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A Hot Month of June – Market Update 7-1-20

Posted by David Lott on July 1, 2020
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June Final Report – Market Update 7-1-20

mv market update 7-1-20
This week’s featured listing enjoys a beachfront location on Vineyard Sound.

The month of June has ended with a surprising statistic: 104 properties came to market (90 new listings and 14 returns to market) and 104 properties either received offers or closed/sold. Is that a hot market? It certainly feels like it.

Thirty-seven more properties came to market in June over 2019 (104 vs 67), a 55% increase.

And the offers/closed total is up more than 37%.

And the lag in the market in March-April has actually suppressed the number of closings in June.

And the more than double offers-to-purchase in June (up 216% over 2019) will show up later in the summer as a jump in closings.

So, is the real estate market rushing to make up for the time lost between March and mid-April?

The activity is certainly real, but it remains to be seen whether it will continue and will the final results be equal to, or greater than, last year.

Safety Protocols

In-person showings in which buyer and seller agents and buyers come to look through a home are continuing at a quick pace, according to recent activity 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 weeks’ 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.

June Final Monthly Report
MV Real Estate Market Update 7-1-20

Real Estate Activity  (June 1 to 30)

New Listings: 90      (last year 61)

Avg. $: $2,286,064
Median $: $1,395,000

Return to Market: 14  (last year 6)

Avg. $: $3,350,250
Median $: $1,350,000

Offer to Purchase: 65  (last year 30)

Avg. $: $1,573,431
Median $: $1,125,000

Sold: 39 (last year 46)

Avg. $: $1,626,026
Median $: $810,000

Off Market: 25   (last year 13 )

Avg. $: $2,537,800
Median $: $2,150,000

MV Real Estate Market Update 7-1-20

TODAY’S FEATURED LISTING

22 Cataumet Avenue, West Chop (Vineyard Haven)

market update 7-1-20
This beachfront home offers commanding Sound views and a large yard.

22 Cataumet Avenue, West Chop (Vineyard Haven)
5 BRs/4.5 BAs – 3,849 SF – 0.58 Acres
Asking $7,235,000

Quietly set on private lane in West Chop and bordering 167 feet of North Shore beach, this charming 1900s summer home offers your family a legacy of superlative front-row water views and quintessential Vineyard summer days.

Kids of all ages will enjoy fishing, clamming, doing “tide rides” down the shoreline, riding bicycles, reading books and more right from the welcoming arms of this beachfront retreat.

mv market update 7-1-20
Picture windows, fireplace, window seat & comfy chairs make for easy vacation living.

A turn-of-the-century, shingle-style home, its 3,849 square feet of space is accented by classic architectural details of the era and features an open, first-floor living area that opens out onto an expansive wraparound deck.

From the deck you oversee gorgeous park-like grounds and a private, sandy path that meanders through beach grass to the West Chop Trust Beach.

It’s just a short distance to the West Chop flagpole and overlook, and the Mink Meadows Golf Club is about a mile away. Go just a little further down the road and you’re in downtown Vineyard Haven.

NOTE: This rare beachfront retreat is part of a larger 1.56-acre, three-home estate, which is being offered as a combined ensemble for $13,490,000. (Listed by Point B Realty) Send Me More Information about this property!

Key Features: West Chop Beachfront Home

mv market update 7-1-20
A private path meanders down to the West Chop Trust Beach.

  • Beachfront home
  • Open living/dining room w/ large picture windows
  • Beautiful park-like grounds
  • Kitchen features Jenn Air® Gas 6-Burner Range
  • Kitchen pass-through to breakfast bar, dining/living rooms
  • Extensive decks, porches w/ water views
  • Vintage fir floors throughout, tile in bathrooms
  • Renovated in 1997
  • Send Me More Information about this West Chop Beach Property!

Martha’s Vineyard Market Update 7-1-20

    mv market update 7-1-20The month of June has ended with a surprising statistic: 104 properties came to market (90 new listings and 14 returns to market) and 104 properties either received offers or closed/sold. Is that a hot market?

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