Luxury Homes

Greater Boston has a surge in million-dollar listings, especially in a few elite towns

And experts think the trend of luxury home sales will continue through the busy fall season in Massachusetts.

A sculpture on the front lawn of the public library in Weston, where high-end home sales have surged 40 percent since last year. Pat Greenhouse/Globe Staff

By Scott Van Voorhis

September 20, 2015

2 minutes to read

Sales of million-dollar homes are one of the fastest growing segments of the market, both across Massachusetts and in two of the Boston area’s toniest suburbs as well, a new report finds.

The number of Bay State homes fetching between $1 million to $1.5 million jumped 15 percent during the first seven months of 2015 compared to last year.

By comparison, the number of homes sold for under $1 million rose just 4 percent, Wellesley-based Pinnacle Residential Properties reports, citing a 9 percent drop in listings in the price range.

And at the vanguard of this trend are Wellesley and Weston, two of the most expensive towns in Massachusetts, which both saw big increases in seven-figure home sales.

The fall market, meanwhile, could see another spike in luxury home sales, Pinnacle predicts.

“Unless there is an unforeseen precipice in the fall, the year should finish strong,’’ writes Elaine Bannigan, broker owner of Pinnacle. “Fall can be a good time for the luxury market as year-end bonuses are announced and local families may opt to trade up. It would not be surprising for the high end of the market to become more active.’’

Both Wellesley, median price of $1.2 million, and Weston, at $1.3 million, saw big increase in sales of homes worth $1 million to $1.5 million.

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Neighborhoods where home sellers get more than they asked for:

Neighborhood where home sellers get more than they asked for

Wellesley saw a 23 percent increase in sales in this range over last year, while in Weston the bump was even bigger, at 40 percent, Pinnacle notes.

Through the end of July, the most expensive sale in Wellesley topped $5.8 million, while its counterpart in Weston sold for $12.5 million.

Still, both towns also saw high demand for homes under $1 million, which are harder to come by and can command handsome prices as well.

In fact, Wellesley sellers with homes under the $1 million mark on average got 100 percent of list price, compared to 95 percent for sellers in the $1 million to $3 million range, according to Pinnacle.

However, buyers in these upscale towns have little patience with fixer uppers, with top dollar going to homes that are in good condition or have lots that allow for new construction.

“Today’s young buyers don’t want ‘fixer-uppers’ as they did in years past,’’ Bannigan writes. “A freshly updated home is much more saleable and attracts many buyers.’’