Nantucket Real Estate Market Report

nantucket-is-january-2018

Flanked by one storm at the beginning of January, and another at the end, Nantucketers relished their rare days of sunshine making the start of our “slow season” anything but. Despite too much water, rough seas, multiple travel challenges and an over abundance of grey days, there were a lot of bright spots as well – one of which was that island real estate sales reached their highest dollar volume since 2005. With 54 closings worth over $107M, 2018 started well in spite of a few tantrums from Mother Nature.

There were 13 more closings last month than last January with last month’s dollar volume finishing $38.2M higher (55.4%) than a year ago. Average residential prices were $365,977 higher in January than a year ago primarily due to  3  more properties selling for more than $4 million this year than last totaling $15M more in dollar volume.

With 13 more closings and $38.2M more in dollar volume than January 2017, last month’s real estate sales activity is second only to January 2005’s 75 closings and $138M in dollar volume. 

Yes, Nantucket real estate is expensive; like it is in any high-end resort area. Yes, it can be challenging to get here. Yes, it takes longer to get through the building process than it should and “yes”, it’s worth it.

Having only 172 residential properties currently on-market and buyers actively looking for fresh buying opportunities, now is an opportune time to list your property for sale. Even at today’s prices, Nantucket remains a good investment; especially if you figure in the return you can’t put a price on – a little stability in volatile times.

nantucket-sales-comparison

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Nantucket Real Estate Market Update January 2018

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  2018 2017 % Chg 2017 2016 % Chg
Total Properties Sold: 50 63 -20.63% 492 510 -3.53%
Total Sales Volume: $104,661,531 $106,055,748 -1.31% $1,048,557,349 $970,704,520 8.02%
Average Sale Price: $2,093,231 $1,683,425 24.34% $2,131,214 $1,903,342 11.97%
Median Sale Price: $1,525,000 $1,158,500 31.64% $11,490,000 $535,000 2047.66%
Avg. Sale to Original Ask: 89.12% 91.14% -2.22% 90.14% 90.26% -0.13%
30 days or less 100.14% 97.85% 2.34% 98.41% 124.55% -20.99%
1-6 months 93.29% 88.15% 5.83% 89.37% 90.74% -1.51%
6+ months 80.17% 85.57% -6.31% 82.37% 81.45% 1.13%
Avg. Sale to Last Ask: 94.42% 93.58% 0.9% 93.85% 93.64% 0.22%
Avg. Days on Market: 138.44 135.24 2.37% 139.79 143.74 -2.74%