Page 6 - Luxury Market Report 2019
P. 6


                    The Edgartown area -- encompassing the luxury
                markets of Downtown Edgartown, Katama, Chappaquidick,
                South Shore, Sengekontacket and Central communities, while
                typically associated with an older, upscale and wealthy home
                buyer, is increasing in popularity among older Millennial and
                Gen X families looking for island vacation home purchases and
                investment opportunities. Close proximity to downtown shops,
                nightlife, beaches, yacht club and the harbor make Edgartown
                an important destination spot for the discerning buyer, and
                ensures stable property values, steady sales, and a stable supply
                of homes in all price ranges.

                       Sales of luxury (>$900K) single family homes rose by                                 4 Katama Farm South, listed for $2,895,000
                4.1% to 76 in 2018 compared to 73 the prior year. Average
                and median prices rose 5.5% and 27.5% respectively, while
                average days on market held steady at roughly 6-months. In
                2017, luxury single family home sales rose 7.4% across Ed-
                gartown for the year. These are all indicators of a market that is
                now peaking despite the latest U.S. economic trends that portray
                continued moderate growth, modestly rising interest rates from
                historically low levels, and high levels of consumer confidence.
                In the downtown area, sales of luxury (>$900K) single-family
                homes in 2018 posted a gain of 39.1%, while sales in Katama and
                Chappy were down. Sales of luxury single family homes posted
                their strongest gains in the $2M-$3M price range in 2018.

                                                                                        Downtown Edgartown residential/commercial bldg., sold for $1.35M
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