A week or so ago, I read a comment in some blog about how $1,000,000+ sales had dropped off in some of the tonier (hate that word) towns across the Commonwealth. Or, more accurately, the comment was that there was a glut of $1,000,000+ single-family homes on the market, when you compared them to number of sales.

So, I did some research.

Here is a break-down of data from MLSPIN covering 01/01 – 03/31 for the years 2005, 2006, 2007, 2008. And, current inventory, all listings greater than $1,000,000. And, months of inventory available, based on the number of sales during the past 30 days.

Typically, the average time on market for homes in all price ranges is between 5-8 months. Million dollar-plus homes have historically sold more slowly than other price ranges.

As you can see, though, some towns seem to have a glut.

There’s probably more to this story than meets the eye. Why, for example, would there be 26 million dollar-plus homes on the market today, in Andover, when during the past four years, only six or seven homes sold, all year? Is the supply due to new construction? Is it owners in duress? Is it owners testing out the market?

Town

2005

2006

2007

2008

current inventory

sold last 30 days

months of inventory

Andover

6

7

6

3

26

1

26 months

Boxford

4

2

5

2

19

2

9.5 months

Brookline

13

16

18

12

43

9

4.7 months

Dover

8

7

2

2

45

2

22.5 months

Cambridge

10

14

9

8

20

3

6.66 months

Carlisle

4

4

6

2

13

1

13 months

Concord

8

11

9

6

40

2

20 months

Lexington

11

9

15

12

64

7

9 months

Lincoln

6

4

8

4

9

1

9 months

Manchester

1

4

2

4

26

1

26 months

Wellesley

25

33

33

27

82

10

8.2 months

Weston

28

5

17

14

72

3

24 months

Total

124

116

130

96

459

Source: Based on information provided to and compiled by the Multiple Listing Service Property Information Network, Inc. covering the first-quarter, 2005, 2006, 2007, and 2008.

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