Nantucket Real Estate Market Report

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Engulfed in color, October’s somewhat fickle weather didn’t hamper Scallopers, Trick-or-treaters or 62 real estate buyers – 54 of whom became Nantucket homeowners and another 7 acquired a parcel of land where their future home will be built.  While October is generally known as a month when many of summer’s real estate purchases are closed, this October was exceptional.

october-sales-volumeWith 8 fewer closings but $74.1M more in dollar volume (53.8%) than a year ago, October’s dollar volume was at its highest level ever – beating its closest competitor (October 2004) by 12.3% in spite of having 41 fewer closings. How did it happen? Last month 53.7% of the residential transactions closed for more than $3M and only 13% of sales closed for less than $1M.

Average residential prices were an amazing $1,652,168 higher in October than a year ago with 18 properties selling for more than $4M compared to 8 selling above this price point last year.

For the 9th time this year, year-to-date dollar volume is higher than last year in spite of Q3 2018 being the lowest dollar volume 3rd quarter in 5 years – 18 properties selling for a total of $133,657,101 definitely helped.

With $937M in year-to-date sales, $127M in sales currently in process and another $21.5M in newly accepted offers last month, Nantucket’s real estate market remains vibrantly active.

For those wanting to sell, price properly or you won’t. For those wanting to buy, there are a lot of great options…

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Nantucket Real Estate Market Update October 2018

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  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%
1-6 months 90.44% 91.85% -1.54% 91.85% 91.32% 0.58%
6+ months 81.69% 83.37% -2.02% 83.37% 81.23% 2.63%
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%