Markets Kick into Gear - Market Update 6-3-20
The surprising spring market continues to flourish, defying all expectations of what looked like a potential market meltdown in mid-March. That scenario hasn't happened.
In fact, the market is very active. In discussions with other realtors and builders, the general buzz is that today's buyers are realizing that remote working might become a permanent situation and are thinking harder about buying in outlying locations such as the island of Martha's Vineyard.
Buyers are looking at homes in which they can have a media/Zoom room, fitness room and other areas that make it easier to shelter in place. Swimming pools are in the conversation, too. It's similar to the nesting instinct that arose after the 9/11 attacks.
In the past two week, 42 properties have come to market and 14 offers to purchase have been made. Most agents continue to be busy with showing with the occasional cancellation due to virus fears.
In-person showings in which buyer and seller agents and buyers come to look through a home are continuing to increase, according to anecdotal evidence and the experience of Vineyard Open House Real Estate.
All agents are respecting the need for masks and gloves and are maintaining social distances while counseling their clients to follow these safety protocols.
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.
May MV Real Estate Market Update 6-3-20
Real Estate Activity (Past 14 Days)
New Listings: 42 Up 7
Avg. $: $3,488,798 Median $: $1,495,000
Back on Market: 3 Down 2
Avg. $: $799,333 Median $: $699,000
Offer to Purchase: 14 Unchanged
Avg. $: $1,883,993 Median $: $1,812,500
Sold: 12 Up 9
Avg. $: $1,768,133 Median $: $780,000
Off Market: 6 Up 3
Avg. $: $1,935,000 Median $: $1,697,500
MV Real Estate Market Update 6-3-20
TODAY’S FEATURED LISTING
2 Creek Hill Rd, Menemsha, MA 2 BRs/1 BA - 770 SF - .20 Acre Asking $ 1,475,000
If you love the tiny fishing village of Menemsha, then this iconic cottage overlooking the harbor should be on your wish list.
Firmly imbued with the Menemsha vibe, this two-bedroom getaway was formerly owned by the renowned fisherman and local figure, Rasmus Klimm, who used to display his wooden carvings and fishing floats on the shacks opposite the house on the harbor.
Walk from this authentic, 770 SF cottage to the beach, Dutcher’s Dock, fish markets, restaurants, art galleries and more. Fish from the beach or jetty, or take a charter out deep sea fishing.
Or, keep your own boat just steps from the house in the harbor, and breathe in the simplicity of this genuine escape. Special note: excellent rental history, too. (Listed by Tea Lane.) Send Me More Information about this property!
Key Features: Menemsha Harbor-View Home
- The heart of Menemsha, overlooking the harbor
- Close to the beach, fish markets, galleries & more
- View Menemsha's world-famous sunsets from home
- 2 BRs/1 BA. .20 Acre
- Excellent rental history
- Send Me More Information about this Menemsha Property!