Below is our standard property transfer and inventory summary for the month of September for the island of Martha's Vineyard.
There were 35 sales in September, down just 5 from September 2007 but actually up by 11 over August. The increase can be attributed to activity generated during the summer months.
The increase also follows the state trend as reported by The Warren Group. They released numbers at the end of October, stating that "the Bay State housing market got a bounce in September... the first increase in monthly home sales, year-over-year, in 11 months."
That's the good news... the same article stated that median home prices fell 15.6 % across the state; approximately the same depreciation that we've tracked on the Island.
At this time, the LINKMV service is reporting only 41 sales pending. If all close, total sales for 2008 for the Vineyard will be down approximately 28% from 2007.
It should also be noted that the available inventory of properties for sale is 819, up 18% from 674 in September 2007. This number (819) exceeds that at any time during the last market drop from 1989 to 1991.
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SEPTEMBER 2008 TRANSFER INDEX |
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SUMMARY OF ARMS-LENGTH SALES |
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Inventory 9/30/08* |
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Total # of Sales |
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# of Sales under $1.0 |
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# of Sales $1.0-$3.0 |
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# of Sales over $3.0 |
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Aquinnah |
28 |
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0 |
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0 |
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0 |
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0 |
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Chilmark |
66 |
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6 |
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0 |
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4 |
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2 |
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Edgartown |
251 |
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11 |
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8 |
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2 |
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1 |
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Oak Bluffs |
195 |
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9 |
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8 |
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1 |
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0 |
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Vineyard Haven |
186 |
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6 |
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6 |
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0 |
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0 |
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West Tisbury |
95 |
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3 |
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3 |
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0 |
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0 |
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819 |
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35 |
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25 |
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7 |
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3 |
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August 2008 |
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24 |
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Increase/Decrease |
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11 |
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September 2007 |
674 |
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40 |
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Increase/Decrease |
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-5 |
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Data compiled from the Dukes County Registry of Deed Transfer Index and LINKMV. |
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Below is a four year comparison for Martha's Vineyard Island total year to date sales. Note that, as of the end of August, there has been a 20% decline since 2007 and a 41% decline since the height of the market in 2005.
Buyer activity this summer on the Vineyard was strong but most, if not all, were looking for better values. Most buyers are waiting for price reductions and many owners are reducing their price evidenced by 93 reductions on the island during the month of September.
The year of a national election is typically one of some instability in the real estate market; we hope that the choice of a new president will bring some relief of the current economic climate and thus to the real estate market both on and off Martha's Vineyard. However, we are prepared for a long turn around time unless there is some substantial change in the financial markets.
Following is our standard activity summary of the Martha's Vineyard real estate market for the month of January. Note that both inventory and the number of sales increased (5% and 27% respectively).
JANUARY 2008 TRANSFER INDEX |
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SUMMARY OF ARMS-LENGTH SALES |
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| Inventory 1/31/08* |
| Total # of Sales |
| # of Sales under $1.0 |
| # of Sales $1.0-$3.0 |
| # of Sales over $3.0 |
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23 |
| 0 |
| 0 |
| 0 |
| 0 | |
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64 |
| 2 |
| 0 |
| 1 |
| 1 | |
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179 |
| 8 |
| 6 |
| 1 |
| 1 | |
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146 |
| 8 |
| 6 |
| 2 |
| 0 | |
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139 |
| 10 |
| 8 |
| 1 |
| 1 | |
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63 |
| 5 |
| 3 |
| 1 |
| 1 | |
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| 614 |
| 33 |
| 23 |
| 6 |
| 4 |
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December 2007 | 581 |
| 24 |
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Increase/Decrease | 33 |
| 9 |
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* Inventory per LINK database |
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Below is a summary review of the Martha's Vineyard real estate market for the 2007 calendar year and our standard monthly statistics report for December 2007.
2007 Sales: Note that the total number of sales on Martha's Vineyard in 2007 was down approximately 7% from 2006 (394 versus 423). However, this was a significantly smaller decline than experienced between 2006 and 2005 (423 versus 564 or a 25% decrease). This change is a potential indicator that the market is stabilizing.
2007 Inventory: The 2007 inventory graph illustrates the typical increase in overall inventory on the island during the spring and summer months. What it does not show is the increase in inventory in 2007 over 2006. In January of 2007, the inventory was 17% greater than it was in January 2006. We expect the inventory to remain high until the overall market regains strength.
(The inventory numbers were calculated using the LINK (local island listing service) database while the sales numbers were obtained from the monthly Transfer Index for Dukes County.)
Following is our standard summary of sales and inventory for the month of November on Martha's Vineyard, Massachusetts.
It is interesting to note that the inventory and sales in November 2007 differ very little from November 2006 - 2% and 7% respectively.
2007 2006
Inventory 638 622
Sales 41 38
However, inventory has declined since October which, as previously stated, is expected at this time of year due largely to owners removing properties for the winter and/or being counseled not to list until spring, thus it's not a real market indicator.
The (41) sales in November is the second most productive month in 2007 (there were 42 closed in April) and reflects the consummation of much of the summer sales activity.
We will provide you with a full analysis of the year when the December statistics are available.
NOVEMBER 2007 TRANSFER INDEX |
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SUMMARY OF ARMS-LENGTH SALES |
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| Inventory 11/30/07* |
| Total # of Sales |
| # of Sales under $1.0 |
| # of Sales $1.0-$3.0 |
| # of Sales over $3.0 |
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24 |
| 3 |
| 2 |
| 1 |
| 0 | |
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67 |
| 6 |
| 0 |
| 3 |
| 3 | |
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177 |
| 13 |
| 7 |
| 6 |
| 0 | |
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166 |
| 3 |
| 2 |
| 1 |
| 0 | |
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139 |
| 10 |
| 6 |
| 3 |
| 1 | |
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65 |
| 6 |
| 5 |
| 1 |
| 0 | |
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| 638 |
| 41 |
| 22 |
| 15 |
| 4 |
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October | 667 |
| 33 |
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Increase/Decrease | -29 |
| 8 |
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* Inventory per LINK database |
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Martha's Vineyard real estate sales and vacation rentals in Edgartown, Tisbury, West Tisbury, Aquinnah, Oak Bluffs, Chilmark and Chappaquiddick. Service with Integrity since 1969.
Sandpiper Realty, Inc. of Martha's Vineyard was founded in 1969. We are an established agency of professionals with a longstanding and very personal interest in and commitment to the Island. Our 35 year history of excellent service has earned us an industry wide reputation of integrity and professionalism.
We offer a full range of real estate services including traditional seller representation, buyer brokerage and real estate investment counseling.
Additionally, we have an affiliated, full service rental office that offers a substantial and very diverse inventory of seasonal rental properties (see Sandpiper Rentals). And, should our buyers choose to rent their property for all or part of the season, our four full time, experienced rental agents will provide a smooth transition from homebuyer to landlord. The online software program and rental website is comprehensive and readily accessible.
Our credentials include our standing as the exclusive Martha's Vineyard member of the Who's Who in Luxury Real Estate Board of Regents, an elite advisory counsel for a network of real estate firms specializing in global luxury real estate. This is an acknowledgement of our expertise in and dominant market share of the sale and rental of luxury properties on the island. The Who's Who website, LuxuryRealestate.com, is the most used web resource for buyers of luxury property worldwide.
As a member of LINK, the multiple listing service for Martha's Vineyard, we are able to offer our buyers the ability to access information on all Island properties for sale at any given time. Additionally, as members of the Cape Cod and Islands Multiple Listing Service, we are able to offer our sellers the exposure of REALTOR.com, now nationally recognized as the most often used online real estate resource.
All of our sales agents hold several professional designations which is validation of both their level of experience and their commitment to the industry. The personal credentials of all of our agents are provided. We are also pleased to provide references upon request.
Our success in serving our clients is evidenced by nearly 40 years in business and by the many client testimonials you will find on our agents' pages. The keys to this success are simple – our agents are experienced, knowledgeable, credible and ethical. Unlike many of the sales agents working in the other 86 real estate agencies on the Vineyard, all of our agents are full-time, career agents - they're not bartenders, car rental clerks or tennis pros working in real estate as a sideline. And our agents invest time in furthering their knowledge through real estate specific education; many of them hold several professional designations.
These are characteristics and responsibilities we take very seriously and strive to practice every day. We truly believe that after working with us for a short period of time, you will understand the difference between our service and that of our competitors. Both seasoned real estate investors and average homebuyers choose to work with us time and time again and to refer others to us.
We offer a full range of services including traditional seller representation, buyer rokerage and real estate investment counseling.
Reputation is the ultimate key to success in real estate as referrals are by far the best advertising available. Therefore, we understand the importance of doing everything possible to satisfy your needs and expectations. We take a true consultative approach when dealing with our clients and seek to understand their needs and goals. We seek to provide helpful answers, practical solutions, and unparalleled value.
Many changes have occurred in the real estate industry during our 40 years in business. We understand the need to keep up with those changes. For example, today the majority of real estate buyers begin their search on the web and most sellers understand that internet marketing is far more effective than any form of print advertising. You will find our website at the forefront of other agencies on Martha's Vineyard.
However, you also recognize that information on a website does not replace the knowledge of an experienced REALTOR®. We welcome you to contact us without obligation. We respect your privacy and will courteously answer your initial questions without the need of names or any type of registration.
SERVICE WITH INTEGRITY SINCE 1969
"You are a true professional! Thank you for your help." K & R Rubin
"Thanks for all you did to make the sale of our Chappy house happen. If it hadn't been for your expertise, patience and guidance, and willingness to be flexible and try to work things out, I am sure it would not have happened. It took your creative thinking and financial help. It took your listening ear and problem solving. You are truly a wonderful person, Sherry, and we are very grateful to you." H & L Oliver
"I really enjoy working with you and would be interested in partnering on another project. You are absolutely top shelf." A. Wilson
"This is to express my appreciation for all your efforts in bringing the sale of our property on King Point to a successful conclusion. Throughout the whole process, I knew I could depend on your good judgment, tact and experience." T. Armour
"Thanks for your professionalism, now and in the future. The Vineyard is a special place and people like you make that so." J. King
"Sherry, thank you. Jill and I appreciate all of your efforts in getting the job done. You made it a fun and enjoyable experience." T. Durovsik
"I would just like to say that I have never, with all the properties I have bought and sold, had a Realtor so professional and so detail oriented. It was a pleasure doing business with you." G. Christman
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