased by 92-110%.
For additional information about LandVests brokerage, real estate consulting, and appraisal services, please contact:
Stewart Young | (syoung@landvest.com) | 617-359-8930
or click here to view Stewarts current Real Estate listings.
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