Massachusetts Luxury Property Monthly Sales Report
Luxury Property Sales Report
Massachusetts, 2016 in Review
I am pleased to provide below an overview of luxury property sales in Massachusetts for 2016. For seventeen years I have been tracking the number of luxury property sales each month and writing reports for my clients. Historic information is available upon request to Jonathan@JonathanRadford.com.
Every few years in Boston, a luxury, full-service, building is completed and the sales have a dramatic effect on market statistics for both Boston and for the State. In the last two years, Millennium Tower in 2016 and Twenty Two Liberty in 2015 have provided the market’s seemingly insatiable appetite for luxury condominiums with 457 condominiums sold at/over $1,000,000. See the Boston Luxury Property Sales Monthly Report page for full details.
Due to the availability of these new construction distinctive homes, the Boston luxury property sales market grew 30.81% in 2016 and 17.50% in 2015. By contrast, in 2014, when these new condominiums were not available to purchase, luxury sales in Boston fell -6.42% due to a lack of homes on the market.
These Boston sales have contributed to the overall 2016 increase in $1,000,000+ property sales across the state, an increase of 24.65%.
If you are considering selling your property, please contact me for a valuation and marketing proposal. In recent years, there has never have been a better time to sell your home. I am the #1 agent at Coldwell Banker and would be delighted to represent you.
Quick Interesting 2016 Facts
According to the MLS and LINK (a separate Boston MLS):
1. The highest priced single-family sale in Massachusetts (excluding Boston, the Cape and Islands) was 1 Hillside Road in Brookline which sold for $6,890,000 on 03/31/2016.
2. The highest priced condominium sale in Massachusetts (excluding Boston, the Cape and Islands) was Unit 1105 at The Residences at Charles Square (975 Memorial Drive) in Cambridge. This condominium sold for $7,100,000 - a record setting price per square foot of $3,271, well above most Boston prices on a $/sf basis.
The Massachusetts Marketplace in 2016 (including Boston)
1. In 2016, there were 4,586 sales at or above $1,000,000 compared to 3,679 in 2015, an increase of 24.65%. Excluding the sales at Millennium Tower, there were 4,240 sales, an increase of 15.25%.
2. Between $1,000,000 and $1,999,999 there were 3,590 sales compared to 2,857 in 2015, an increase of 25.66%. Excluding the sales at Millennium Tower, there were 3,406 sales, an increase of 19.22%.
3. Between $2,000,000 and $2,999,999 there were 622 sales compared to 522 in 2015, an increase of 19.16%. Excluding the sales at Millennium Tower, there were 538 sales, an increase of 2.3%.
4. Between $3,000,000 and $3,999,999 there were 203 sales compared to 184 in 2015, an increase of 10.33%. Excluding the sales at Millennium Tower, there were 169 sales, a decrease of 8.15%.
5. Between $4,000,000 and $4,999,999 there were 87 sales, compared to 56 in 2015, an increase of 55.36%. Excluding the sales at Millennium Tower, there were 72 sales, an increase of 28.57%.
6. Between $5,000,000 and $9,999,999 there were 74 sales, compared to 51 in 2015, an increase of 45.10%. Excluding the sales at Millennium Tower, there were 53 sales, an increase of 3.92%. Of the 74 sales, 61 sales were for properties in Boston
7. Above $10,000,000 in 2016, there were ten sales, one more than in 2015. This is the highest number ever recorded for one year by MLS and LINK. All ten sales were in Boston. Above $10,000,000 in 2015, there were nine sales, three more than in 2014. Of the nine sales, six were in Boston. The three sales outside of Boston were: 67 Byron in Weston which sold for $10,300,000: 255-257 Warren Street in Brookline, which sold for $11,800,000; and 101 Fernwood Road in Brookline, which sold for $13,500,000..
Please contact me to request my 2016 Annual Report and to receive a copy of my charts covering the last 15 years of luxury property sales.