Chilmark Real Estate in 2011 had moderated as summer approached after a strong first quarter. The number of single home sales dropped from 16 to 10 through September. One bright spot is DOM (days on market) has dropped in every town on the Vineyard with a combined average of 99 down from 267 through September in Chilmark. Average price of a sale was down to $1,203.000 with the median down at $813,500. Although there are seasonal changes to inventory, there are currently 47 single-family homes on the market in Chilmark Real Estate in 2011 was dominated by the sale of Blue Heron Farm for $22.4M pushing average price to $2.9 M. The number of single home sales dropped from 24 to 13 in 2011. One bright spot is DOM (days on market) has dropped dramatically from 348 to 107. DOM is the figure to watch right now for strength of the market. Combined with a 20% reduction in inventory may be a glimpse into the future. Although there are seasonal changes to inventory, there are currently 61 single-family homes on the market in Chilmark, about average for this time of year, but the good news is 10% or 6 of those listings are under contract to close. The encouraging number of contracts and much reduced DOM are repeated across the island. This year is starting out very strong. The best national news I saw was in Bloomberg: "The number of properties on the market dropped by 9.2% to 2.38 million, the fewest since March 2005." There are those who would comment I always say it is going to be a great year and this year you can really feel it in the air.
ZIP Code: 02535 Approximate Location Boundaries: Waterfront on both the north and south shores
Location Characteristics: One of three towns located in the area known as "Up Island", the town of Chilmark offers some of the most breathtaking views of unspoiled land, rolling meadows, and brilliant sea. The town center is marked by a lovely church, as well as a general store featuring a spacious down-home porch where visitors and natives alike gather throughout the day to feast, chat and share the latest local tidbits.
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.
