A. Bradley Nelson
Chief Marketing Officer Sotheby's International Realty
$1,150,000
New Record Median Selling Price (Island Wide) Statistics provided by LINK MV MLS
RECENT MARKET MOVERS The three most expensive properties sold in 2020 were all in Edgartown, with the top at $15,400,000 for a property on 2.1 acres with a main house, carriage house, pool and dock. It was a record breaking year for the number of Island sales (542), as well as median selling price and volume. Edgartown was the front runner for transactions with 37% of all sales in 2020. As the demand to purchase a home on the Island exploded in May, agents discovered the majority of buyers wanted the same thing: a new or updated home with a pool (or room to add a pool), plus ample space for multiple family members to work. As inventory shrank, people started buying land & making plans to build.
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The past year has been unprecedented on many fronts, including unexpected shifts in housing demand. Here on Martha's Vineyard, the luxury market exploded and new homes with pools were at the top of the list for buyers, mirroring universal trends explored in this report. While the value of what defines a “luxury” property can vary widely around the world (the most expensive home sold in the US last year was a US$165 million mansion in Los Angles, Calif.), on the Vineyard, the benchmark price is generally accepted to be $1,000,000 or more. There was a 40% increase in the number of sales on the Island in 2020 and a 31% increase in the median selling price.
Jen O'hanlon, broker REALTOR® Wallace & Co. Sotheby's International Realty {{user.cellPhone}} | jen@wallacemv.com| ohanlongroup.com
A view from the vineyard
7 Starbuck Neck, edgartown $12,900,000, 12/15/2020 Andrew McElhinney Wallace & Co. Sotheby's International Realty represented the buyers A rare offering in the village with sweeping views of the Edgartown Lighthouse and outer harbor. 1.2 acres with 3,751 s.f. of living space
{FEATURED PROPERTY IMAGE PHOTO CREDIT}
Credit TK