High-End Sales Volume
% Change, Year-to-Year
Sales volumes increased by 4% compared to 2018 (1,679 vs 1,611 sales). Compared to 2006 (861 sales), our baseline year, sales are up 95%, 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 Director on Cape Cod and in Boston’s western suburbs, compiles the LandVest Index. According to Young: “In 2019, most primary residential markets continued to set new records for sales volumes, while vacation markets lagged in Maine, New York, Rhode Island, and Vermont, likely due to reduced inventory of high-quality properties. In contrast, New Hampshire surged 63%. In Massachusetts, vacation markets in the Berkshires, Cape Cod, Martha’s Vineyard, and South Coast (Bristol and Plymouth counties) grew, while Nantucket fell back for the second year after an all-time record performance in 2017”
In Massachusetts, all of the markets followed were up, with the exception of Essex, Nantucket, West/Central MA, and Worcester counties. All four fell back from strong performance in 2018. Bristol county led the pack with a 39% improvement in sales, followed by single-family properties in Suffolk County (Boston) up 19%.
Other major markets with significant improvements were: Lakes Region, NH, up 80%; Seacoast, NH, up 70%; Washington County, RI, up 50%; and Southern Vermont, up 18%.
Ruth Kennedy Sudduth, LandVest’s Vice Chair, Board of Directors, observed: “2019 was a year of wide buyer interest meeting limited supply, from empty-nesting Boomers shifting how they live to Millennials thinking about lifestyles where their children get away from screens. Some markets slowed a touch last year simply because there were fewer great properties available to buy. Going into 2020, we felt that it was a promising time for owners of real assets to make the changes they want. COVID-19’s initial impacts have been uncertainty and logistical challenges. Yet already, we see underlying themes accelerating, such as a huge appetite for excellent digital content and increased interest in properties where there is space and privacy. In an environment with lots of cross-currents, we are here to provide sound advice and exceptional results.”