Market Conditions Update

Martha’s Vineyard Real Estate

Martha’s Vineyard Real Estate had a great first quarter of 2014 despite the snowy weather. There were a lot of people looking for investments this winter and to them the weather didn’t matter. The number of sales for the first quarter for 2014 was 82 versus 60 for the same period last year. Sales volume jumped from $52 million to $90 Million. Average price increased from $806,000 to $917, 000.

Marketing time improved dropping from about 372 days to 253 days. There was very little inventory priced under $400K. Inventory in the $1 million and under range is shrinking faster than other market segments. The numbers certainly support the local and nationwide increase in luxury and vacation homes. The first quarter of 2014 saw 20 sales over $1 million with an average selling price of $2,968,000.


Chilmark Real Estate

The overall number of sales increased from 4 in the first quarter of 2013 to 6 in 2014, inventory also shrank. Chilmark has recovered from many years of a sluggish market. Marketing time improved dramatically with the average being 282 days on market for the first quarter for 2014 versus 791 in 2013.

When we look at properties under contract today, April 18, the average price is $1.2 million and average DOM (Days on Market) is 282. Numbers that certainly support the local and nationwide increase in luxury and vacation homes.


Edgartown Real Estate

Edgartown is rebounding nicely after many years of a sluggish market, particularly downtown . The number of sales jumped to 29 for the first quarter of 2014 from 21 in 2013. The average price of a property sold in Edgartown for the first quarter of this year$ 1,625,284 compared to $1,139,431.

Marketing time improved dropping to 304 days from 342. Foreclosures were virtually non-existent. There was very little inventory priced under $500K. Inventory in the $1 million and under range is shrinking faster than other market segments. Numbers that certainly support the local and nationwide increase in luxury and vacation homes. The first quarter of 2014 saw 8 sales in Edgartown over $1 million with an average selling price of $4,472,500.

The significant growth in Edgartown 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.


Oak Bluffs Real Estate

Oak Bluffs had a turnaround in prices after several years of falling values Foreclosures were virtually non-existent. There was very little inventory priced under $400K this was a sharp contrast to 2013. Sales for the first quarter of 2014 were 26 versus 17 for the same period last year.

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.


Vineyard Haven Real Estate

Last summer the Vineyard Haven market came to life, we saw significant activity in the sales of luxury homes especially on the harbor. Sales for the first quarter remained steady at 12 sales for the first quarter of 2014 versus 11 in 2013. Average sales price jumped to $882,229 for 2014 versus $784,182 for the same period in 2013. Foreclosures were virtually non-existent. There was very little inventory priced under $400K. DOM (Days on Market) dropped this quarter from 299 in 2013 to 197 in 2013.


 

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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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