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The Vineyard Gazette – Martha’s Vineyard News

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In mid-2022, the pandemic changed life forever, but normal sensations began to return to various aspects of society. Martha’s Vineyard’s recent fierce and enthusiastic real estate market is in line with this trend.

So far this year, 225 properties have been sold across the island, down from 321 in the first six months of 2021.

In the first half of 2022, it will be classified into 175 homes, 36 lots of land and 14 commercial real estate. From January 1st to June 30th, 2021, relatively 240 homes, 63 plots of land and 18 commercial real estate were sold.

Martha’s Vineyard Land Bank and LINK leaders anticipate a continuous and gentle flattening over the next few months.

“The numbers are clearly declining,” Land Bank Managing Director James Rengel told The Gazette on the phone this week. “Our predictions for 2023 also fit the pattern. It’s a kind of mild decline.”

Land banks that purchase conservation assets using a 2% fee collected on most real estate transactions received approximately $ 22 million in 1,629 transactions in fiscal year 2022 that ended June 30. 2021.

“The level of revenue over the last few years has been amazing,” said Lengyel. “The Land Bank was obsessed with finding beautiful places to consider.”

Land Bank expects to raise about $ 19 million in 2023, Rengel said.

Nonetheless, Deb Blair, president of LINK, Martha’s Vineyard and Nantucket’s multi-listed servo, pointed out that the tight and high-priced market continues, primarily due to low inventories.

“During the pandemic, people rushed in and bought so many homes,” Blair said. “These people aren’t moving and aren’t selling. And a percentage (of these homes) were in the rental pool. They were removed. The rental pool became very tight and prices went up. Did.”

Year-to-date average prices for single-family homes in vineyards have risen just over $ 2 million, compared to just under $ 2 million for the same period in 2021. The average price so far this year is $ 1.35 million. Compared to $ 1.2 million in 2021.

So far, by 2022, homes will be sold at 170% of the valuation and 98% of the asking price, according to a LINK report.

Blair said another major change in recent years has been a more open-minded mindset from buyers regarding buying homes in the six towns of the island.

“Previously, two or three towns worked well, but now they’re all over,” she said. “There is no part of this island that has not been touched by this rapid gratitude. Potential buyers are currently casting the net across the island. There is no luxury to choose from.”

Data provided by Lengyel show that in 2021, transactions at Aquinnah accounted for 2% of Land Bank’s revenue, down from 3% in 2017. At Chilmark, transactions accounted for 11% of the island’s revenue in 2021 and in 2017. Edgartown accounted for 47% of the market share in 2021, up from 43% in 2017. Oak Bluffs, on the other hand, has been relatively stable over five years, moving from 14% in 2017 to 15% in 2021. Tisbury In the meantime, there was a 2% change from 15% to 13%, while West Tisbury increased from 10% to 13%.

Blair said inventory remains low, but there is a “slight increase” in available properties.

“The hottest part of the market is sellers with prices between $ 800,000 and $ 2 million,” she said. “They are flying fast. Those over $ 5 million attract completely different buyers. These fixed-price cash offers, contingencies, and home inspection trends continue to exist. Wants to close in 30 days. ” It decreased by 8.6%. The median selling price was $ 407,600, up nearly 15% from the previous year.

“The hope for the future is to increase inventory. [so] Buyers have more choices, “Blair said.

“But I’m not holding my breath because it’s not built much here and multiple homes in the parcel take time to approve, so there’s no clear and stable path.”

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