Page 12 - Luxury Market Report 2019
P. 12


                    Sales of luxury (>$900K) single family homes in Chilmark
             declined 30.0% in 2018 compared to year-earlier sales. Average
             and median prices however rose 9.0% and 19.8% respectively. At
             the same time, days on market dropped sharply to just 6-months.
             In 2017, sales of luxury single family homes slipped slightly after a
             sharp rise the year before. Recent sales have included the storied 18.5-
             acre water front Seven Gates property on the North Shore for $11.5M
             bought by a former Secretary of State, and the $6.5M sale of a 6,000 sq.

             ft. South Shore home overlooking Chilmark Pond, Lucy Vincent Beach
             and the Atlantic Ocean. The town’s strongest sales last year were in the
             $2M-$3M range – up 25.0% from the year earlier levels, while sales in
             the $5M+ range dropped in half.  Chilmark sales were split evenly be-
             tween the North and South Shore areas last year.

                    Chilmark’s natural beauty and many amenities continue to at-                                             Lucy Vincent Beach
             tract the older, upscale, wealthy and famous home buyer looking for an
             exclusive, private getaway. But increasingly the older Gen X and Mil-
             lennial generations (this 25-44 year-old age group grew 33% in the lat-
             est census), are buying into the community to partake of its many cul-
             tural events, outdoor activities and vistas, including its unique and his-
             toric stone walls, beautiful beaches, and variety of hiking trails includ-
             ing Cedar Tree Neck, and Menemsha Hills.

                    Chilmark is also known for its unique art community, while the
             Chilmark Community Center is an active center for children’s activities
             and the Chilmark Film Festival has become a local landmark. Chilmark
             Tavern is known for hosting local musicians, and of course there is
             Chilmark Chocolates, Chilmark Flee Market, and the Chilmark Road
             Race, the best road race on the island. Sailors and fishermen from
             around the world flock to Menemsha Harbor for a safe base of opera-
             tions. And, for those keeping an eye out for movie stars, musicians and
             other notable residents, those in the know can often spot Ted Danson,
             James Taylor, Carly Simon, the Obama’s and Bill Murray.

                                                                                                                                 Menemsha Harbor
   7   8   9   10   11   12   13   14   15   16   17