High-End Sales Volume
% Change, Year-to-Year
Sales volumes increased by 10% compared to 2017 (1,611 vs 1,470 sales). Compared to 2016 (861 sales), our baseline year, sales are up 87%, and have recovered substantially from a bottom of 534 sales in 2009. High-end markets continue their strong recovery, but buyers are selective.
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 2018 most primary residential markets continued to set new records for sales volumes. A notable exception was luxury condos in Boston which were flat after 5 years of double-digit growth. Vacation markets were strong with many markets in Maine and Massachusetts having record sales volumes. Berkshire and Bristol counties in Massachusetts and New Hampshire retrenched to lower, but still strong, 2017 levels. Rhode Island performance was mixed with 36% growth in Newport but 46% decrease in Washington County”
In Massachusetts, all of the markets followed were up, with the exception Berkshire, Bristol, and Nantucket counties. All three fell back from strong performance in 2017. Worcester county led the pack with a 68% improvement in sales followed by the West and Central counties up 50%.
Other markets with significant improvement were: Lake Champlain, VT, up 225%; Portland, ME, up 94%;
York, ME, up 88%; Southern Vermont, up 83%; and Hancock County, ME, up 67%.
Ruth Kennedy Sudduth, LandVest’s Managing Director of Residential Brokerage, observed: “Second home markets took the lead in 2018, following the lead of urban markets which dominated the post-great recession recovery. We are seeing greater interest from younger buyers in the suburbs and second homes, belying the truth that Millennials were always going to stay urban..”