Premium Properties - August 2022

AUGUST 2022

Martha’s Vineyard

PREMIUM PROPERTIES

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Martha’s Vineyard

PREMIUM PROPERTIES A publication of the Vineyard Gazette Media Group

Publisher Jane Seagrave Production Director McKinley Sanders Editorial Nicole Fullin Ad Production Jared Maciel, Jane McTeigue, McKinley Sanders Director of Sales & Marketing Skip Finley Sales Manager Frederica Carpenter Sales Executives Carrie Blair, Garrett Burt, Amy Kurth Business Manager Sarah Gifford

TIM JOHNSON

Dear Reader, The Martha’s Vineyard Premium Properties insert is published by the Vineyard Gazette Media Group, P.O. Box 66, Edgartown, MA 02539, vineyardgazette.com, and is distributed free on Martha’s Vineyard. Copyright 2022. No portion of this publication may be reprinted without the express written permission of the publisher. Every effort has been made to confirm the accuracy of the information in this publication, and the data is deemed reliable, but not guaranteed. For advertising and editorial inquiries, contact publisher@mvgazette.com.

ON THE COVER Tim Johnson photographed the Gay Head Cliffs and the businesses at Aquinnah Circle from above.

Low inventory and high prices continue to be the theme in the Martha’s Vineyard real estate market. The median selling price of a single-family home is now $1.4 million, up 17 percent from the same time last year. At the time of this writing, there were 136 single-family homes listed for sale on LINK, the leading multiple listing service for Martha’s Vineyard, and thirteen of those had contingent offers.

Now in its third year, Martha’s Vineyard Premium Properties, a free publication from the Vineyard Gazette Media Group, offers readers a glimpse at some of the spectacular properties currently being offered for sale, as well as a review of recent market trends.

If you’re looking to buy a home on Martha’s Vineyard – from a cottage in the woods, to a historic captain’s home, to a waterfront estate – consider contacting one of the many professionals listed on these pages for help in navigating the real estate market. With their expertise, you can find up-to-theminute information on what is available to guide you through the process of finding your perfect Island home.

Jane Seagrave Publisher Vineyard Gazette Media Group

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INVENTORY

FIVE-YEAR TREND

PROPERTY TYPES

JULY 2018

JULY 2019

490

494

JULY 2020

JULY 2021

379

166

RESIDENTIAL

JULY 2022

Property types include single-family homes, multifamily homes, and condominiums. These comprise the majority of real estate sales.

198

SINGLE-FAMILY HOME Detached residence usually occupied by just one household or family. In some towns, single-family homes may be accompanied by guest cottages and accessory buildings owned by the same person or family. Single-family homes do not include short-term or large rental accommodations, such as hotels and inns or condominiums.

MULTI-FAMILY HOME Defined differently in each of the six Island towns, multi-family homes typically include a main residence, usually occupied by the owner of the property, and then a separate living space (such as a guest house or in-law apartment) for another family

CONDOMINIUM Building or complex of buildings containing a number of individually owned apartments or houses.

Condominium owners have full title to the individual apartment or house and a shared interest in communal areas and facilities, including outdoor space. Almost all condominium complexes have a Home Owners Association (HOA). The HOA fee often includes the cost of services such as water, trash, sewer, some insurance, and sometimes gas, maintenance, and landscaping.

LAND Property that can be empty land that is zoned for commercial use, or an existing business building, condominium, or buildings. Commercial property valuation requires taking into account the income potential and historical revenue of the property.

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TRANSACTIONS ISLAND-WIDE

BY MONTH, 2021-2022

50

July August

41

September

57

October

81

November

60

December

58 41

January February

33

March April

35 29

May June

47 40

SINGLE-FAMILY HOME SALES FIVE-YEAR TREND

525 479 427 416 379

DOWN-ISLAND TOWNS EDGARTOWN Incorporated: 1671 | Population: 5,211 | Tax Rate: 3.03% The downtown area, a protected historic district, is known for its Cape Cod, Greek revival, and federal style homes. Other neighborhoods include the open plains of Katama, the marshy scrublands around Edgartown Great Pond, and the “separated island” of Chappy. Property values are highest in the downtown and waterfront areas, and more modest in the outlying wooded subdivisions.

OAK BLUFFS Incorporated: 1880 as Cottage City and 1907 as Oak Bluffs Population: 5,898 | Tax Rate: 6.79% (residential), 6.75% (commercial) The Martha’s Vineyard Camp Meeting Association remains the historic center of this colorful town of gingerbread cottages and Victorian architecture.

Property values are highest in the East Chop area and around Ocean Park, and more modest in the downtown village and around Lagoon Pond.

VINEYARD HAVEN 2017

2018

2019

2020

MEDIAN SELLING PRICE FOR SINGLE-FAMILY HOME YEAR TO DATE 2022

$1,427,500 17% INCREASE OVER THE SAME PERIOD 2021

AVERAGE SELLING PRICE FOR SINGLE-FAMILY HOME YEAR TO DATE 2022

$2,134,532 11.9% INCREASE OVER THE SAME PERIOD 2021

2021

Incorporated: 1671 as Tisbury Population: 4,629 | Tax Rate: 8.7% (residential), 8.12% (commercial) Historic homes line the Main Street area leading out to West Chop, where sprawling summer houses overlook outer Vineyard Haven Harbor. Property values are highest in the downtown historic district and on West Chop and Lake Tashmoo, and more modest along the Edgartown-Vineyard Haven Road and off the main streets.

UP-ISLAND TOWNS WEST TISBURY Incorporated: 1892 | Population: 3,324 | Tax Rate: 5.82% A general store and white-steepled church still occupy the village center, and there is a commercial village in the North Tisbury section with a grocery store, pharmacy, and post office. Property values are highest on the North Shore and along Lambert’s Cove Road, and more modest along Edgartown-West Tisbury Road and off Old County Road.

CHILMARK Incorporated: 1714 | Population: 1,315 | Tax Rate: 2.82% Coastal sheep farms and stone walls are the signature features of this town that many say bears remarkable similarity to its namesake in England. It also includes the picturesque working fishing village of Menemsha. Perhaps not surprisingly, property values are extremely high in nearly every area of town.

AQUINNAH Incorporated: 1870 | Population: 494 | Tax Rate: 6.27% Located at the western tip of the Vineyard, Aquinnah offers windswept lots and, in many areas, ocean views. Property values are highest off Moshup Trail, Lobsterville, and Lighthouse Road, and lower off State Road.

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