Happy belated fall to one and all! It is hard to believe that another season is now in the books, and that we are again reminiscing over what was a near perfect summer on Martha’s Vineyard. The weather was idyllic, and the usual seasonal events delivered plenty of enjoyment to its patrons. And while the typical springtime real estate search activities began haphazardly, it gained steam as we migrated into summer and we have been actively in the field with clients ever since, expecting that a productive fall market will continue to unfold before us, hence the tardiness in delivering this missive to you.
Despite the continued geo-political and macro-economic issues in the world today, prudent investment decisions and lifestyle choices remain overriding considerations among buyers of Martha’s Vineyard real estate. With relative value, choice, and compelling lending rates still available, we are anticipating continued search and acquisition activity through year-end before the holidays and quieter winter months arrive.
Please consider the following;
- Year to date 326 residential properties have sold on Martha’s Vineyard, which is up 8.3% from the 301 sold for the same period in 2016.
- Q3 alone conveyed 104 residential properties, down modestly by 8.7% from the 114 sold in 2016 for the same period.
- The total number of all property types listed for sale has continued to contract since 2014 when there were approximately 750 units then offered. Currently there are 566 active listings representing $1.277B of listed real estate on-Island.
- At the Quarter’s close, year-over-year median home sale prices increased 11.5% from $685,000 to $764,000 with average home sales prices increasing by 17.5% from $1,052,000 to $1,236,000 for the period. These metrics speak to the change in price segment participation this season from last year, for those properties sold.
- On average, YTD home sales on-Island have transacted at approximately 96% of their asking price while realizing 123.6% of their tax assessment. This correlation suggests that property sale prices exceeding the respective tax assessment have continued to trend more broadly throughout our micro-market, but still remain subject to the attributes of condition, location, utility, scarcity and uniqueness.
Acquiring real estate in this largely second-home market is often a discretionary decision. Yet given the consistent consumer demand, the low-interest rate climate, and ability to garner both emotional and financial returns from an investment made here, it still remains one of the most attractive times to acquire Island real estate. There will come a time, and likely now sooner than later, when this degree of opportunity will become out of reach for some. But Martha’s Vineyard, compared to many like markets, continues to afford an attractive opportunity for those willing to make a commitment to her.
Please visit www.mvlandmarks.com to view a comprehensive list of all available Island listings. If you would enjoy having immediate and free, real-time access to our ever evolving inventory of listings, please contact us to receive access into LINK, the Island’s local MLS. And as always, do not hesitate to contact us with your questions and curiosities concerning those properties of interest and Martha’s Vineyard real estate topics in general.
If, however, a purchase of Island real estate is not in your future right now, this is an opportune time to book your summer vacation rental for 2018. Our Island-wide inventory features homes that accommodate most every need, but competition for the best properties and available weeks has markedly increased. Our experienced rental agents are readily available to assist you in finding the perfect vacation home. Please do not delay, contact us now to assist you with creating your dream vacation!