Page 6 - Luxury Market Report as of May 2020

Edgartown

Sales of luxury (>$900K) single + multi-family homes
in Edgartown rose by 4.1% in 2019, compared to a 6.8% in-
crease in the prior year. Average and median prices bot in-
creased sharply, with average price going up 25.9%, while
median price went up 13.0%. While the Cronavirus effects
have yet to appear in the statistics, these are all indicators of a
market that is continuing to grow steadily, and being pushed by
the latest U.S. economic trends that portray continued moderate
growth, historically low interest rates, and high levels of consum-
er confidence. In the downtown area, sales of luxury (>$900K)
single-family homes in 2019 posted a slight decline of 6.8%, 4 Katama Farm South, listed for $2,895,000
while sales in Central Edgartown and Chappy were up sharply.
Sales of luxury single family homes posted their strongest gains
in the $5M and up range last year, nearly doubling.

The Edgartown area -- encompassing the luxury markets of
Downtown Edgartown, Katama, Chappaquidick, South Shore,
Sengekontacket and Central communities, while typically associ-
ated 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.

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