Page 6 - Luxury Market Report 2018
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.
                                                                                                                   Edgartown harbor water front homes
                       Sales of luxury (>$900K) single family homes have de-
                clined during the first nine months of 2018, down 11.4% com-
                pared to the same period one year ago. Despite the decline in
                sales, average and median prices rose 1.6% and 29.0% re-
                spectively, while average days on market held steady at just
                5.7 months. In 2017, luxury single family home sales rose 7.4%
                across Edgartown for the year. These are all indicators of a mar-
                ket that has peaked and is now slowing down 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 Katama, sales of luxury
                (>$900K) single-family homes in 2017 posted a gain of 16.0%,
                while sales in downtown Edgartown declined slightly for the sec-
                ond year in a row. Sales of luxury single family homes posted
                their strongest gains in the $4M+ price range.

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