At the end of the first half, the inventory of high-end listings decreased 5% to 328 listings compared to 345 last year. Over the past 10 years, there have been on average 274 listings at this time. At the end of the second quarter 2021, inventories slowed to 256 but have been improving since Q2 2022.
Sales in the first half decreased by 10% to 298 compared to a record 330 last year. Over the past 10 years, there have been on average 142 sales at this time. The majority (71%) 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 2% were above $7,000,000. We continue to 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.
Property: 15 Dogwood Road Town: Weston Selling price: $11,800,000
Stone and shingle manor house on 2.4 acres in the Weston Golf Club neighborhood. 14,212 sq ft, built in 2010 with pool and spa. Listed at $12,950,000, 64 days on market. Source: MLS.
Days on market for high-end sales in the first half increased to 68 compared to a record low of 36 last year, the 10-year record high of 159 in 2015, and the 10-year average of 117. The range of days on market has widened considerably from 1 to 834 days.
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 84 sales, followed by Lexington with 55, Weston with 36, Cambridge and Concord tied with 25, and Winchester with 17. Together these six towns made up 81% of the high-end sales in Middlesex County.
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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