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Before I get into the details of the August numbers, I want to say a few things about this summer’s Martha’s Vineyard real estate market in general. While there is a major lack of inventory and many, many ready, willing and able buyers, there’s a few things you should know.
These buyers are very savvy and doing their research before they jump in and make a purchase (kudos to you if you are one of them!)
The majority are looking for a house that does not need any updating, has great curb appeal and will be a solid investment. Additionally, they are searching online and have access to the multiple listing service, zillow, realtor.com where there is a ton of information available, as well as photos, 3D home tours and floor plans and they are even using google earth to check out property locations and neighboring homes.
Why am I telling you all of this? Well, if you are a seller and you’ve heard there’s a buying frenzy and you can name your price, you need to take a deep breath and consider what I just said.
If you are thinking about selling, you will need to make sure you have professional photos and a fantastic online presence. If your house is newer or recently updated and has a great floor plan and curb appeal, you may be in a perfect position to truly get top dollar.
If this is not the case for your house, it is still an amazing time to sell, but you need to be realistic and work with an agent to price your home appropriately.
If you’re thinking about making a purchase and hoping to get a good deal, then consider a home that may need some updating and landscaping. It may be more time and effort to get what you want, but once the project is complete you will have built substantial equity and have the design and finishes of your choice.
Now let’s look at the Vineyard numbers for August and see how we compared to last year.
Basically, there were twice as many accepted offers on homes and twice as many closed sales this year.
34 went under contract in August of 2019, and this year there were 69. And we had 53 homes close versus 27 last August. The Average days on Market went down from 222 to 141. The median selling price jumped from $875,000 to $1,295,000.
These are pretty amazing statistics and it’s truly exciting to think about how many people love this Island and want to either make it their home or spend more time here. I have to say, this summer of social distancing made me appreciate where I live more than ever.
If you are thinking about buying or selling on the Vineyard and found this information helpful, give me a call so we can go over your specific goals.