The WPJ

New England Luxury Housing Market Struggling in Q-1, Says REMAX Report

Residential News » Residential Real Estate Edition | By Michael Gerrity | May 5, 2011 11:55 AM ET



According to REMAX of New England, the luxury market in New England's 15 most desirable towns has experienced more difficulty in the last quarter than the overall housing market, as a direct result of luxury-level pricing, longer days on the market, and a dip in overall inventory.

Certain high-end markets like Fairfield County, CT continue to be burdened with a decrease in sales. Greenwich, CT experienced the largest decrease in units sold, -77.3% while others such as Newton and Brookline, MA posed the smallest decreases, -3.3% and -5.6% respectively.

"Markets such as Newton and Brookline have remained somewhat stable, largely due to the international buyer drawn to their proximity to academia and access to Boston," said REMAX of New England Executive Vice President Jay Hummer.

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