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A View From Martha's Vineyard
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Luxury Outlook 2023
FEATURED PROPERTY IMAGE PHOTO CREDIT BY BOB GOTHARD
Total Dollar Volume of Sales on Martha's Vineyard in 2022 Statistics provided by LINK MV
$877.3million
espite interest rate hikes, demand for luxury homes continues as people spend more time at home than ever before. On Martha's Vineyard we continue to see the vacation market being affected by the impact Covid had on buyer's attitudes towards home buying. Buyers still value the importance of a rural interest for both remote working and family free time. Here on Martha's Vineyard, the luxury market is still setting records. Island-wide the average home sale price was $2,219,996 (3% increase from 2021.) Despite limited inventory, 442 properties transferred on Martha's Vineyard totaling $877.3 million in total volume of sales (down 33% from 2021.) With buyer demand still at an all time high, one might think that our 2022 numbers may have looked alot different if our inventory was greater. This report explores similar trends across luxury markets around the world. Recent Market Movers The highest sale in 2022 was the home on Temahigan Ave in Oak Bluffs for $14,750,000. There were 31 sales over $5 million in 2022 with an average days on market of 169 (down 8.3% from 2021.) The town of Edgartown continues to be the leader in luxury home sales in 2022. The home, featured here, on 40 & 44 Meetinghouse Way was the highest sale in Edgartown in 2022 for our office. The property was listed exclusively by Tom Wallace & Cassie Bradley of Wallace & Co. Sotheby's International Realty. Wallace & Co. Sotheby's International Realty continues to be one of the top real estate brokerages on Martha's Vineyard with $140 million in office sales in 2022. I invite you to contact me to learn more about Martha's Vineyard real estate or if you are interested in buying or selling in this unique market.
Historic Edgartown Farm 40 & 44 Meetinghouse Way Edgartown, MA 02539 Sold for $9,500,000 Historic Edgartown farm overlooking significant acreage of picturesque pastures owned by the Nature Conservancy. Located on Meetinghouse Way, this beautiful 1800's farmhouse has been meticulously restored to showcase the original beams, wide plank hardwood floors, and two large fireplaces.
{{user.fullName}} Broker/Owner Wallace & Co. Sotheby's International Realty {{user.cellPhone}} | tom@wallacemv.com