Hot, Hot and Hotter may describe the sunny beach days enjoyed throughout August on Nantucket but real estate activity was a little more chilled. In spite of all the sunshine and heat, several visitors left the beach and found their way into island real estate firms where 29 of them submitted offers that were accepted and another 25 closed on their own slice of Nantucket. What a summer…
With 12 fewer closings and $52.136M less in dollar volume (-52.4%) than a year ago, August closings were at their lowest level in 8 years for August – the same downward trend we saw in May, June and July. It was also the lowest dollar volume August in 7 years, just like in May and June of this year. Last month 52.6% of the residential transactions closed for less than $1.5M and 21% of sales closed for more than $3M.
Average residential prices were $1,107,974 lower in August than a year ago due in part to only 2 properties selling for more than $4M compared to 7 selling above this price point last year.
Higher priced properties continue to move, lower priced properties are even more scarce (only 5.3% of residential listings are priced less than $1M) and inventory is up from a year ago with 185 properties priced between $1M and $3M and 118 priced more than $4M.
While 2018 YTD dollar volume is still ahead of anything seen in years, the lead continues to shrink. However, with 104 properties in the sales pipeline totaling $289,324,048 it may not be time to be alarmed. But if your property hasn’t garnered the interest it deserves and you really are serious about selling, it’s time to reevaluate your pricing – Buyers are being very patient right now…
Nantucket Real Estate Market Update August 2018
|2018||2017||% Chg||2017||2016||% Chg|
|Total Properties Sold:||243||243||0%||243||264||-7.95%|
|Total Sales Volume:||$530,469,363||$478,120,477||10.95%||$478,120,477||$464,445,393||2.94%|
|Average Sale Price:||$2,183,001||$1,967,574||10.95%||$1,967,574||$1,759,263||11.84%|
|Median Sale Price:||$1,821,250||$1,285,000||41.73%||$1,285,000||$1,144,000||12.33%|
|Avg. Sale to Original Ask:||90.95%||91.73%||-0.85%||91.73%||91.01%||0.79%|
|30 days or less||98.5%||98.32%||0.18%||98.32%||154.62%||-36.41%|
|Avg. Sale to Last Ask:||94.16%||94.63%||-0.5%||94.63%||94.24%||0.41%|
|Avg. Days on Market:||136.82||139.56||-1.97%||139.56||132.24||5.54%|