Edgartown Real Estate in 2011 was off about 5% across the board except in town where sales were the most sluggish and good deals to be had. The number of single home sales dropped from 112 to 90. One bright spot is DOM (days on market) has dropped dramatically from 284 to 215. 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 177 single-family homes on the market in Edgartown, about average for this time of year, but the good news is 10% or 18 of those listings are under contract to close. The encouraging number of signed contracts and much reduced DOM again in January 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: 02539 Approximate Location Boundaries: Waterfront
Location Characteristics: The streets of Edgartown, the Island's first colonial settlement, are lined with upscale shops, art galleries, fine restaurants, and historic churches. The stately houses, many of them carefully restored sea captains' homes, are surrounded by well-manicured lawns and blossoming gardens. Some have lovely views of the Edgartown harbor. Built in 1843 at the height of the whaling industry, the famous Old Whaling Church with its six majestic columns commands Main Street and now serves primarily as a performing arts center. Directly south of Edgartown is an area known as Katama, featuring contemporary vacation homes and a three-mile public barrier beach called South Beach, with surf on one side and protected salt pond on the other.
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.
