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.

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.

• 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.