High-End Sales Volume
% Change, Year-to-Year
Sales volumes increased by 7% compared to 2016 (1,472 vs 1,376 sales). Compared to 2006 (861 sales), our baseline year, sales are up 71%, and have r ecovered substantially from a bottom of 534 sales in 2009. High-end markets continue their strong recovery across the board.
New England & the Adirondacks Market
Stewart Young, LandVest’s Regional Manager on Cape Cod and in Boston’s western suburbs, compiles the LandVest Index. According to Young: “In 2017 most primary residential markets performed at record levels. Vacation markets were more mixed. New Hampshire, Midcoast Maine, Woodstock, Vermont and Rhode Island performed well, but other vacation markets slowed their pace.”
In Massachusetts, all of the markets followed were up with the exception of Barnstable (Cape Cod) and Essex counties. Berkshire county led the pack with a 31% improvement in sales followed by high-end condos in Suffolk county (Boston) up 30%.
Other markets with significant improvement were: Woodstock, VT, up 140%; Washington County, RI, up 24%; Newport, RI, up 20%; Midcoast, ME, up 14%; and New Hampshire, up 14%.
Ruth Kennedy Sudduth, LandVest’s Managing Director of Residential Brokerage, observed: “While the press is all about the white hot real estate market, there is tremendous variation. Some urban markets are slowing due to constrained inventory, while rural luxury markets continue to accelerate as inventory overhangs are drawn down. Pricing in some rural markets is still at or near post-recession lows, making for real opportunities for savvy buyers.”