Updated January 15, 2021
Covid cases have begun to climb on the island. After a very hopeful summer with only a minimal number of active cases, the last two weeks have shown a dramatic rise on the island of cases. With many visitors coming from high rate areas such as NY, NJ etc., it can't be unexpected that the number of positive cases would increase. In addition to that we do have a daily contingency of contractors who come over from the mainland every day so again this does leave us vulnerable to further spread. Oak Bluffs, Tisbury and Edgartown are now considered red zones. Here is the latest update from the MV Times -
The real estate market continues at a brisk pace however the rapidly decreasing inventory has further complicated things for buyers competing for only a minimal number of potential homes. Sellers who may be thinking of selling to buy up are faced with potential replacement homes that are priced at as much as a 20% increase from just a year ago.
All of these factors make it more important than ever for Sellers to choose a Broker who continually assesses the market conditions and adjusts accordingly to be sure that pricing remains competitive. And, that for Buyers that they become educated on the plus' and minus' of each area so that when a reasonably priced home comes on the market in the desired location in their price point, they will be prepared to submit an offer quickly to beat out other buyers.
We are sad to report that some island businesses have been negatively impacted by Covid and the changing market trends it has created to include more purchases on Amazon and via the internet. Three of the latest casualties recently reported include Educomp, Menemsha Fish Market and Little Leonas Pet shop which was the only one on the island. These businesses are island institutions that visitors as well as locals enjoyed patronizing. We are very sorry to see them and their staff go and wish them well.
To follow is a recap of the market for this week as well as a link to the 3rd Quarter Report for the Entire Island as well as individual reports for each town. If you have any questions about any of the information we welcome you to Contact Us.
Weekly Market Update – Week Ending January 15, 2021
Total Number of Homes Available: 121
Total Number of Listings Available: 161
Number of New Listings: 8
Number of Homes Under Agreement: 18
Number of Homes Sold: 12