“The best spring I have seen on Martha’s Vineyard in my 66 years”. This is a quote from a long time island resident I spoke to last week. And, I must agree. April was a gorgeous month and May began where April left off.
The real estate market, although better than the spring of 2009, is not doing as well as the weather. There were 22 sales in April (down 18% from March) but still strong from one year ago. The median sales price was $525,000 and average days on market were 225. With 28 properties presently “under agreement”, sales in May should be a mirror image of April.
One good point of interest is that only 1 of the 22 sales in April was directly related to a bank foreclosure. Bank foreclosures are responsible for keeping many buyers from making a decision to purchase as the buyer hopes for that “great deal” to appear. The experts tell us that nationwide 2010 will be the worst year ever for number of bank foreclosures…I hope they are wrong.
Buyer activity is busy but sporadic. The typical buyer in this market is well educated (or working on becoming educated) and this can be frustrating for you as a seller. Buyer’s and their agents are “tight lipped” when it comes to showing feedback, so we never really know where things stand with a buyer. Once thing is for sure, buyers are only buying when they see a value and value is based on pricing and property condition.
Interest rates are continuing to hold steady in the low 5’s for a 30 year fixed conventional loan and 5 year ARM’s are as low as 3.75%(I just refinanced to take advantage of this). Unfortunately, the experts are still expecting rates to start an upward trend in the fall.
The real estate market, although better than the spring of 2009, is not doing as well as the weather. There were 22 sales in April (down 18% from March) but still strong from one year ago. The median sales price was $525,000 and average days on market were 225. With 28 properties presently “under agreement”, sales in May should be a mirror image of April.
One good point of interest is that only 1 of the 22 sales in April was directly related to a bank foreclosure. Bank foreclosures are responsible for keeping many buyers from making a decision to purchase as the buyer hopes for that “great deal” to appear. The experts tell us that nationwide 2010 will be the worst year ever for number of bank foreclosures…I hope they are wrong.
Buyer activity is busy but sporadic. The typical buyer in this market is well educated (or working on becoming educated) and this can be frustrating for you as a seller. Buyer’s and their agents are “tight lipped” when it comes to showing feedback, so we never really know where things stand with a buyer. Once thing is for sure, buyers are only buying when they see a value and value is based on pricing and property condition.
Interest rates are continuing to hold steady in the low 5’s for a 30 year fixed conventional loan and 5 year ARM’s are as low as 3.75%(I just refinanced to take advantage of this). Unfortunately, the experts are still expecting rates to start an upward trend in the fall.
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