There were 47 sales on the Island in January this year and ONLY 23 last year. Is the market slowing down on Martha’s Vineyard? Doesn’t appear to be based on these numbers!
Not only are our number of sales way up, the average sale price has GONE UP and the number of available homes has GONE DOWN. Additionally, the average percent of the assessed value that properties sold for went up slightly Island wide and significantly in Edgartown. The assessed value is what the town uses for tax purposes, but can be used to help determine market value as well.
Here are the numbers, according to the Multiple Listing Service, LINK MV:
47 Sales Island wide in January, 12 new listings and 163 available properties. In 2019, there were 23 sales, 26 new listings and 209 available properties.
In Edgartown, we had 14 sales this January, compared to just 5 last year. There were only 4 new listings this year with 57 available properties, but 11 new listing last year and 70 available in Edgartown in 2019.
The average percent of assessed value that homes sold for in January was 139, while 2019 shows 134% The big jump was in Edgartown, with a 122% average last January and 178% this year.
So, the bottom line is the cost to buy a home on Martha’s Vineyard (and especially Edgartown) is continuing to go up, inventory is down and interest rates continue to be amazingly low. If you are considering a purchase on the Island I don’t think waiting is the key, as appreciation is continuing here.