At the end of the first half, the inventory of high-end listings increased 35% to 345 listings compared to 256 last year. Since 2013 there have been on average 274 listings at this time. Inventories of active listings were weak last year but ended the year close to the 10-year average and are improving through the first half of 2022.
Sales in the first half increased by 23% to a record 330 compared to a record 268 last year. Since 2013 there have been on average 142 sales at this time. The majority (71%) of these sales were in the $2-$3 million range and 90% were in the $2-$4 million range. Six percent were above $5,000,000 and 1.5% were above $7,000,000. It appears that 2022 is continuing this record sales performance; 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.
Property: 64 Highland Street Town: Cambridge Selling price: $10,500,000
Contemporary Bauhaus inspired estate built in 1963 with 6,900 sq ft, and sited on a large for the area 0.7 acre lot. Architectural Record House of 1965. Originally priced at $8,500,000 and on the market for 22 days. Source: MLS
Days on market for high-end sales in the first half decreased to a speedy 36 compared to 70 last year, the ten-year record high of 258 in 2009, and the 10-year average of 117. The range of days on market has narrowed considerably from 1 to 389 days versus up to several years previously.
Twenty-one of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in the first half. Newton led the pack with 98 sales, followed by Lexington and Weston with 40, Concord with 29, and Winchester with 26. Together these four towns made up 71 % of the high-end sales. Lexington is notably for the dramatic growth of its high-end market over the past two years due in part to a strong tear-down construction market. Burlington and Tewksbury joined the ranks with their first residential sales above $2,000,000.
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 Stewart's current Real Estate listings.
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