The LINK listing system reports that residential sales units were off 18 per cent in January and 33 percent in February while values were down more than 70 per cent that month.
Many sales that are occurring are at least 10 percent below list.
Thus far, there are only 8 recorded sales for March.
And inventory remains high with the expectation of additional availability as the summer season approaches.
Since a large percentage of island listings are second homes owned by people of some affluence, there are not a great many sellers who feel forced to sell.
Sharon is quoted in The Vineyard Gazette on 3/28/09:
"There's a big difference between now and the early '90s when the market went crazy, attracting highly leveraged speculative buyers who went down when the market fell," said Sharon Purdy of Sandpiper Realty in Edgartown.
"This time we have owner/sellers more vested in the Vineyard. They weren't just buying value appreciation, they were buying community living," she said.
Ms. Purdy recently sold a 10-year-old house for its original owner for $598,000. The house might have sold for five to 10 per cent more in 2005, she said, but the long-time owners "put a lot into it and got a lot out."
Watch for more current information as the spring market approaches.