Martha’s Vineyard Market Conditions

Martha’s Vineyard Real Estate           Robb Report Draft 1

Martha’s Vineyard Real Estate followed the nation with a strong 2013. Sales have stabilized and prices inched up in several market segments. The number of sales was stable island-wide with 484 sales in the past 12 months. Median price increased from $532,000 to $590, 000.
Marketing time improved dropping from about 300 days in to 250 days over the past 12 months. Foreclosures were virtually non-existent. There was very little inventory priced under $400K, this was a contrast to 2012. Inventory in the $1 million and under range is shrinking faster than other market segments. When we look at properties under contract today, January 28, the average price is $1,329,521 and average DOM (Days on Market) is 253. Numbers that certainly support the local and nationwide increase in luxury and vacation homes. The last quarter of 2013 saw 30 sales over $2 million with an average selling price of $4,065,000.

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Chilmark Real Estate

The overall number of sales dropped from 30 in 2012 to 23 in 2013, inventory also shrank. Despite the drop Chilmark has recovered from many years of a sluggish market. The average price of a single family property in Chilmark was $1,522,000 in 2013. This is a number we have not seen for years. Marketing time improved too with the average being 534 days on market, this remains high but has improved drastically from the 700 + days seen in years past..
When we look at properties under contract today, January 28, the average price is $2,720,677 and average DOM (Days on Market) is 252. Numbers that certainly support the local and nationwide increase in luxury and vacation homes.

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Edgartown Real Estate

Edgartown is rebounding nicely after many years of a sluggish market , particularly downtown . The number of sales jumped to 136 in 2013 from 126 in 2012. The average price of a property sold in Edgartown for 2013 was $1,317,693.
Marketing time improved dropping to 250 days over the past 12 months. Foreclosures were virtually non-existent. There was very little inventory priced under $400K. Inventory in the $1 million and under range is shrinking faster than other market segments. When we look at properties under contract today, January 28, the average price is $1,628,880 and average DOM (Days on Market) is 294. Numbers that certainly support the local and nationwide increase in luxury and vacation homes. The last quarter of 2013 saw 10 sales in Edgartown over $2 million with an average selling price of $4,525,611.

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Oak Bluffs Real Estate

Oak Bluffs had a turnaround in prices after several years of falling values. Average price of a sold property was $555,338 in 2013 up from $495,013 in 2012. Marketing time improved dropping from about 265 days in 2012 to 183 days over the past 12 months. Foreclosures were virtually non-existent. There was very little inventory priced under $400K this was a sharp contrast to 2012. When we look at properties under contract today, January 28, the average price is $522,269 and average DOM (Days on Market) is 336.
The significant growth in Oak Bluffs is a good sign but watch for price increases if the strength and growth continues. The main concern right now is a smaller inventory than in the last strong market. Number of total sales has dropped a few points primarily because of lack of inventory rather than any economic signal.
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Vineyard Haven Real Estate

This summer the Vineyard Haven market came to life, we saw significant activity in the sales of luxury homes especially on the harbor. The number of annual sales remained steady 72 in 2013 compared 71 in 2012. During the same period the average price jumped to $964,486 from $664,579. Marketing time in Vineyard Haven saw a significant drop to 258 days on market. Foreclosures were virtually non-existent. There was very little inventory priced under $400K this was a contrast to 2012. When we look at properties under contract today, January 28, the average price is $1,190,250 and average DOM (Days on Market) is 73. The big news in Vineyard Haven was the increase in activity in the luxury market. 2012 saw only a handful of sales priced over $2 million. In 2013 there were 20 sales over $2 million with an average price of $4,638,825. There were a number significant sales of waterfront homes along the harbor. Numbers that certainly support the local and nationwide increase in luxury and vacation homes.

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About emmamv

I am an exclusive buyers agent working and living on the beautiful Island Of Martha's Vineyard. I am a REALTOR® (member of National Association of Realtors), a member of the National Association of Exclusive Buyer Agents. I help people fulfil their dreams of buying a home on Martha's Vineyard. I don't sell homes, I help people buy a home.
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