Happy summer from Martha’s Vineyard! It has been another busy and productive start to the season. Please allow us to share our mid-year market commentary with you concerning the sales activity on-Island thus far.
Positive sentiment toward Martha’s Vineyard real estate has been demonstrated by the number of transactions being consummated. And search activity performed by prospective buyers has remained consistent over the past year too. However, with some segments proving to be “hotter” than others, inventory has become a significant concern. With improved buyer sentiment coupled with a greater sense of urgency to engage in the acquisition of property, heightened competition continues to exist among prospective buyers for coveted listings or the most desirable areas. It is still the better priced, better conditioned, and more desirable properties that are generating the most interest and often garner multiple offers.
Martha’s Vineyard still offers opportunity, and financing options have never been more attractive, but choice of inventory is becoming less available to those who wait given the consistent consumption across the various market segments during the past five years. And since the Island is a finite land mass, and does not replenish inventory through mass development as found off-Island, the number of available units will likely remain tight for the foreseeable future.
Here are the more meaningful statistics to consider through Second Quarter 2019:
Inventory has increased with the accompanying warmer temps from the early spring total of 393 units to the current 437. The total value of listed real estate on-Island now equates to $1.213B.
Thus far in 2019, a total of 170 residential properties were sold among the Island towns, which is down 17.5% from last year's sales of 205 for the same period.
Sales for the Quarter are as follows: Edgartown-27, Oak Bluffs-27, Vineyard Haven-26, West Tisbury-11, Chilmark-4, and Aquinnah-3.
Second Quarter sales statistics courtesy of LINK
Year-to-date median residential sale prices on-Island have increased 9.4% from $727,000 to $795,000, while average residential sale prices soared 31.3% from $1,143,000 to $1,501,000 as compared to the same period in 2018.
Year-to-date residential sales in the aggregate have captured nearly 96% of their final asking prices, and garnered approximately 121% of their respective tax assessments. The strength of this correlation remains subject to factors such as competition, condition, amenity, and uniqueness of the subject properties sold, yet the relationship has been maintained over the past several years with relative consistency.
Resort-vacation-destination markets like Martha’s Vineyard have continued to enjoy consistent attention and acquisition; however they too are now encountering inventory driven issues much like the primary markets have endured. And while the decision-making drivers differ when electing to acquire a vacation type home, there are similar economic, emotional, logistic, and utilitarian variables that are employed in the undertaking of such a venture. Our agents are skilled and savvy in helping you identify and address them.
Please feel free to contact us with your questions and curiosities concerning properties of interest, or Martha’s Vineyard real estate in general. And please do regularly re-visit www.mvlandmarks.com to help keep abreast of all Island properties for sale.
Lastly, if you are still seeking a summer vacation on-island, please be in touch with us for assistance. There is still some availability and our rental agents are here to help you find a last minute getaway!