August 10, 2009 — Booking rates continue to make a strong comeback
now that the summer vacation rental season has reached its peak on Cape Cod, Martha’s
Vineyard, and Nantucket. Bookings during the first week of August have set a pace
180% ahead of last August! This dramatic increase shows a continuing recovery from
the slow start of the early 2009 booking season.
2009 vs. 2008 Booking Rates
Month to month bookings since April 2009 have continued to outpace the same months
last year. The table below shows the changes since January:
|
January
|
-20%
|
|
February
|
-24%
|
|
March
|
- 3%
|
|
April
|
1%*
|
|
May
|
30%
|
|
June
|
55%
|
|
July
|
24%
|
|
August (1st wk only)
|
180%
|
*Stock market bottom reached on March 9th
Overall for the 2009 season so far, Cape and Islands bookings are now down only
6.3% from the 2008 season – this versus the dismal start to the season when bookings
were off as much as 22%.Specifically, the Cape is down 6%; the Vineyard is down
7%, and Nantucket is down 14%.
Pricing
Last month, prices stabilized in a return to last year’s levels. Currently, homeowners
who are still trying to fill August vacancies are dropping their prices, but far
fewer homes discounted in July than in the spring. In July, 157 homes on the Cape,
out of 2500 overall homes or 6% of inventory, dropped prices an average of $206.
In June, 14% of inventory changed their price an average of $120. Those still discounting
on the Islands are dropping prices even further, so wise buyers may find some real
bargains.