What can I tell you about 2021 that you don’t already know. The ups. The downs. The in-betweens. All in all, it continues to make me realize how resilient we are and how strong we can be.
On a personal note, and on behalf of my team, we cannot complain. Despite some scary moments, our health and that of our families is well. We are fortunate that our lives continue to move forward and we are being provided opportunities and the ability to grow both personally and professionally.
This year has been one of moving forward and up. I could not talk about it without mentioning my tried and true, Josh, Allison, Joe & Kelley; their support and trust throughout the years has been unconditional and wonderful. To our new additions, with their intelligence and energy, sparking a new future for our business: Ricky, Nicole, Karen and Roger. Thank you all.
We have all discovered that health and family are the most important parts of our lives. This translates into real estate, where the new luxury is exactly that. Our new luxury is not about a price point; it is about our experience. The experience of home that we provide to our families. The elevated experience that we provide to you.
Our amazing city, our beloved Boston, has once again shown its real estate resilience, fueled in 2021 by a sharp decrease in inventory of 38% in comparison to 2020 (and almost exactly at the same inventory level as 2019).
In 2021, we experienced a citywide increase in total number of units sold of 40% in comparison to 2020, even outperforming 2019 by 27%.
Our luxury market segment responded in equal fashion. When looking at the total number of homes sold in 2021, those over $3 million outperformed 2020 by 121% and 2019 by 27%; homes over $5 million increased by 86% and 57% over the same years, and homes over $10 million increased by 44% and 117% respectively over those 2 years.
As for our team, we continued to brake our own records. New construction is in high demand. In Bay Village we sold out our 9 unit project in just 3 weeks, with only plans, at an average price of $3 million and with completion in Summer ’22. An absorption record for us and most likely citywide. In South Boston we sold out our 6 unit waterfront project in less than 2 months. We received an equally impressive reception for our not-yet & soon-to-be launched project in the South End where, by practically word of mouth, the building is almost 40% under agreement. On the general brokerage front, we took part on our highest single-unit transaction this year at $24,000,000 and ventured to Wakefield where we sold the highest single family home on record by 40% over asking, among others.
This year we invested in technology and marketing tools to make our clients’ business more efficient and seamless. We are committed to improving and providing the most elevated level of service to everyone, whether 1st time homebuyers, renters, sellers, buyers, developers, in all price points and neighborhoods.
In 2022, we are already scheduled to bring on market 6 new construction projects throughout the city, representing over 100 units. We will be introducing our team to Rhode Island with our extended home based in Providence, and further expand our footprint with potential new construction partnerships across the country.
I share these numbers and accomplishments, not because I want to brag, but because they show that large urban markets, like Boston, are strong. After a couple of years of pushback on city living, not only are homes in big urban centers selling at record pace but they are outperforming previous years by double digit margins. Cities are our cultural, social and economic heart, and living in cities brings the accessibility and diversity that makes us thrive.
As we celebrate these accomplishments, we need to remember that we are only as good as our community. So, giving back is at the core of who we are and what we do. We have been fortunate to contribute almost $100,000 to causes as diverse as food insecurity, housing insecurity, vaccine research, and equality. We encourage you to do the same.
I end this note with a heart filled with appreciation and love. A huge thanks to my team for always being there, to Coldwell Banker for truly being home, and to you, our colleagues, friends & clients for unconditionally being our best allies, always.
To a 2022 full of love, health & family!