Finally there is some stabilization in the market. For us that may mean the strong buyer's market is nearing an end. Some of this activity has been since the third quarter ended with 21 properties off the market and 47 sales and 10 properties under agreement in September and October. Edgartown sales are up almost 60% the third quarter while the median price has dropped from $770,000 to $614,500. At this writing although the stock market is still on its roller coaster ride, mortgage interest rates have settled back down close to 6% and equity loans below 5%. That is still not as low as we have seen in recent years but along with a good economic stimulus package will at least firm up home prices and make equity loans more accessible. There still are the random short sale and foreclosure. Two indices to watch are Pending Home Sales and Buyer Traffic. Both are showing an upward trend since May. Combined with more sales than new listings, the timing to buy at the low end is now instead of if or when.
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.
