Martha's Vineyard Real Estate Market Update November 2021 It's November, and it does seem like things in the housing market are cooling off a bit.
Let's look at this more closely, in this month's real estate market update. In an article from realtor.com, Ali Wolf, chief economist of building consultancy at Zonda said: "The fever in the housing market has broken. There have been buyers that have just been beat down for the last six months and after losing so many homes and going through the emotional roller coaster, they've decided to stop searching for now."
Locally, we still have an extreme inventory shortage, but I do believe buyer fatigue has kicked in as we're just not seeing the sense of urgency we had over the last 17 months. However, we did have an extremely active summer that produced many closings in October. Here are the stats with comparisons to the previous two months, as well as October of last year. You'll see sales are up for October and check out the comparison to last October; we actually had more closings this year.
I think a recent statement by Lawrence Yun, chief economist of the National Association of Realtors, hits the nail on the head: "There will still be some multiple offers, but it will be less tense." This is what we're seeing on the island right now.
As always, I'm here to keep you in the loop on all things Martha's Vineyard real estate market, so if you have a question about Martha's Vineyard market, just reach out.
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👨🏻💻 Jen O’Hanlon
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