Summer, 2022 - Martha's Vineyard Home Sales
According to LINK MV, the number of single and multi-family homes that sold on the Island in June, July and August was 78. During the same three months of 2021, we had 116 sales. So, if we are down by 33%, does that mean we have a lot of inventory now?
Not quite. Check out the available homes over the past several years.
August 2022, 132
August 2021, 98
August 2020, 209
August 2019, 330
Yes, our inventory this August is up from 98 to 132 this summer. But, take a look at 2020 and 2019. 330 homes is where we should be to create a more balanced supply and demand. Right now we are still quite a ways away from that. Meaning, while we have seen a slight slow down in demand and less bidding wars, it is still a seller’s market on Martha's Vineyard with very few homes for buyers to choose from.
Interest Rate Forecast
It’s really important not to let the slight rise in rates derail you from your homeownership goals on Martha's Vineyard. Remember that even at 5%, we are still at historically low numbers. Additionally, experts are expecting continued appreciation, just at a lower pace than what we’ve experienced over the past two years. So, the cost to purchase is expected to continue to rise.
Here is what the experts are projecting for the coming year:
A final important note about interest rates on Martha's Vineyard - we have local banks currently offering rates that are less than 5% for both primary and second homes.
If you’re considering a purchase on the Island but not sure where to start, just reach out and we can help you figure out the next steps.
Martha's Vineyard Home Price Appreciation
There’s been a lot of talk about a softening market and what is going on with home prices. Well, the experts are NOT predicting prices to go down, but just a slower rate of appreciation. This certainly makes sense, because I know everyone was thinking things could not go on the way they were. But, what’s most interesting about the actual numbers is that in January of this year, it was predicted that appreciation would be maxed out at 7.6%, but after studying what has actually happened this year, experts are readjusting their numbers and predicting appreciation up to 16%. And keep in mind, the Vineyard often has higher rates of appreciation than what we see nationally.
So, remember, it’s been a very crazy few years and it seems that even the experts have been wrong quite a bit. For this reason, it is more important than ever to have a local expert on your side when you’re thinking about buying or selling real estate on Martha's Vineyard.
We can let you know what we’re seeing on a daily basis. Please reach out if we can be of assistance.