Mid Year Market Update
2016 Mid-Year Market Update
Tea Lane Associates were involved in THREE of this past weeks real estate transactions including the 5.6million dollar Hornblower sale on Squibnocket Ridge
Click here to see the weekly real estate transactions for Marthas Vineyard Real Estate
Martha’s Vineyard Real Estate Market Report - 1st Quarter 2016
Our year-end report summarizing the performance of the Martha's Vineyard real estate market in 2015 was released today. After three flat and stable years from 2012 to 2014, the real estate market on Martha’s Vineyard surged in 2015. Compared to 2014, the number of properties sold in 2015 increased 17% to 602, total dollar volume increased a whopping 39% to $675mm, and the average sales price rose 19% to $1,122,000. You can see the full report including a breakdown for each town on the island on the Market News tab.
An exceptional 4-acre waterfront property in Aquinnah with private beach, high-end house, guesthouse, and beautiful gardens and grounds, 3 & 5 Skippers View sold on 2/3/15 for $6,500,000. This sets a new high for real estate transactions in this remote, western-most town on Martha's Vineyard. The previous highest priced property sale was 14 Moshup Trail which sold in July 2009 for $3,600,000 and was combined with a $400,000 beach lot for a total of $4,000,000. The house at 14 Moshup was rebuilt after this purchase.
$54mm of real estate changed hands on Martha's Vineyard a couple of weeks ago including a $22mm estate on Edgartown Harbor, a $10.85mm oceanfront property in West Tisbury, a $6.5mm waterfront house and guesthouse in Aquinnah, and a $4.425mm three-parcel compound with pool in Chilmark. Tea Lane Associates handled two of these four transactions. These four sales combined with six other transactions to create an extremely impressive week of sales for the island.
Martha's Vineyard 2014 Market Review
2014 marks the third consecutive year at this same level of activity and investment. This stability confirms this market’s recovery from the recession in 2008 which produced a gradual downturn followed by erratic results in the following years. While some primary home markets in the U.S. have seen heated activity over the past two years, Martha's Vineyard, a vacation destination, has had a different experience but does continue to maintain the activity levels of 2012 and 2013 and shows modest growth in 2014. Last year we predicted a “slow but steady recovery now consolidated over two years.” 2014 performance keeps us on this track for the third year running.
The real estate market on the island showed healthy activity in the first three quarters of 2014. Total number of transactions increased 3% over the first three quarters of 2013 (340 sales in 2014 versus 330 in 2013) and total dollar volume was up 7% to $309mm (versus $289mm in 2013). The average sales price rose 4% to $909,000 (from $876,000 in 2013).
The Moore property at 3 Oxcart Road in Aquinnah was just listed this week for $2,350,000. It’s a 1.5 acre property beachfront on the Vineyard Sound with a year-round 3-bedroom home. This area of Gay Head has been quite active in the recent past. There have been 4 sales in this neighborhood in the past year and a half ranging from $700,000 for a simple summer camp to $2,250,000 for a beautiful waterfront two-bedroom home. There are currently 3 properties on the market on Oxcart Road. It’s a desirable area due to the classic island landscape of beach grass dunes and the excellent swimming and fishing on this stretch of coastline. All owners and renters in Aquinnah have access to Philbin Beach as well on the Atlantic side of town and Aquinnah offers two town beaches on Menemsha Pond for kayaking, paddle boarding and mooring boats. Buyers are discovering all the beach and water access in Aquinnah, and combining that with a waterfront property makes for a heavenly situation.