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April Sales Down 30%: Real Estate Market Update 4-29-20

Posted by David Lott on April 29, 2020
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Daily MV Real Estate Market Update 4-29-20

market update 4-29-20

New to market: 122 Head of Pond Rd., overlooking the Lagoon.

April 2020 is just about done and it is clear what COVID-19 has inflicted on the market. It has administered body blows, but the market, while down, is certainly not out.

Forty new listings came to market in April, an increase of 8 percent over 2019 (40 vs 37). And overall, 52 listings have come on or returned to market during the month. That’s the good news.

Sales & Offers to Purchase Are Down

The difficult news is that sales in April 2020, with two days remaining, are down 30% vs 2019 (21 vs 31). Even more telling, buyers have made just seven offers to purchase, a decline of 76 percent from April 2019.

Clearly, social distancing and the wearing of gloves and masks have made the process of showing homes more difficult. FaceTime and Zoom showings have helped pick up the slack. But the inability of buyers to get to the island have hurt business.

The optimism shown in the introduction of more than 50 listings to market underscores the determination of sellers and their agents in creating a spring market. However, if the buyers don’t show up, spring may come late this year.

Keeping an Eye on the Market

Stay abreast of island real estate trends on the Vineyard as they unfold, and visit the blog for the Daily MV Real Estate Market Updates which creates a snapshot of the previous 14 day’s activity, plus identifies emerging trends.

And as the reports mount up, we will give views of larger trends as they emerge.–David Lott, Principal Broker, Vineyard Open House Real Estate. Call 508-338-2495 for information about buying or selling your home.

April MV Real Estate Market Update 4-29-20

Real Estate Activity  (4/1/20 – 4/29/20)

New Listings 2020: 40 – Up 8%

Avg. $: $2,144,970
Median $: $1,662,500

New Listings (2019): 37

Avg. $: $2,471,551
Median $: $1,625,000

Return to Market 2020: 12

Avg. $: $2,245,083
Median $: $1,190,000

Offer to Purchase 2020: 7 – Down 76%

Avg. $: $1,202,643
Median $: $1,085,000

Offer to Purchase 2019 : 30

Avg. $: $1,333,213
Median $: $807,000

Sold 2020: 21 – Down 30%

Avg. $: $1,268,238
Median $: $880,000

Sold 2019: 31

Avg. $: $1,008,841
Median $: $650,000

Off Market 2020: 14 Up 55%

Avg. $: $3,112,393
Median $: $1,895,000

Off-Market 2019: 9

Avg. $: $2,577,806
Median $: $1,670,000

MV Real Estate Market Update 4-29-20

TODAY’S FEATURED LISTING

market update 4-29-20
Take in long views of the Lagoon from the high perch of the deck. Click to see more.

122 Head of Pond Rd., Vineyard Haven
4 BRs/2 BAs – 1,858 SF – 2.24 Acres
Asking $ 1,450,000

Enjoy ever-changing expansive views of the Lagoon from this Vineyard Haven gem that started as a small cottage and grew into a spacious comfortable, winterized retreat by the current owner.

This bright, four-bedroom home is set on 2.25 acres that are tucked away behind farmland and grazing fields. Purchase includes partial ownership in a private association beach.

Special features include chef’s kitchen, first-floor master bedroom and central AC. A storage shed offers plenty of space to store kayaks, paddle boards and other summer toys. The Lagoon is known as a delightful location for bird enthusiasts, clamming, fishing, boating and watching  glorious sunrises  emerge over the water. Property is being sold “as is.” (Listed by Tea Lane Assoc.) Send Me More Information about this Home!

Key Features: Lagoon-view Home

market update 4-29-20
View from water of the home, beach & possible mooring.

  • Long views down the Lagoon
  • Comfortable viewing deck
  • Chef’s kitchen
  • First-floor master bedroom
  • 3 additional guest bedrooms on the second floor
  • Central AC, generator
  • Large garage, storage shed
  • Being sold “As is”
  • Send Me More Details about this Home!
    April 2020 is just about done and it is clear what COVID-19 has inflicted on the market. It has administered body blows, but the market, while down, is certainly not out. Among the 40 listings that have come to market is this 4-BR home that offers long sparkling views of the Lagoon and glorious morning sunrises over the water.

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