Real Estate Sales Are Down on Martha’s Vineyard. 3rd Quarter News

by Kerry on December 15, 2014

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Sales are down by 20% from this time last year. Median home prices down another 8%. Where do you stand in selling your property?

Predictably, many of the unsold homes from this past year have gone into hibernation (Off Market Status). Reasons include practical considerations; heat, electricity, storage, as well as  the obvious drop off in island visitors. Many homeowners are of the opinion that when a property goes “off market” then they ate giving it a rest, so as not to have a “stale” listing.

At this time last year our home inventory dropped from @550 island- wide to a low of 358 during the winter months. As soon as the weather started warming up we were quickly back up in the mid 5’s as sellers hustled to get the summer traffic. Is this a viable strategy to managing a listing? Not if you really want to sell the property.

There are hundreds of real estate agents operating diligently to market your property on the Vineyard. Once it gets into the island-wide database all offices and agents have access to the information, and will send the listing out to their interested buyers. If you are working with a REALTOR office then you are even further along, with database platforms reaching out to the 50 states. Removing your property from the market does not erase it from people’s minds.

If the property has been well marketed your buyers pool have seen it as available last year and see it again this year. It is perceived as a continual process, not an interrupted “oh well it was no longer available for sale”. Keep your home for sale front and center. There is momentum built and maintaining interest is more effective than the removal and reappearance of an unsold property. The longer it sits the more likely buyers will wonder what is wrong with the property.

Here is the link to the latest statistics from our LINK database. All relevant sales and market info from the 3rd Quarter.

2014 – Q3 – Martha’s Vineyard Quarterly Sales Summary

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