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Market News
Market Update is a service offererd by Tea Lane Associates. We update Martha's Vineyard real estate sales transactions on a weekly
basis and post quarterly reports and charts for your review. Please let
us know if you have any questions or would like more detailed analysis
for properties in a specific town or price range. We have much more
information on the Real Estate market to share with you.
| WEEKLY REAL ESTATE TRANSACTIONS - 2 weeks ending June 29, 2008 |
| Date |
Street |
Town |
Price |
Seller |
Buyer |
| 06/16/08 |
55 Oyster Watcha Rd |
West Tisbury |
$6,000,000 |
Deroetth |
Bagehot Backs LLC |
| 06/16/08 |
8 Beach Plum Path |
Oak Bluffs |
$485,000 |
Masters BJ Trs/B J Masters OB Trs |
Ullman |
| 06/17/08 |
81 Lagoon Ave |
Tisbury |
$438,800 |
Pinkham |
Caldwell |
| 06/17/08 |
Herring Creek Road, Lots 1 &2 |
Tisbury |
$3,250,000 |
Tashmoo Realty Tr/Nicolaci H Y Trs |
McCarron R M Trs/Flat Point Nom Trust |
| 06/17/08 |
15 Carolina Ave |
Tisbury |
$600,000 |
Helin/Coker/Coker/Coker/Coker/Gordon |
Coker/Dosker |
| 06/17/08 |
25 Cranberry Hill Rd |
Chilmark |
$2,150,000 |
Congdon |
Great Sand Bank LLC |
| 06/18/08 |
173 Cove Rd, Unit IV A |
Tisbury |
$1,200,000 |
Stone S D Trs/Unit No IV A Tashmoo Wood Condo Realty Trust/Woog J Trs |
Steele |
| 06/18/08 |
5 & 7 Locust Lane |
Aquinnah |
$1,150,000 |
Walsh |
Woodard |
| 06/18/08 |
79 David Ave |
Tisbury |
$590,000 |
Isham |
Redner |
| 06/19/08 |
101 Midland Ave |
Tisbury |
$341,000 |
West |
Sterling/Stephenson |
| 06/19/08 |
377 State Rd |
West Tisbury |
$1,350,000 |
TMR LLC |
Kelimijo LLC |
| 06/20/08 |
86 Peases Point Way |
Edgartown |
$3,800,000 |
Bridges/Cannada |
Goit |
| 06/20/08 |
2 Mayhew Way |
Oak Bluffs |
$340,000 |
Downey |
Teel |
| 06/26/08 |
7 Gorham Ave |
Oak Bluffs |
$358,000 |
US Fund for UNICEF |
Lucier L Trs/Lucier J Trs/7 Gorham Ave Realty Trust |
| 06/26/08 |
10 Checama Path |
Oak Bluffs |
$455,000 |
Lasalle Bank NA Trs/EMC Mort Corp |
Koch |
| 06/26/08 |
72 Midland Ave |
Tisbury |
$410,000 |
Sena |
Bisson |
| 06/27/08 |
9 Rhythm Rd |
Chilmark |
$1,400,000 |
Tinker |
Simons |
| 06/27/08 |
Quansoo Beach Lot |
Chilmark |
$262,600 |
Hadley |
Rosenmiller |
| 06/27/08 |
345 West Tisbury Rd |
Edgartown |
$640,500 |
Norton Fam 345 Nom Tr/Estes P A Trs/Gonzalo R L Trs |
MV Land Bank Commission |
| 06/27/08 |
West Spring St Lot 2 |
Tisbury |
$280,000 |
Robinson |
Ewing |
| 06/27/08 |
25 Pradas Way |
Edgartown |
$585,000 |
Perron |
Culliton |
Martha’s Vineyard Real Estate Transactions - Average Price (blue triangles) & Total Volume (green squares) by Year (000)
Number of Transactions by Year
Charts include all arm’s length residential,
commercial and land transactions; does not include time shares, partial
purchases, unbuildable lots, beach lots or foreclosures. Land Bank fees
are 2% of Total Dollar Volume.
Note: 2006 numbers do not include the $42million hotel sale that
occurred in December 2006.
HIGHLIGHTS
- Record high number of transactions occurred in 1998 with 1,000 transactions.
- Record high Total Dollar Volume occurred in 2005 at $644,145,000
- Record high Average Price occurred in 2007 at $1,359,400
- Generally, the 2007 market is starting to level off after the declines of 2006.
- Total dollar volume for Martha's Vineyard Real Estate in 2007 was just over $500million; down 1% from $506million in 2006.
- All-island 2007 median price was $652,500 (this includes land sales), down 2.6% from 2006. Up-island median for '07 was $961,000.
- 2007 shows activity still declining but starting to level off from the big '06 decline (total number of transactions declined 9% from 06 to 07 versus a decline of 32% from 05 to 06) accompanied by steady prices (overall average price was flat around $1,360,000).
- For sales of $4million or more, there were 10 for $62million in
2004, 14 for $106million in 2005, 23 for $180million in 2006, and 19 for $151million in 2007.
- If you're wondering about the impact of a few large sales on the average prices mentioned above, after backing out these large transactions (over $4MM), from 2006 to 2007, average sales price rose 17% from $856,727 in 2006 to $999,818 in 2007.
- Looking at the up-island market (West Tisbury,
Chilmark and Aquinnah), total transactions decreased 8%, from 90 in 2007 to 83 in 2007; yet total dollar volume was flat at $147million.
Keep in mind that these are island-wide statistics and different towns
on the island have their own individual market dynamics. Please contact
us for analysis by town.
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Tea Lane Associates, PO Box 30, Chilmark, MA 02535 Fax 508.696.9929
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Martha's Vineyard real estate agency, vacation rental provider offering personalized,
professional service to those looking to purchase or sell desirable land, second homes,
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commercial properties. Tea Lane Associates provides guidance and expertise in selecting
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