April 7, 2014
Here are the recent sales numbers:
Month/Year
March/2014
Feb/2014 March /2013 2014(YTD) 2013(YTD)
# Residential Sales 21 25 35 88 63
Average Price $856K $1.126M $1.01M $1,048M $871K
Median Price $499K $523K $640K $ 523K $600K
Avg. Days on Market
262 181 397 210 322
The statistics this month, although not
as positive as the first 2 months of 2014, are an indicator of the long cold
winter we experienced. All across the northeast,
real estate sales reports are mimicking what we see here on the Vineyard. The
number of sales and prices are down from the 2 previous months. With spring arriving, I expect the market to
pick up and we will see a good spring and summer selling season. So make sure to give your property a good
“spring cleaning”; inside and out. With
a strong inventory, buyers still have many choices and seem to wait for the
properties that do not need work.
Speaking of inventory, there are
presently 361 island residential properties on the market right now. With the current rate of sales, this is about
10 months’ worth of inventory and the amount of inventory has a direct effect
on the rate and price of sales. Locations that are experiencing an appreciation
in property prices and number of sales have less than 3 months of inventory;
locations with steady prices and sales have 3-8 months of inventory and
locations with more than 8 months of inventory may experience a decrease in
prices—according to national experts.
Personally I think the Martha’s Vineyard market will remain steady to
slightly increasing due to the fact that we are a resort/second home market.Please let me know any questions or thoughts you might have.
Thank you for your trust and patience in what I do. All the best.
Doug Reece Certified Luxury Home Marketing Specialist®
Accredited Buyers Agent®
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