Updated September 12, 2020
While at the outset of the Covid virus, the island experienced an incredible reduction in the number of visitors as the State Of Massachusetts was working thru the 4 phases of reopening, this situation has changed dramatically with no indications of letting up. Since early July it became clear that visitors were not going to let the virus interfere with their family vacation plans and the rental market rebounded. Also, as more families were becoming use to home schooling and telecommuting it became clear that those with summer homes here were returning and those who have been looking for years finally decided it was time to buy their dream home. The result has been a huge increase in the number of buyers and a historically low inventory. This dynamic also occurred when the stock market was still doing great and the interest rate for mortgages were at 50 year lows. The result is a very fast paced market where buyers need to be prepared financially to submit offers on any house they find that ticks off the majority of their requirements. There is no luxury of going home and thinking about it for a week or two as in years past.
The Vineyard Gazette had a terrific article on this situation in it's Friday's edition which I would encourage you to read - https://vineyardgazette.com/news/2020/08/20/fueled-pandemic-vineyard-real-estate-market-sees-new-kind-boom
Due to these continually changing circumstances, it is now more important then ever for Seller clients to choose a Broker who continually assesses the market conditions and adjusts accordingly to be sure that pricing remains competitive. And, that for Buyer clients 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.
To assist Buyers and Sellers during this challenging time, we will update this page every week with the statistics that illustrate the current inventory, sales data and market trends. This information will help you (as a Seller) to better understand what your home is worth; and, (as a Buyer) what you can anticipate paying for a home in the town you have targeted.Stay Safe.
To follow is a recap of the information as well as a link to the full 48 page report if you’d like to have data from all listing categories. If you have any questions about any of the information we welcome you to Contact Us.
Weekly Market Update – Week Ending September 12, 2020
Total Number of Homes Available: 211
Total Number of Listings Available: 286
Number of New Listings: 18
Number of Home Under Agreement: 42
Number of Homes Sold: 18