Sponsored: Real Estate Confidential:What does a shrinking inventory mean?

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.

Taking a look at newly listed homes for sale, an image came to mind that I am having trouble shaking. There are currently 45 properties under contract and scheduled to close yet only 17 new listings this week. Do we eventually go to zero? Obviously not, but what happens in the coming months and years? Shrinking inventory could also mean reduction in home size which is happening and fodder for future reporting.

Unfortunately, as the ratio of sales to new listings widens, buyer negotiation becomes critical for getting a home at the best possible price. Also that has come to mean offers over asking price are becoming more and more common. This also means it might be a good time for buyers. Because of a sluggish winter season and COVID-19 issues, sales were slow and there were many price reductions and homes listed at more reasonable (comparatively) prices. All I can say is do not wait another season to buy. The pressure to buy on Martha’s Vineyard right now is intense. Sometimes I feel like we are attempting to get six months of business into two. Today’s list of homes and photos come from the new listings this week.

There are a number of reasons for the low inventory and some will see this as correction. When sales were slow as the economy rebounded from the last recession, new home building was minimal and as you drive around the Island you can see that turnaround yourself. Mortgage rates have been low for several years, leading to empty nesters who might have seen refinancing as a way to afford to keep homes after retirement. Mortgage rates have continued at low rates through the pandemic. For only the second time on record, the 30-year fixed-rate average is under 3 percent as of yesterday. A good time for owners to stay put, but also an excellent time for buyers to have significantly lower mortgage payments than years past, even with rising prices.

Vineyard Hills Association and deeded Lagoon Pond beach access are just the beginning of what 30 Pondview Drive offers the first owners. Very convenient to Farm Neck for golf and meals out, plus easy access to all down-Island towns and South Shore beaches. The third floor has 500-plus square feet of unfinished living space that can be finished off for the entertainment/media/game room. Air conditioning, infinity hot tub , crescent-shaped pool and room for a guest house can make this home perfect for vacations, rentals and year-round living.

On over three acres in the woodlands of Chilmark, 34 Old farm Road has updated details that make for incredible comfort and relaxation. The open living room is perfect for family gatherings and movie nights, or a cozy spot for reading your favorite book by the fireplace. The screen porch is a Vineyard amenity no home should be without, and this home’s porch has easy access from the kitchen and can accommodate a large family gathering (well, 10 guests recommended for now). Anytime of year the access to Waskosim’s Rock and its many miles of views and hiking trails and cool stream for your dogs enjoyment is certainly a plus.

Perched above and just steps from beloved Squibnocket Beach and Pond, sits 21 Squibnocket Road, a fully renovated beach house with amazing views of the Atlantic out to Squibnocket Point. This property was for over 80 years the haven for the international modernist painter Vaclav Vytlacil and his family. His paintings of his views can be found Island-wide. The house comes fully furnished with new, interior designer-sourced furniture and furnishings. Walk to the beach, kayak in the pond, or just sit out on your patio watching the day unfold, osprey fish and surfers ride the waves.

The unique and remarkable retreat at 12 Boldwater Road in Edgartown has 10 acres of beautifully landscaped and natural grounds and a home designed by noted architecture firm Robert A.M. Stern. The compound offers extraordinary privacy, bounded in back by a large forest preservation area, while located within a ten-minute drive to downtown Edgartown, the airport, and golf club. The Boldwater Association provides tennis courts, convenient private access to Edgartown Great Pond for small boating, and a private south shore beach. Every interior space is appointed with the highest level of detail and craftsmanship. The 20 by 60-foot pool and jacuzzi are nestled between the main house and the pool house, which has an enclosed heated porch, gym, massage room, sauna, and full bathroom. 

Click here for more information and a list of this week’s newly listed homes for sale.

For more Real Estate Confidentials click here.