Island Real Estate: Pandemic Style

by Sarah Ashton, Broker Associate, Re/Max of the Islands

As we approach six months in pandemic mode, one thing that has been intensely active is Real Estate. And island Real Estate is no exception. Starting in May, when we started emerging from lock down mode and hotels and resorts started opening up, Real Estate has been more active than ever. Whether this was to catch up from the truncated “season” in March and April or because the interest rates were lowered to historically low levels can be debated. The truth of the matter is that since we began opening back up, buyers have been buying and many sellers have been getting their properties sold quickly and for a good price.

There has always been an ebb and flow of the popularity of Condos versus Houses. Folks looking to lock in an island property but with limited ability to use it or who shy away from single family home maintenance often prefer Condos. Folks a year or two away from retirement and looking for a family get-away often prefer Houses.

With Pandemic mode – being “socially distant” and away from crowds seems to have had an impact on the property type currently desired. Looking at our properties under contract we can typically predict the closings that will take place 30-60 days from now. In August and September of 2019 there were 18 closed House sales and 16 closed Condo sales. As of August 5th, 2020 there are 21 Condos under contract and 44 Houses under contract.

The 21 Condos under contract is roughly 25% greater than the 16 Closed Condos in 2019.
The 44 Houses under contract is roughly 250% greater than the 18 Closed House sales in 2019!!

It is exciting to see all these properties under contract and it is truly great that our Island oasis is viewed as a desirable place to be safe during challenging times – we just didn’t fully realize how desirable it has become during a global pandemic.

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