Vineyard Haven, MA Housing Market: A Complex Landscape in November 2024

The Vineyard Haven, MA metro area has experienced a significant increase in the Median Sales Price, reaching $2,712,500, which marks a remarkable 73.9% rise year-over-year. This substantial growth indicates a strong demand for high-value properties in the region, potentially driven by affluent buyers seeking exclusive real estate.

Decline in Median List Price

Contrasting the surge in sales prices, the Median List Price has decreased by 4.8% year-over-year, now standing at $1,690,000. This decline suggests that sellers may be adjusting their expectations in response to market conditions, possibly to attract more buyers in a competitive environment.

Stability in Price Per Square Foot

The median Price Per Square Foot has seen a modest increase of 0.9% year-over-year, reaching $1,190.70. Meanwhile, the Median List Price per square foot has slightly decreased by 0.9%, now at $931.80. These figures indicate a relatively stable pricing trend per square foot, reflecting a balanced market for property sizes.

Decrease in Homes Sold and Inventory

The number of Homes Sold has dropped by 27.3% year-over-year, with only 8 Homes Sold in November 2024. Similarly, inventory has decreased by 27.6%, with 71 homes available. This reduction in both sales and inventory suggests a tightening market, where fewer properties are changing hands, possibly due to limited supply or cautious buyer sentiment.

Increase in Pending Sales

Pending Sales have surged by 85.7% year-over-year, totaling 13 transactions. This increase indicates a potential uptick in future sales activity, as more buyers are entering into contracts, possibly in anticipation of favorable market conditions or price adjustments.

New Listings and Market Dynamics

New Listings have decreased by 25.0% year-over-year, with only 9 new properties entering the market. The Months of Supply remain unchanged at 8.9 months, suggesting a balanced market in terms of supply and demand. However, the Median Days on Market have increased by 117.0%, now averaging 151 days, indicating that properties are taking longer to sell.

Sale to List Ratio and Price Adjustments

The average sale to list ratio has decreased by 5.6% year-over-year, now at 92.4%, suggesting that properties are selling for less than their listed prices. Additionally, the sold above list ratio has dropped to 0.0%, a decline of 18.2%, indicating that no properties are selling above their asking prices. Price Drops have increased by 4.3%, with 15.5% of listings experiencing reductions, reflecting sellers' willingness to adjust prices to meet market demands.

Off-Market Trends

The percentage of properties going off-market within two weeks has increased by 15.4% year-over-year, now at 15.4%. This trend suggests that a segment of the market is moving quickly, possibly due to competitive pricing or desirable property features.

Overall, the Vineyard Haven housing market presents a complex landscape with significant variations in pricing trends, sales activity, and market dynamics. While the surge in Median Sales Prices highlights strong demand for high-end properties, the decline in list prices and sales ratios suggests a market in transition, with sellers adjusting to evolving buyer expectations.