As the third quarter of the year wrapped up on Martha’s Vineyard, the pace of sales slowed, inventory expanded slightly, and property values continued to hold relatively firm. Though fewer newly listed homes in Q3 2022 translated into fewer pending and closed transactions, overall, the island saw the median sales price of homes hit a new record high compared to Q3 2021.
Simultaneously, the market was tempered by climbing interest rates, which reduced competition among buyers and gave them back some negotiating power. While many buyers continued to pay at or over asking price for homes — especially for homes on the Vineyard that were priced under $2.0 million — Compass agents across Massachusetts reported the market felt less “frenzied” than earlier in the year.
Martha’s Vineyard Real Estate Third Quarter Market Report – MV Market Snapshot
On Martha’s Vineyard, single-family home closings dropped by 30% compared to Q3 in 2021, but the median sales price jumped by 12.7% to $1.55 million, and the average sales price rose to $2,098,166.
A similar trend was seen across our entire region of the state. On Nantucket, single-families dropped by 50% while the median sales price rose by 33% to $3.8 million. On the Cape, single-family home closings dropped by 19% but median sales prices rose by 13% to $689,900.
It’s a similar market situation across all of Massachusetts. To check in on the region at large, as well as each of our towns on Martha’s Vineyard, please take a look at our detailed interactive Market Report.
Martha’s Vineyard Real Estate Third Quarter Market Report – Point B Compass Is Number One Real Estate Sales Transaction Leader
Point B was involved in 15 closed transactions in Q3 — eight representing the seller and seven representing the buyer. Total sales volume for the Point B Team in the third quarter was $42,999,000. The strong quarter helped propel Point B Compass into the number one real estate sales organization year-to-date thru September 30, 2022, with a total of $117,500,000 in total transactions.
In addition to Point B Compass becoming the leader in total sales transactions for 2022 on Martha’s Vineyard at the end of the third quarter, four Point B team members are also in the top 20 agents for sales on Martha’s Vineyard.
POINT B COMPASS AGENTS IN THE TOP 20:
Congratulations to everyone on the Point B Compass Team who has helped our clients successfully navigate this shifting market throughout the year. If you’re interested in buying or selling on Martha’s Vineyard, or would like a Comparative Market Analysis on the value of your home, we’d be honored to help advise you. You can email us sales@pointbrealty.com or call/text us 508.627.0576
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