In Like a Lion

 

April 7, 2014

 In like a lion…out like a lamb!  Not this year…March left the island just like she entered; like a lion.   However, entering this second week of April, spring has finally sprung.  Pinkletinks are singing along Lamberts Cove Rd, the spring trout stocking happened last Tuesday bringing many fisherman out and crocus flowers are blooming in most island towns. 

Let’s hope the island real estate market continues its busy first quarter of the year.

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 Residential Specialist®,
Certified Luxury Home Marketing Specialist®
Accredited Buyers Agent®