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Daily MV Real Estate Market Update 5-20-20

Posted by David Lott on May 20, 2020
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Daily MV Real Estate Market Update 5-20-20

market update 5-20-20
This week’s featured listing enjoys a stunning West Tisbury location.

The month of May is continuing its stronger-than-April start with another 24 properties coming to market. Even better,  there were a dozen offers to purchase, beating the total of the previous two weeks, and giving a total of 22 offers for the month–nearly two and a half times as many offers for all of April. Clearly, the market is on an upward trend.

Sales were down, but that is more indicative of what was happening in March and April when the full force of the coronavirus was hitting the market. Offers to purchase offer a time stamp of what is happening right now. And the signs are positive.

Virtual Showings

Island agents have been showing up in large numbers to take advantage of virtual showings via Zoom. Held every Tuesday, the showings are helping get the word out about the homes, and buyers are getting educated about the market. The result is increased activity.

Homes are also being shown in person by agents while maintaining strict social distancing guidelines along with the wearing of gloves and masks. Some properties are even being sold sight unseen. Cash deals are prevalant as well. And in some recent sales, homes have only lasted a week before being snatched up. If you’re thinking of selling, there’s a market waiting for you.

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 5-20-20

Real Estate Activity  (5/14/20 to 5/20/20)

New Listings: 18          Up 5

Avg. $: $2,966,667
Median $: $1,762,500

Return to Market: 6   Up 1

Avg. $: $1,359,167
Median $: $1,112,500

Offer to Purchase: 12   Up 2

Avg. $: $881,242
Median $: $754,500

Sold: 7                        Down 4

Avg. $: $1,094,125
Median $: $1,131,000

Off Market: 9           Up 5

Avg. $: $1,927,444
Median $: $1,450,000

MV Real Estate Market Update 5-20-20

TODAY’S FEATURED LISTING

market update 5-20-20
This 4-BR home takes in spectacular views from Aquinnah to Wood’s Hole.

4 Windy Way, West Tisbury, MA
4 BRs/3BAs, 1,714 SF, 3.30 Acres
Asking $ 4,200,000

Enjoy views and sunsets galore from one of the most dramatic and gorgeous seascapes on Martha’s Vineyard. Set at more than 100 feet above sea level, this lovely home’s unobstructed views stretch from Aquinnah to Woods Hole, providing daily dramatic sunsets.

The 3.30-acre private setting is set off with a picturesque grassy lawn and rolling dunes with 3,000+ feet of sandy association beach just a short stroll away.

Also included is a detached artist’s studio that may be transformed into a future guest house. You can either renovate the current home or build your dream home. Expansion options are plenty with a 6-bedroom septic in place.

Located in Upper Makonikey, the property enjoys its setting within an exclusive rural enclave that offers the up-island lifestyle while being a  an easy drive to town. Enjoy long days on the beach and savor the endless sunsets at this special place, where the rest of the world feels far away. (Listed by Sandpiper.)  Send Me More Information about this property!

Key Features: Upper Makonikey Water View Home

market update 5-20-20
Endless views and spectacular sunsets are a daily joy.

    market update 5-20-20The month of May is continuing its stronger-than-April start with another 24 properties coming to market. Even better, there were a dozen offers to purchase, beating the total of the previous two weeks, and giving a total of 22 offers for the month--nearly two and a half times as many offers for all of April.

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