Wondering what's going on with real estate on Martha's Vineyard? We have our market review prepared for you from the Point B | Compass team.
Q1 | 2024
MARTHA’S VINEYARD QUARTERLY
MARKET REPORT
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GLOSSARY
SINGLE-FAMILY A stand-alone house is a free-standing residential building. It is sometimes referred to as a single-family home, as opposed to a multi-family residential dwelling.
MEDIAN SALES PRICE (MSP) The median sales price is the price in the very middle of a data set, with exactly half of the houses sold for less and half sold for more. We refer to the median sold price rather than the average sold price because it is less affected by outliers or properties that skew the perceived values in a particular housing market. DAYS TO SELL Days to sell is defined as the total number of days a from when the listing becomes active until the property is sold or pulled off the market. CLOSED SALES Figures for the current quarter are based on known closings recorded at the time the report is prepared.
CONDO A condominium, often shortened to condo, is a type of living space similar to an apartment but independently sellable and therefore regarded as real estate
MEDIAN LIST PRICE The median list price is the price in the very middle of a data set, with exactly half of the houses priced for less and half priced for more. We refer to the median list price rather than the average list price because it is less affected by outliers or properties that skew the perceived values in a particular housing market.
QUARTERS Q1 January 1 – March 31 Q2 April 1 – June 30 Q3 July 1 – September 30 Q4 October 1 – December 31
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The first quarter of 2024 brought with it some challenging weather conditions, impacting buyer activity and sales volume across Martha’s Vineyard. However, amidst this, Oak Bluffs stood out with positive sales growth, showing an 13% increase in overall transaction volume and a 23% increase in dollar volume compared to the first quarter of last year. Many owners are recognizing the current market as an advantageous time to sell, capitalizing on the strength of prices. On the other hand, buyers are realizing the potential benefits of purchasing now and refinancing later, as opposed to waiting for interest rates to drop and facing a more competitive market with higher prices. As we transition into the second quarter, we are witnessing a 15% increase in available inventory compared to the same period last year. The rising inventory begs the question: will the blooming flowers encourage buyers to spring into action for a more vibrant second quarter? We will be closely monitoring inventory levels and new contracts over the coming weeks, and there is a sense of optimism for a more active second quarter. Stay tuned for more updates as we navigate through the changing real estate landscape together. MARKET NOTE
Q1 MARKET SNAPSHOT
Q1 MARKET SNAPSHOT
MARKET NOTE GLOSSARY CONTENTS MARTHA’S VINEYARD POINT B’S NUMBERS
Highest Sold Listing $5,500,000 – 20 Clevelandtown Rd., Edgartown
Lowest Sold Listing $400,000 - 00 Oriental Ave., Oak Bluffs
Highest New Listing $12,500,000 - 37 North Neck Rd. Edgartown
Lowest New Listing $299,000 – 32/36/40 Bailey’s Park, West Tisbury
Highest Under Contract Listing $5,495,000 – 5 Stillpoint Meadows Rd., West Tisbury
Lowest Under Contract Listing $325,000 - 0 Lambert’s Cove Road, West Tisbury
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POINT B 19 WINTER STREET NEVIN SQUARE EDGARTOWN, MARTHA’S VINEYARD 508.627.4567
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Martha’s Vineyard is a magical place. Not only has that special charm made it a longtime favorite destination for New Englanders and people from the northeast, the Vineyard attracts people from all across the country and many other parts of the world. Along with those of us who are lucky enough to call this island home, there are a number second homeowners, multi- generational families, even some celebrities, and a well know ex-president and his family, who all call the Vineyard home.
the interesting and diverse mix of people – a trait the Vineyard is well known for.
Of course, there’s golfing, fishing, sailing, kayaking and paddleboarding, bike riding, walking, shopping, and some great dining. But on a sunny summer day, we’re reminded just how popular and how great the many beaches of Martha’s Vineyard really are. It is the Vineyard lifestyle – that magic – that attracts so many people here and keeps them coming back year after year. Whether you’re looking to buy a newly built coastal-style home, a vintage seaside cottage or an investment property, Martha’s Vineyard has it all – something for everyone.
What gives the Vineyard its unique heartbeat?
Perhaps it is the six towns that are all very different. Different geography. Different beaches. Different architecture. Different lifestyles. From the rolling fields and farmlands of Chilmark and West Tisbury to the whaling era Captain’s Houses of Edgartown, the Victorian cottages of Oak Bluffs, or the hustle and bustle of Vineyard Haven, there is great diversity across the Island. So many special places.
Perhaps it is just the fact that this is an island with no bridges to the mainland, only reachable by water or air. Perhaps it is
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SINGLE-FAMILY INVENTORY
Q1 2024
43
MEDIAN SALES PRICE $1,600,000
TOTAL SINGLE-FAMILY SALES
-37% *
AVERAGE DAYS TO SELL 284
TOTAL SALES VOLUME COMPARED TO Q1 2023
LAND INVENTORY
Q1 2024
7
MEDIAN SALES PRICE $1,000,000
TOTAL LAND SALES
-59% * TOTAL SALES VOLUME COMPARED TO Q1 2023
AVERAGE DAYS TO SELL 88
SOURCE: LINK FIRST Quarter 2023 Sales Summary * Sales Volume Compared to 2023
55 N Summer Street,, Edgartown | Exclusively listed by Point B | SOLD
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SINGLE-FAMILY INVENTORY
Q1 2024
9
MEDIAN SALES PRICE $2,950,000
TOTAL SINGLE-FAMILY SALES
-59% * TOTAL SALES VOLUME COMPARED TO Q1 2023
AVERAGE DAYS TO SELL 425
LAND INVENTORY
Q1 2024
1
MEDIAN SALES PRICE $1,585,000
TOTAL LAND SALES
-83% * TOTAL SALES VOLUME COMPARED TO Q1 2023
AVERAGE DAYS TO SELL 48
SOURCE: LINK FIRST Quarter 2023 Sales Summary * Sales Volume Compared to 2023
15 Peter Williamson Blvd, Oak Bluffs | Exclusively listed by Point B | SOLD
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SINGLE-FAMILY INVENTORY
Q1 2024
17
MEDIAN SALES PRICE $1,200,000
TOTAL SINGLE-FAMILY SALES
+13% * TOTAL SALES VOLUME COMPARED TO Q1 2023
AVERAGE DAYS TO SELL 246
LAND INVENTORY
Q1 2024
3
$900,000
TOTAL LAND SALES
MEDIAN SALES PRICE
+50% * TOTAL SALES VOLUME COMPARED TO Q1 2023
AVERAGE DAYS TO SELL 72
SOURCE: LINK FIRST Quarter 2023 Sales Summary * Sales Volume Compared to 2023
196 Springhill Road, Vineyard Haven | Exclusively listed by Point B | SOLD
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SINGLE-FAMILY INVENTORY
Q1 2024
9
MEDIAN SALES PRICE $1,075,000
TOTAL SINGLE-FAMILY SALES
AVERAGE DAYS TO SELL 154
-44% * TOTAL SALES VOLUME COMPARED TO Q1 2023
LAND INVENTORY
Q1 2024
1
$555,000
TOTAL LAND SALES
MEDIAN SALES PRICE
-80% * TOTAL SALES VOLUME COMPARED TO Q1 2023
AVERAGE DAYS TO SELL 50
SOURCE: LINK FIRST Quarter 2023 Sales Summary * Sales Volume Compared to 2023
72 Vineyard Meadow Farms Road, West Tisbury | Exclusively listed by Point B | SOLD
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SINGLE-FAMILY INVENTORY
Q1 2024
6
MEDIAN SALES PRICE $1,939,000
TOTAL SINGLE-FAMILY SALES
-40% * TOTAL SALES VOLUME COMPARED TO Q1 2023
AVERAGE DAYS TO SELL 323
LAND INVENTORY
Q1 2024
1
MEDIAN SALES PRICE $1,000,000
TOTAL LAND SALES
-50% * TOTAL SALES VOLUME COMPARED TO Q1 2023
AVERAGE DAYS TO SELL N/A
SOURCE: LINK FIRST Quarter 2023 Sales Summary * Sales Volume Compared to 2023
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SINGLE-FAMILY INVENTORY
Q1 2024
2
MEDIAN SALES PRICE $4,475,000
TOTAL SINGLE-FAMILY SALES
-33% * TOTAL SALES VOLUME COMPARED TO Q1 2023
506
AVERAGE DAYS TO SELL
LAND INVENTORY
Q1 2024
TOTAL LAND SALES 1
MEDIAN SALES PRICE $2,900,000
N/A TOTAL SALES VOLUME COMPARED TO Q1 2023
AVERAGE DAYS TO SELL 196
SOURCE: LINK FIRST Quarter 2023 Sales Summary * Sales Volume Compared to 2023
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SINGLE-FAMILY INVENTORY
Q1 2024
0
$-
TOTAL SINGLE-FAMILY SALES
MEDIAN SALES PRICE
AVERAGE DAYS TO SELL N/A
LAND INVENTORY
Q1 2024
N/A
N/A
TOTAL LAND SALES
MEDIAN SALES PRICE
N/A
AVERAGE DAYS TO SELL
SOURCE: LINK FIRST Quarter 2023 Sales Summary
4 SELLER TRANSACTIONS
18 BUYER TRANSACTIONS
$139,831,051 IN TOTAL SALES
Voted Best Real Estate Company on Martha’s Vineyard
#2 Real Estate Team in Massachusetts by REALTRENDS*
pointb@compass.com | 508.627.4567 | pointbrealty.com
Point B Realty is a team of real estate agents affiliated with Compass, a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. This is not intended to solicit property already listed. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. *According to MLS LINK (As of JANUARY 9, 2024). *Point B was ranked the #2 Medium Sized Team in Massachusetts based on
2023 SIGNIFICANT SALES
SOLD • $6,349,000 100 MEETINGHOUSE WAY
SOLD • $4,495,000 30 MILL HILL ROAD, EDG
SOLD • $5,700,000 55 NORTH SUMMER STREET, EDG
SOLD • $4,400,000 125 THE BOULEVARD, EDG
SOLD • $4,400,000 2 SOMERSET LANE, EDG
SOLD • $3,600,000 8 JENNIFER WAY, EDG
SOLD • $3,400,000 8 MESHACKET WOOD ROAD, EDG
SOLD • $3,300,000 2 BENNETT WAY, EDG
SOLD • $3,200,000 16 MILL STREET, EDG
SOLD • $3,200,000 23 INDIAN HOLLOW ROAD, WT
SOLD • $3,150,000 3 TURKEYLAND COVE ROAD
SOLD • $3,060,000 11 WITCHWOOD LANE, EDG
SOLD • $2,995,000 55 THE BOULEVARD, EDG
SOLD • $2,750,000 15 PETER WILLIAMSON BLVD, OB
SOLD • $2,325,000 37 ROAD TO THE PLAINS, EDG
SOLD • $2,275,000 10 CODMAN SPRING ROAD, EDG
SOLD • $2,100,000 22 KITTS FIELD CIRCLE, EDG
SOLD • $1,995,000 22 CRAFTS FIELD WAY, EDG
SOLD • $1,755,000 72 VINEYARD MEADOW FARMS ROAD, WT
SOLD • $1,512,000 50 NASHAWENA PARK, OB
SOLD • $1,200,000 196 SPRING HILL ROAD, VH
SOLD • $1,075,000 35 PLUM BUSH POINT, WT
SOLD • $1,299,000 66 FOREST AVENUE, OB
SOLD • $1,140,000 68 SCHOOLHOUSE ROAD, EDG
SOLD • $964,000 33 RENEAR STREET, VH
SOLD • $910,000 10 SADDLE CLUB ROAD, EDG
SOLD • $880,000 ONE MARINER’S LANDING - UNIT #5, EDG
ANDOVER | BOSTON | CAMBRIDGE | CAPE COD | CHESTNUT HILL | CONCORD | HINGHAM
LEXINGTON | MARBLEHEAD | MARTHA’S VINEYARD | WELLESLEY | WESTON | WINCHESTER
Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Compass Concierge: Rules & Exclusions apply. Compass offers no guarantee or warranty of results. Subject to additional terms and conditions at compass.com/concierge. This information is provided for informational purposes only and is not a solicitation, recommendation, offer or promise to provide services. Compass is not offering legal, financial or other professional advice. Compass reserves the right to refuse, reject, or cancel the program for any reason at any time without liability. Compass offers no guarantee or warranty of results. Subject to additional terms and conditions. Individual results may vary. Testimonials are not intended to guarantee the same or similar results.
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