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Final April Real Estate Stats, Sales Down 20%

Posted by David Lott on May 2, 2020
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Final April Real Estate Stats

The last day of April produced three new sales, pushing the month’s total up to 24 sales for a 20 percent drop from the previous year as the books close on the month’s final April real estate stats.

Forty new listings came to market in April, an increase of more than 8 percent over 2019 (41 vs 37). And overall, 54 listings came on, or returned, to market during the month.

The increase in inventory may be good news for buyers who have been frustrated by a shortage of homes for sale amid increasing prices. That’s the classic supply and demand cycle. With more property on the market, prices may soften a bit while giving buyers more choices. The result could be an increase in sales.

Sales & Offers to Purchase Are Down

The difficult news is that there were just eight offers to purchase in April, a decline of 74 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. With social restrictions scheduled to relax a bit in mid-May, there is cautious hope for an uptick.

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.

Final April Real Estate Stats

Real Estate Activity  (4/1/20 – 4/30/20)

New Listings: 41       Up 8% vs 2019

Avg. $: $2,115,215
Median $: $1,575,000
Avg. DOM: 16

Return to Market: 13

Avg. $: $2,110,462
Median $: $1,094,000
Avg. DOM: 441

Offers to Purchase: 8     Down 74% vs. 2019

Avg. $: $1,233,563
Median $: $1,267,500
Avg. DOM: 161

Sold: 24                              Down 20% vs. 2019

Avg. $: $1,236,740
Median $: $1,012,500
Avg. DOM: 206

Off Market: 14

Avg. $: $3,112,393
Median $: $1,895,000
Avg. DOM: 556

    Final April Real Estate Stats for April 2020 showed a decrease in sales and an increase in inventory--a factor that may help ease prices on homes for sale as the law of supply and demand moves more toward the buyer's advantage.

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