Real Estate Confidential is a weekly chit-chat about new listings, sales, or other insider info on the Martha’s Vineyard Real Estate market, presented by Fred Roven, owner/broker of Martha’s Vineyard Buyer Agents. It appears each Friday in The Minute.
Monthly, I typically take a look at sales and inventory statistics by town on Martha’s Vineyard in an attempt to have a better understanding of where we are going from here. This winter has had some glaring changes in many areas. Most dramatic was the size of the inventory. It has been a fairly active season and not very many new listings.
Absorption rate is the rate at which houses are selling. There is a normal drop in inventory every winter as homes are taken off market to come back in the spring, causing the absorption rate to drop a bit. But this winter it has dropped almost in half in some towns. In the first quarter as inventory began a climb, there were 350 single-family homes on the market and right now there are 162 homes. Unless there is a significant increase in new listings, we will certainly continue to see prices going up.
Island wide we have gone from a median sales price of $695,000 in 2015 to $950,000 for 2019, and a tiny dip to $925,000 last month. Each town has very different sales prices. The lowest median price for single-family homes in 2019, at $692,500, was Oak Bluffs, and the highest was Aquinnah at $1,607,500. I have selected the following examples of homes that hover around the median price point for each town.
The property located at 7 Chapel Ave on Chappy is beautiful and well maintained. The beauty of living on Chappy is the closeness to downtown Edgartown and all that it has to offer, but you are “separated” from the hustle and bustle. This mint condition home is centered around a dramatic two-storey chimney with multiple fireplaces. The radiant heated three-car garage allows room for all your toys or a workshop separate from the house. The home features a finished basement, a lily pond with a new pump, air conditioning, multiple screened, three-season porches, a pool house, and a saltwater swimming pool with new equipment. The three guest bedrooms are detached from the main house and connected by a walkway.
At 6 Duck Pond Lane in Aquinnah sits an historic farm with ocean views and a short walk to the beach. I have seen some spectacular Vineyard sunsets from the property, a treasure in itself. You will find streams, wildflower fields, and stone walls surrounding the building. The barn has been rebuilt and has southern heartwood pine wide plank floors and black walnut steps. Entryway has granite steps and French doors with sidelights. It was built with green products and insulation with great sound and “R value.” There are many possibilities here: Rebuild the barn, build a new home on the site, or combine it with the neighboring farmhouse to create a five-acre-plus Island retreat.
This replica 1760 saltbox at 4 Stonewood Lane in West Tisbury has been thoughtfully designed and built. I was most impressed with true divided light insulating windows adding to the attention to historic detail. The builder created a space with the warmth and charm of the style but with all the modern conveniences. I have always been drawn to this style and this is a fine example. The full basement includes a laundry room, storage and partially finished game room. And, there is an enchanting detached bedroom used for summer guests.
Chilmark offers a four-bedroom, three-bath home with ocean views and a private, south shore beach, at
2 Rockrose Path off Meeting House Road. The house is sited on one and a half acres in a private setting with a large front yard and easy to care for landscaping. The open living room, dining area and kitchen plus the master bedroom have direct views to the Atlantic.. For extra living space, you have a bedroom and full bath in the lower level. Most vacation home buyers could be tempted just with the private Atlantic Ocean Beach and access to a dock on Chilmark Pond.
Click here for more Middle of the Market homes for sale in each town on Martha’s Vineyard and
Click here for the January 2020 market report.
For more Real Estate Confidentials click here.