WeNeedVacation.com, a Cape-based real estate agency, reported that the Vineyard’s July and August bookings are up 13.7 percent and fall bookings are up 34.1 percent over 2009.
It usually takes two years to recover from a weak rental season like last summer’s, but the Cape and the Vineyard have made swifter than anticipated comebacks, according to a press release.
The agency said in previous years vacationers tended to book houses far in advance, from January to March, but now people are more inclined to book later, in the hopes of getting better deals.
Although the Cape, Nantucket, and the Vineyard’s fall bookings are all up from last year, the Vineyard has made the biggest comeback of the three. The agency reports that there was virtually no price change from the previous season. The agency says that there is typically a 2-4 percent increase in price over the winter, but this winter homeowners held their prices.
Cape Cod and Martha’s Vineyard have continued holding their prices but Nantucket’s prices have reportedly fallen an average of $145 per week from last year. While last year there were massive price cuts, this year they are less drastic.
Out of the nearly 500 homes that made price adjustments this year, the agency reported that the average change was a drop of $56 per week. Homeowners are not reducing their prices, which would suggest that they are experiencing success with their summer rentals, WeNeedVaction.com said, declaring the real estate market for the Cape and Islands in full recovery.