Landvest
David Speirs Promoted to Vice President - LandVest - Landvest Blog
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Middlesex County | Massachusetts High-End Market Watch, First Half 2022 - Landvest Blog
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To-be-built: a classic New England farmhouse by Sherborn Development Group
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Cape Cod | Massachusetts High-End Market Watch, First Half 2022 - Landvest Blog
Deerwood: A Covered Bridge House - Landvest Blog
Ask the Seller: Brooklin House - Landvest Blog
Ask the Seller: The Journey to Brooklin House - Landvest Blog
Ask the Seller: 2 Pound Rd, Hollis, NH - Landvest Blog
Ask the Seller: Brooklin House - Landvest Blog
Ask the Seller: 162 Point Road, Marion - Landvest Blog
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MIDCOAST MAINE NEWSLETTER - Landvest Blog
Ruth Kennedy Sudduth Awarded the CRE® Designation from The Counselors of Real Estate® - Landvest Blog
Middlesex County | Massachusetts High-End Market Watch, Q1 2022 - Landvest Blog
Market Highlights
HIGH-END $2,000,000+ MARKET HIGHLIGHTS
Market Highlights
HIGH-END $2,000,000+ MARKET HIGHLIGHTS
Active Listings
At the end of the first quarter, the inventory of high-end listings decreased 32% to 164 listings compared to 240 last year. Since 2013, there have been on average 207 listings at this time. Inventories of active listings were weak last year but ended the year close to the 10-year average.
High-End Sales
Sales in the first quarter increased by 25% to a record 100 compared to a record 80 last year. Since 2013, there have been on average 47 sales at this time. The majority (56%) of these sales were in the $2-$3 million range and 85% were in the $2-$4 million range. Nine percent were above $5,000,000 and 4% were above $7,000,000. It appears that 2022 is continuing this record sales performance; however, low inventories and overly ambitious pricing could put a crimp in sales.
First Quarter 2022 – Top Sale
Property: 64 Highland Street • Town: Cambridge • Selling price: $10,500,000Contemporary Bauhaus-inspired estate built in 1963 with 6,900 sq ft, and sited on a large, for thearea, 0.7 acre lot. Architectural Record House of 1965. Originally priced at $8,500,000 and on themarket for 22 days. Source: MLS.
Highest & Average Sale
Days on Market
Days on market for high-end sales in the first quarter decreased to 55 compared to 108 last year,the 10-year record high of 204 in 2018, and the 10-year average of 147. The range of days onmarket has narrowed considerably from 1 to 434 days versus up to several years previously.
Sales by Town
Fourteen of the 54 cities and towns in Middlesex County, Massachusetts had high-end sales in the first quarter. Newton led the pack with 31 sales, followed by Weston with 15, and Lexington with 14. Together, these three towns made up 60% of the high-end sales.
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. Tewksbury joined the ranks with its first residential sale above $2,000,000
For additional information about LandVest’s brokerage, real estate consulting, and appraisal services, please contact:
Stewart Young | (syoung@landvest.com) | 617-359-8930or click here to view Stewart’s current Real Estate listings.
lessCape Cod | Massachusetts High-End Market Watch, First Quarter 2022 - Landvest Blog
Market Highlights
HIGH-END $2,000,000+ MARKET HIGHLIGHTS
Market Highlights
HIGH-END $2,000,000+ MARKET HIGHLIGHTS
Active Listings
At the end of the first quarter 2022, the high-end inventory decreased by 30% to 96 listings, compared to 138 last year and the record high of 253 listings in 2016. Historically speaking, the inventory is significantly lower than the ten-year average of 216 listings.
High-End Sales
After another record breaking year for high end real estate on Cape Cod, sales volume was down in the first quarter by 24% with 45 sales compared to 59 sales last year but more than twice the ten-year average of 20 sales. COVID-driven demand for refuge and home-work balance remains a factor in the market, as does the strong stock market, but rising inflation, interest rates, and global uncertainty are a concern. 2022 promises to be another strong year for sellers but perhaps not as strong as previous years and will be frustrating for buyers facing limited inventory.
First Quarter 2022 – Top Sale
Property: 116 Old Wharf Road • Town: North Chatham • Selling price: $8,000,000Chatham harbor waterfront on 2.2 acres with dramatic views over the harbor to the Atlantic. Known as the Red Tavern, this restored 18th-century Federal has 4,856 sq ft, a 3-bed restored barn and a private sandy beach. Listed for $10,500,000 and on the market for 147 days. Source: MLS.
First Quarter 2022 – Highest & Median Sale
Days on Market
Days on market for high-end sales in the first quarter decreased significantly to 88 from 292 last year and significantly below the ten-year average of 406. The range in days on market is wide from 1 to 448.
Sales by Town
In the first quarter, 10 of the 15 towns on Cape Cod had sales at the $2,000,000+ level. The three leading towns: Barnstable (interestingly Osterville only had 2 of 11 sales), Chatham (9 sales), and also interestingly Provincetown displaced Falmouth with 6 sales vs 5 in Falmouth. Typically at this time, Ptown would have only 1 sale.
For additional information about LandVest’s brokerage, real estate consulting, and appraisal services, please contact:
Stewart Young | syoung@landvest.com | 617-359-8930Zee Crocker | zcrocker@landvest.com | 508-276-2355Jamie Crowley | jcrowley@landvest.com | 508-982-4029
Click here to to see available Cape Cod Real Estate listings.
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