Courtesy of Fred Roven, MV Buyer Agents
Martha’s Vineyard Real Estate is following the nation with a strong 2013. As you are hearing across the country, sales have stabilized and prices are inching up. The number of sales was stable island-wide with 339 single family homes transferred the past 9 months and 340 the through 3 quarters in 2012. Median price rose from $532,000 to $550,00. When we look at properties under contract today, October 15, the median price is $875,000, average is $1,524,475 and average DOM (Days on Market) is down to 218. Numbers that certainly support the local and nationwide increase in luxury and vacation homes.
The sale of many larger in town and/or waterfront homes that had been stalled for many years would account for this change. Days on market had been hovering over 300 days and seems to have dropped to the 250 range more consistently with 267 for the current perioed and 293 the previous period. That increase can be seen in higher priced homes which have been on the market longer finally in the closing funnel. The Case-Shiller 20-city composite index for July rose 12.2 percent over the last year with increases the past 6 months consistently over 2006 levels.
As part of an appraisal process, I had the opportunity to look into the value of an average sale compared to sales of water-view and waterfront sales. I was quite surprised by what I discovered. All sales the past 9 months have an average price of $495. per SF of house size. Water-view and waterfront properties were at $729 per SF of living area for the same period. Click here to read more town by town.