The word of the year for 2020 should be “unprecedented.” On Martha’s Vineyard, a year of unprecedented challenges finished on quite the record: for the first time, real estate sales on the island passed the $1 billion threshold. As reported by the Vineyard Gazette with data from LINK, the market ended the year with $1.09 billion in total sales volume, not including the month of March. Additionally, records for number of transactions, median selling prices, and price and volume of land sales were all broken.
For the LandVest Martha’s Vineyard team, this broken record capped an incredibly busy year. As people sought escapes within driving distance of Boston and New York, eyes invariably turned toward the Vineyard. For generations, families have traveled to the island for its scenery, peace and quiet, and convenience. The $1B in sales threshold is an important milestone for the Island’s real estate market. Of this record-breaking number for 2020, LandVest brokered over $225M in sales. The LandVest share of high-end waterfront sales totaled nearly 80%.
From Tom LeClair and Gerret Conover: “Throughout the year, there were many important sales, but none more significant than the sale of Red Gate Farm, owned by the Kennedy-Onassis Family. The historical importance and unique natural beauty of the 340-acre property is unparalleled. The sale resulted in the protection of the vast majority of the property, and fortunately, will remain conserved in perpetuity to be enjoyed by generations to come.”
But sales weren’t the only thing keeping our team moving; rental properties filled up quickly. While many 2021 slots were booked well in advance, there are still opportunities to escape to the Vineyard this year.
Ready to make the move to Martha’s Vineyard? Find out more about the Island and what’s on the market here.