The Luxury Single-Family Home Market in Massachusetts
Posted by Mark H. Lippolt — January 11, 2011
The attached report shows closed single-family home sales in Massachusetts priced over $1 million, sorted by number of closed sales in each town, in descending order.
While 99 towns are represented in the 1,195 closed sales, the data are skewed towards the more popular communities. The top 5 towns (Wellesley, Newton, Brookline, Lexington, and Boston) account for 38% of the closed million dollar sales. As has been true all year, there is a heavy concentration of sales in this price range in the towns with the closest proximity to the City of Boston. It is interesting to note that Needham is the only one of the top 11 towns for million dollar sales in which Hammond does not have an office.
Some other statistics for this market segment:
-- The average price for a single-family sold over $1 million in the first 11 months of 2010 was $1,581,741
-- The average house in this price range had 11 rooms and approximately 5 bedrooms
-- On average, these houses sold at 93.27% of their original listing price -- underscoring yet again the importance of accurate pricing in today's market.
Listings priced too far over market value are not selling.