Mid Year Market Update
The first half of 2017 was a strong start to the year with a 33% increase in total dollar volume (from $229mm in the first half of '16 to $305mm in the first half of '17), and a 13% increase in the number of transactions (from 248 in the first half of '16 to 280 in the first half of '17). The high-end over $10mm has returned in 2017. After no sales in this range last year, there were two sales over $10mm in 2017 so far: a $20.5mm property on Edgartown harbor and a sale in Chilmark of $11.75mm for a waterfront property on the Vineyard Sound.
Ocean View Avenue, Edgartown harborfront with deep water dock. Sold in June 2017 for $20,500,000.
35 Harlocks Pond Road waterfront home on 18.5 acres in exclusive Seven Gates Farm sold in March 2017 for $11,750,000
Most of the gain in the first half of 2017 was due to Edgartown's performance. Edgartown's dollar volume increased 97% from $68.4mm in first half 2016 to $134.9mm in the first half of 2017. Edgartown doubled its sales over $2mm during the first half, from 7 in 2016 to 14 in 2017, including the $20.5mm property mentioned above which was the highest priced sale of the year so far. Chilmark transactions were flat from 22 in first half 2016 to 21 in 2017, but Chilmark's dollar volume was off 30% (down from $45.5mm in first half 2016 to $32mm in first half 2017). It is worth noting that 2016 was a strong year for Chilmark and a weak year for Edgartown. Edgartown has been able to rebound in 2017 and Chilmark has kept pace with the level of transactions but has some work to do in the second half to keep pace with dollar volume.
As inventory levels decrease further, putting pressure on prices, the shift toward a Seller’s market continues. The lowest inventory of the year typically occurs in March and the low in 2016 was 268 properties while 2017 bottomed out at 229.
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