Nantucket Real Estate Market Report

2018-05-24-09-34-55

Celebrate mothers, honor those who made the ultimate sacrifice for our freedom and consume an unimaginable amount of wine at a world-class food and wine festival – that was May on Nantucket. Fortunately, while there may have been a lot to be distracted by last month, 30 property buyers didn’t lose their focus and another $52.4 million in real estate traded hands.

With 3 fewer closings and $8.1M less in dollar volume (-13.4%) than a year ago, May closings were at their lowest level in 6 years. While almost 41% of residential sales were between $1M and $2M, 56% of  these sales were between $1.5M and $2M – only 23% of residential sales in May were less than $1M.

Average residential prices were $73,194 lower in May than a year ago in spite of 3 properties selling for more than $4M and totaling almost $15.6M in dollar volume.

Dollar volume during this 90 day time-period finished .6% higher than last year ($1M) with 1 less transaction (-1%).  There were 15 fewer accepted offers on residential properties this month than last May (18) and 5 fewer price reductions this May (2) compared to last year (25).

Weather may have played a role in the very low number of accepted offers last month, but it would have been a minor one. The more likely reason is because so many Buyers moved sooner this year in their buying decisions in order to secure a property for the upcoming season. Only time will tell if this slow down in May was an anomaly or a foreshadowing of what’s to come.

While Nantucket’s real estate activity has been much busier this year than last year, properly priced properties are still moving faster, and at a higher percentage of original ask, than those that are over priced. Location may get a buyer interested but price will drive their decision. Properly priced properties sell faster because buyers appreciate value as much as they appreciate location…

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Nantucket Real Estate Market Update May 2018

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  2018 2017 % Chg 2017 2016 % Chg
Total Properties Sold: 182 156 16.67% 156 194 -19.59%
Total Sales Volume: $383,176,888 $295,516,943 29.66% $295,516,943 $328,744,242 -10.11%
Average Sale Price: $2,105,368 $1,894,339 11.14% $1,894,339 $1,694,558 11.79%
Median Sale Price: $1,505,919 $3,000,000 -49.8% $3,000,000 $5,225,000 -42.58%
Avg. Sale to Original Ask: 90.72% 90.47% 0.28% 90.47% 91.07% -0.66%
30 days or less 99.39% 98.27% 1.14% 98.27% 146.46% -32.9%
1-6 months 89.62% 91.17% -1.7% 91.17% 91.04% 0.14%
6+ months 81.33% 82.2% -1.06% 82.2% 82.33% -0.16%
Avg. Sale to Last Ask: 93.97% 93.77% 0.21% 93.77% 94.21% -0.47%
Avg. Days on Market: 149.92 128.05 17.08% 128.05 140.57 -8.91%