Your Monthly Real Estate Market Update from the O’Hanlon Group
In the chart here, I’ve outlined the difference in numbers from May of 2020 to May of 2021. It’s amazing to think that so many more homes sold this year than last, considering how low the inventory is! Of course, the other stats are a little mind blowing as well.
I’m sure you’ve been hearing that there is a major inventory shortage on the Vineyard and throughout the country. Right now, the lowest priced single family home is listed at $539,000, there are only 6 homes available under $800,000 and just 10 under $1,000,000.
Needless to say, after seeing these numbers, it’s no wonder our housing crisis is beyond anything we’ve seen in the past. If you’re on the Island this summer, I’m sure you’ll see it impact the level of service the businesses are able to provide. There is just nowhere for seasonal employees to live, and therefore, many businesses are short staffed. Fortunately, there are several Island organizations working hard to help find solutions to this issue. If you’re interested in learning more about who they are and how you may be able to help with these efforts, I would recommend contacting the Dukes County Regional Housing Authority.
With the lack of inventory, the experts are predicting that the level of buyer interest will stay very strong, at least until interest rates really start to go up. On the Island, we’re seeing most areas continue with an unexpected level of appreciation. Sales numbers are leveling off, not due to the lack of demand, but because there are no houses to sell.
So, if you are considering selling, now may be the time to sell. But honestly, make sure you’ve thought it through! I’ve consulted with several people recently and the outcome was that they should stay put. When I ask where they will go if they sell, most say, “that’s the problem, I don’t know”. However, if you have another house that you’re moving to or are downsizing, it probably is the best time to sell. If this is something that you’re trying to figure out, feel free to give me a call to talk through your options. I’m always happy to help.