Real estate news and information for home buyers and sellers in the suburbs west of Boston
Wednesday, December 12, 2012
Luxury Homes Market Update
The Keeping Current Matters blog recently published a post titled “Luxury Market Surges” that includes an InfoGraphic (based on data from the National Association of Realtors and the Wall Street Journal) showing that the number of homes sold for $1 million-plus year-to-date has increased substantially over 2011. Varying by region, the overall increase for million dollar-plus homes nationally was 44.1 percent. For homes sold with a mortgage, the increase for $1 million+ homes was 28%; compared with 8.5% for homes sold for under $1M.
Luxury home sales in the Northeast increased 27.6 percent. Sales in the towns west of Boston certainly helped fuel the increase in the Northeast. Year-to-date, sales of luxury homes in Weston increased by 50 percent -- 87 up from 58; in Wayland there have been 23 sales this year up from 13 in 2011 – a 77 percent increase! Sales in Concord were up from 38 in 2011 to 55 in 2012, an increase of 45 percent. The number of estate home sales in Sudbury remained steady with 23 sold, one more than for the same period in 2011.
The median price for the luxury market in Weston, Wayland, Sudbury and Concord also increased. While there are still lots of excellent opportunities for move-up buyers and people who are moving to the area, the number for sale continues to decrease, so list prices have also increased from last year. Click here to see what homes are for sale. Request additional information or ask a question.
About the author: Marilyn Messenger is licensed real estate broker with Andrew Mitchell and Company in Concord MA. She has been selling luxury properties in the towns west of Boston since 1993. As member of the Institute for Luxury Homes Marketing; a Certified Residential Specialist, and Accredited Buyer Representative, Marilyn has the knowledge and experience to provide the efficient and cost effective services her clients expect. Visit www.marilynmessenger.com for more information.