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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 - 1 week ending May 4, 2008 |
| Date |
Street |
Town |
Price |
Seller |
Buyer |
| 04/28/08 |
83 Carol Lane |
Oak Bluffs |
$440,000 |
Purvis/Aslanian |
Reagan/Fischbeck |
| 04/29/08 |
21 Bernard Cir |
Tisbury |
$380,000 |
Deutsche Bank Nat'l Trust |
Giegler |
| 04/30/08 |
11 Sparrow Lane |
Edgartown |
$580,000 |
Gandolfi/Sullivan/Sullivan |
Gavin |
| 04/30/08 |
101 Herring Creek Rd |
Edgartown |
$1,125,000 |
Nourse |
Hyland |
| 05/01/08 |
124 Vineyard Meadow Farm Rd |
West Tisbury |
$640,000 |
Johnston/Rideout |
Connor |
| 05/01/08 |
4 Pulpit Lane |
Edgartown |
$618,750 |
Corcoran |
Taitz/Nemzer |
| 05/02/08 |
Quansoo Beach Lot 13 |
Chilmark |
$262,500 |
Glassberg/Spence |
Leitner |
| 05/02/08 |
41 Road to the PLains |
Edgartown |
$551,500 |
Williams |
Gallagher |
| 05/02/08 |
6 Mayfield Lane |
Edgartown |
$340,000 |
Baumhofer/Willett |
SSMB Realty Tr/Madden WD Tr/McCauley M P Trs |
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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