The third quarter of 2009 is moving to a stronger position. I still consider Vineyard Haven a Buyer's Market as percent of asking pricre has dropped third quarter to 89%. The median price on the Vineyard has been creeping up slowly in the third quarter now standing at $569,000 and percent of asking has remained even at 94%. Meanwhile, average has grown to $1,035,000 as sales of higher priced homes continues to grow. Nationwide, every month in the past 2 quarters saw pending sales of existing homes showing the first back-to-back increase since 2005. The stock market is in a growth pattern since March, mortgage interest rates have settled back down close to 5% and equity loans at 4%. Along with a good economic stimulus package these rates will at least help firm up home prices and make equity loans more accessible. Although median prices have been flat for most of the year, average continues to grow as sales of higher priced homes continues to grow. Quite surprising is an increase in new housing starts. Two indices to watch are Pending Home Sales and Buyer Traffic. Both are showing an upward trend in 2009. Existing inventory has dropped 10%; the indicator that affects negotiation more than any other. Even the conservative S&S/Case-Shiller report shows prices increasing 2.9% in their August report. It's ONLY A Buyers Market If You ACTUALLY Buy!!!
ZIP Code: 02568 Approximate Location Boundaries: Bounded by Vineyard Sound on the north, West Tisbury on the west and Oak Bluffs east.
Location Characteristics: Also known as Tisbury, the town of Vineyard Haven is an active commercial center throughout the year. Home to delightful inns, large and small, it opens its welcome arms to the influx of travelers arriving by ferry to the Island. Vineyard Haven's Main Street includes a variety of eateries and an array of shops catering to the tastes of any visitor. The Vineyard Haven harbor is an active and lovely sight and was once one of the most heavily sailed ports in the world. At the top of Main Street, one can enjoy the serene passage of sailboats from Owen Park, with its charming small beach, playground equipment for the tots, and the Liberty Pole landmark.
About Fred Roven:
I am a Realtor specializing in Exclusive Buyer Agency. I take no listings and represent Buyers only in the purchase of vacation, residential, investment and commercial property on the island of Martha's Vineyard.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
