Home : Blogs : Sharon Smith Purdy : Sandpiper Realty of Martha's Vineyard, Massachusetts

Martha's Vineyard, Massachusetts ~ Year End Statistics 2007

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.)

Posted by Sharon Smith Purdy on 02/15/2008 10:46 AM

Comments (2)

marthas vineyard, real estate statistics, 2007 real estate statistics, marthas vineyard inventory, marthas vineyard sales

This post has been included in Massachusetts Information Dukes County, MA Information

2 Comments on Martha's Vineyard, Massachusetts ~ Year End Statistics 2007

APR

2008

This is very interesting stuff. I'm wondering, where do most of your buyers come from? Is there a lot of movement from one home to another on the island or does most of your business come from off the island? If off of the island, is the majority from the Boston area or from other places around the states? Thanks!

Heather:

The vast majority of the Vineyard market is seasonal/vacation/second home. A large percentage of our seasonal population is from New England, not just Boston - New York, New Jersey, Connecticut, etc., as well as Massachusetts. However, it's also a proven gathering spot for West Coast residents and for "ex-pats", people, who for one reason or another, live or work overseas and find the Vineyard to be a wonderful Stateside location for their families.

Our real estate values remain fairly strong, relative to the majority of the rest of the country, and those strong values preclude too many of our island families from enjoying the benefits of homeownership; hence the reason that most of our buyers are summer residents.

The "undeveloped" nature of the Vineyard -no franchises or chain stores (other than an age old and still successful Dairy Queen) no high rises and a great deal of conserved land, open beaches, etc., as well as the historic architecture of our villages, keeps the island as an enticing retreat from "the real world".

Thank you for contacting me; I'm glad the statistics were of interest to you.

Sherry P

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?