LINK, the Martha’s Vineyard MLS, has released its report of 1st Quarter 2022 real estate statistics. You can review sales statistics for each town and island wide by visiting this link: Martha's Vineyard 1st QTR 2022.
In the first quarter we saw a very slight uptick in inventory in the towns of Chilmark, Oak Bluffs, Vineyard Haven and West Tisbury, although inventory still remains very low in all towns. In reviewing the charts included in the report we see a dramatic drop in inventory since the beginning of the pandemic in 3rd-4th quarter 2020.
Total home sales for the 1Q 2022 numbered 83, much lower than the 120 sales during the same period in 2021. Home sale prices continued to climb with an average sales price of $2,088,000 versus $1,672,000 in 2021.
While housing supply on the Vineyard is low, demand still seems to be strong. I’ve noticed some softening on the sales side with more open houses, some price reductions, and longer market times than last year.