Page 8 - Luxury Market Report as of May 2020

Oak Bluffs

Sales in the Oak Bluffs luxury market rose 13.0% in 2019,
following little or no gain in the prior year. Average and median
prices climbed roughly 10% and 14.1% respectively, while Days on
Market declined by two months to just under 5-months.

Over the past several years, Millennial and Gen X luxury buyers
have increasingly flocked to the water view and water front areas of Oak
Bluffs -- including East Chop, Ocean Park, Farm Neck/Hart Haven and
Sengekontacket communities. In the process, they have shifted how the
luxury market is defined in the area. For example, the community of
East Chop that historically has catered to young and old families with
kids, and which has traditionally been a seasonal and second home mar-
ket, has become a popular destination for both retiring baby boomers
and prospective Millennial and Gen X vacation home single-family lux-
ury home buyers. While one of the biggest houses on the island was re-
cently built on the East Chop Bluffs with its sweeping water views, this East Chop water views, sold for $1.80M
area is also now seeing young luxury buyers with a preference for more
modest but still Victorian cottage styled yet modernized homes that have
equal access to both the water views, beaches, clubs and amenities like
shops, restaurants and harbors.

East Chop with water views sold for $1,200,000 The “Rose Cottage” on East Chop, listed for $1.7325M