MV Market Conditions for the Second Quarter


Martha’s Vineyard Real Estate

Martha’s Vineyard Real Estate had a great winter and spring of 2014 despite the snowy winter and rainy spring. There were a lot of people looking for investments this winter and to them the weather didn’t matter. Residential sales for first and second quarter 2014 was 174 versus 162 for the same period last year. Sales volume jumped from $145 million to $168 Million. Average price increased from $899,000 to $964,000.

Marketing time is down to 217 days on average. Down a bit from first quarter but down over 40% from June 30, 2013. There was very little inventory priced under $400K. Inventory in the $1 million and under range is shrinking faster than other market segments. One statistic that remains a positive sign for buyers: Although inventory remains a bit low at 500 units, the jump from 400 listings shows no signs yet of any extreme upward price pressure. The numbers certainly support the local and nationwide increase in luxury and vacation homes. So far in 2014 there have been 50 sales over $1 million with an average price of $2.5M up from $1.9M.


Chilmark Real Estate

The overall number of sales increased from 8 in the first half of 2013 to 13 in 2014 and inventory also shrank 10 units. Chilmark has recovered from many years of a sluggish market. Marketing time improved dramatically with the average being 428 days on market for the first half of 2014 2014 versus 622 in 2013.

When we look at properties under contract today, July 18, the average price is $2.5 million and average DOM (Days on Market) is 371. 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 half of 2014 were 54 versus 45 for the same period last year and had an average sale price of $518,000 up from $445,282.

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 half of 2014 remained sluggish with 34 sales compared to 31 for the same period in 2013. Average sales price jumped dramatically to $926,300 for 2014 versus $768,264 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 227 in 2014

 


 

 

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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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