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
Are you considering buying or selling a home on Martha’s Vineyard? Reach out to our experienced agents to explore your options and make informed decisions. Let’s work together to achieve your real estate goals!
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We hope this information provides value to you as you navigate the real estate market. If you have
POINT B 19 WINTER STREET NEVIN SQUARE EDGARTOWN, MARTHA’S VINEYARD 508.627.4567
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