Martha’s Vineyard Real Estate Market Update – August 2020

Martha’s Vineyard Real Estate Market Update – August 2020

Martha's Vineyard Real Estate Market Update | August 2020

When looking at last month’s data it’s surprising that there are any homes still available for sale.

We had accepted offers on 70 homes, which is twice as many as last July.

What makes this even more shocking is the extreme lack of inventory. We had just 219 active listings this year compared to 336 in July of 2019.

And we are not seeing signs of activity slowing down for Martha’s Vineyard Real Estate.

A quote from realtor.com states “𝐷𝑒𝑠𝑝𝑖𝑡𝑒 𝑡ℎ𝑒 𝑐𝑟𝑖𝑝𝑝𝑙𝑖𝑛𝑔 𝑎𝑛𝑑 𝑜𝑛𝑔𝑜𝑖𝑛𝑔 𝑐𝑜𝑟𝑜𝑛𝑎𝑣𝑖𝑟𝑢𝑠 𝑝𝑎𝑛𝑑𝑒𝑚𝑖𝑐, 𝑚𝑖𝑙𝑙𝑖𝑜𝑛𝑠 𝑜𝑢𝑡 𝑜𝑓 𝑤𝑜𝑟𝑘, 𝑎 𝑟𝑒𝑐𝑒𝑠𝑠𝑖𝑜𝑛, 𝑎 𝑛𝑎𝑡𝑖𝑜𝑛𝑎𝑙 𝑟𝑒𝑐𝑘𝑜𝑛𝑖𝑛𝑔 𝑜𝑣𝑒𝑟 𝑠𝑦𝑠𝑡𝑒𝑚𝑖𝑐 𝑟𝑎𝑐𝑖𝑠𝑚, 𝑎𝑛𝑑 𝑎 ℎ𝑖𝑔ℎ𝑙𝑦 𝑐𝑜𝑛𝑡𝑒𝑛𝑡𝑖𝑜𝑢𝑠 𝑝𝑟𝑒𝑠𝑖𝑑𝑒𝑛𝑡𝑖𝑎𝑙 𝑒𝑙𝑒𝑐𝑡𝑖𝑜𝑛 𝑎𝑟𝑜𝑢𝑛𝑑 𝑡ℎ𝑒 𝑐𝑜𝑟𝑛𝑒𝑟, 𝑡ℎ𝑒 𝑟𝑒𝑠𝑖𝑑𝑒𝑛𝑡𝑖𝑎𝑙 𝑟𝑒𝑎𝑙 𝑒𝑠𝑡𝑎𝑡𝑒 𝑚𝑎𝑟𝑘𝑒𝑡 𝑖𝑠 𝑠𝑡𝑎𝑔𝑖𝑛𝑔 𝑎𝑛 𝑎𝑠𝑡𝑜𝑛𝑖𝑠ℎ𝑖𝑛𝑔 𝑟𝑒𝑏𝑜𝑢𝑛𝑑.”

So what’s driving the demand? It’s become apparent that the change to working from home for so many has made people re-evaluate the size location and layout of their homes.

A recent poll by realtor.com showed that 63% of people are making their home buying decision based on the ability to work from home. Needless to say architects and builders are making sure new homes have ample workspaces.

So if you’re looking for your island home with room to work, give me a call!

And if you’ve been thinking about selling I can assure you there are buyers waiting for more options to choose from!

⁉What does this mean for your home 🏠specifically??

☎️Give me a call, text📲 me. I’m happy to answer all your Martha’s Vineyard Real Estate Market questions.

👨🏻‍💻 Jen O’Hanlon
☎️ (508) 212-8278

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