Martha's Vineyard Market Conditions 

Chilmark

There has been a lot of talk about the state of the real estate market in the national media recently and in turn we have had a lot of questions and comments from clients regarding the market on the Vineyard. Traditionally the Vineyard market has not been dramatically affected by national trends.

After a slow winter, all indications are the market is ready to resume its upward climb, hopefully at a reduced pace from the 90's. Values are still increasing, when you compare sales with like sales in the area.

The market has suffered for numerous over-priced properties in the last couple of years; this was particularly prevalent in Chilmark. These properties are now selling for considerably less than asking. This reduction should not be to be confused with dropping values.

Properties that are well-priced are still moving in fairly short order. Properties under $2.5 million are still the quickest to sell, although there was quiet a bit activity above $2.5 million this summer in Chilmark, mostly waterfront or waterview homes.

Chilmark has consistently had the highest prices on the island, it is nearly impossible it is nearly impossible to find listings in Chilmark under $1 million.
 
ZIP Code: 02535

Approximate Location Boundaries: Waterfront on both the north and south shores

Location Characteristics: One of three towns located in the area known as "Up Island", the town of Chilmark offers some of the most breathtaking views of unspoiled land, rolling meadows, and brilliant sea.

The town center is marked by a lovely church, as well as a general store featuring a spacious down-home porch where visitors and natives alike gather throughout the day to feast, chat and share the latest local tidbits.

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Edgartown

Edgartown was 316 in the state for 2006 with an average sale price of $718,250. At $851, Edgartown had the highest per square foot sales price on the islands. (Nantucket had the highest at $986). Traditionally the Vineyard market has not been dramatically affected by national trends.

After a slow winter, all indications are the market is ready to resume its upward climb, hopefully at a reduced pace from the 90's. Values are still increasing, when you compare sales with like sales in the area. The market has suffered for numerous over-priced properties in the last couple of years.

Properties that are well-priced are still moving in fairly short order. Properties under $1.5 million are still the quickest to sell, although there was quiet a bit activity above $2 million this year in Edgartown.

ZIP Code: 02539

Approximate Location Boundaries: Waterfront

Location Characteristics: The streets of Edgartown, the Island's first colonial settlement, are lined with upscale shops, art galleries, fine restaurants, and historic churches. The stately houses, many of them carefully restored sea captains' homes, are surrounded by well-manicured lawns and blossoming gardens. Some have lovely views of the Edgartown harbor.

Built in 1843 at the height of the whaling industry, the famous Old Whaling Church with its six majestic columns commands Main Street and now serves primarily as a performing arts center.

Directly south of Edgartown is an area known as Katama, featuring contemporary vacation homes and a three-mile public barrier beach called South Beach, with surf on one side and protected salt pond on the other.

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Oak Bluffs

Oak Bluffs reported the highest sale price on the island in 2006. That price placed number 13 for the Islands with Nantucket holding the first 12 positions. Oak Bluffs was ranked #11 in the state for cost per square foot at $458.

Traditionally the Vineyard market has not been dramatically affected by national trends. After a slow winter, all indications are the market is ready to resume its upward climb, hopefully at a reduced pace from the 90's. Values are still increasing, when you compare sales with like sales in the area.

The market has suffered for numerous over-priced properties in the last couple of years. Properties that are well-priced are still moving in fairly short order. Properties under $1.5 million are still the quickest to sell, although there was quiet a bit activity above $2 million this summer in Edgartown.

ZIP Code: 02557

Approximate Location Boundaries: Ocean front

Location Characteristics: With something for everyone, the unique town of Oak Bluffs features whimsical Victorian "gingerbread" cottages built in the 1800s, which vie with one another for charm and originality.

In the 1800's, before it was known as Oak Bluffs, the area was a center of revivalism among members of the Methodist and other religious faiths. Hundreds flocked to the Island to enjoy sermons and sunshine, pitching tents for temporary shelter. Over time, these tents were replaced by permanent cottages, most of which circle the open-air and recently renovated Tabernacle.

Oak Bluffs has a wonderful harbor and along Sea View Ave offers some of the Island's most incredible ocean vistas. In addition to relishing the many restaurants and shops, visitors enjoy concerts in Ocean Park and rides on the Flying Horses, the oldest continuously operating carousel in the country, its horses hand-carved in New York City in 1876.

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Vineyard Haven

Banker and Tradesman reports that Vineyard Haven came in at #5 in average cost per square foot of sold properties at $573. Traditionally the Vineyard market has not been dramatically affected by national trends.

After a slow winter, all indications are the market is ready to resume its upward climb, hopefully at a reduced pace from the 90's. Values are still increasing, when you compare sales with like sales in the area. The market has suffered for numerous over-priced properties in the last couple of years.

Homes priced under $650,000 continued to be the strongest segment of the market in Vineyard Haven, Properties in the $2,000,000 to $5,000,000 are still the slowest segment of the market.

ZIP Code: 02568

Approximate Location Boundaries: Bounded by Vineyard Sound on the north, West Tisbury on the west and Oak Bluffs east.
 
Location Characteristics: Also known as Tisbury, the town of Vineyard Haven is an active commercial center throughout the year. Home to delightful inns, large and small, it opens its welcome arms to the influx of travelers arriving by ferry to the Island. Vineyard Haven's Main Street includes a variety of eateries and an array of shops catering to the tastes of any visitor. The Vineyard Haven harbor is an active and lovely sight and was once one of the most heavily sailed ports in the world. At the top of Main Street, one can enjoy the serene passage of sailboats from Owen Park, with its charming small beach, playground equipment for the tots, and the Liberty Pole landmark.

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West Tisbury

West Tisbury reports in at #14 in average price for 2006 in the state at $749,000 posting the highest average price on Martha's Vineyard. Dukes County showed a sales volume drop at the state average but an average price drop half of the rest of the state. Traditionally the Vineyard market has not been dramatically affected by national trends.

After a slow winter, all indications are the market is ready to resume its upward climb, hopefully at a reduced pace from the 90's. Values are still increasing, when you compare sales with like sales in the area. The market has suffered for numerous over-priced properties in the last couple of years.

Homes priced under $850,000 continued to be the strongest segment of the market in West Tisbury. There was quiet a bit of activity between $2,000,000 to $5,000,000 this year.

ZIP Code: 02575

Approximate Location Boundaries: Bounded by other island towns with wide expanses of beach on both the North and South shores. 
 
Location Characteristics: The region of West Tisbury is rural and unspoiled, with stone walls, farms, and vineyards. It hosts the popular Farmers' Market twice a week from mid-June to mid-October, as well as the increasingly popular Agricultural Fair every August. West Tisbury also boasts some of the Island's more unique and lovely beaches.

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