Nantucket Real Estate Market Report

on-fire

Summer’s heatwave continued throughout July – just not on Nantucket’s beaches. While beachgoers may have experienced more than a few chilly days on-island last month, our real estate market was again sizzling hot in both closings and accepted offers. With 38 closings and 31 accepted offers (3 of which closed during the month), July’s activity was not quite as crazy as June’s but still turned out to be the best July EVER!

july-nantucket-salesOf the 185 sales handled by a real estate firm this year, average sale prices are 90.1% of original ask with an average time on-market of 199 days (sometimes made up over several years). For the 9 properties sold that had been on-market more than 2 years at the time of sale, their average sale price is 87.3% of original ask. For the 18 sales that were on market between 1 and 2 years, their average sale price is 82.5% of original ask.

With 19 more sales and $37.8M more in dollar volume year-to-date than last year, a number of properties that were on-market for an extended period of time are now sold. Five of these properties sold in July for 87% or their original ask while averaging 839 days on-market.

Remember Sellers; if your property has been on-market longer than you’d like, it’s either price or product and it’s the Buyer who eventually determines if your product is worth what you’ve asked…

nantucket-comparison

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Nantucket Real Estate Market Update July 2017

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  2015 2014 % Chg 2014 2013 % Chg
Total Properties Sold: 343 287 19.51% 400 357 12.04%
Total Sales Volume: $604,846,330 $478,686,789 26.36% $734,600,687 $524,963,172 39.93%
Average Sale Price: $1,763,400 $1,667,898 5.73% $1,836,502 $1,470,485 24.89%
Median Sale Price: $1,043,750 $602,500 73.24% $1,400,000 $1,970,000 -28.93%
Avg. Sale to Original Ask: 91.84% 91.2% 0.7% 91.66% 88.66% 3.38%
30 days or less 98.76% 98.17% 0.6% 97.98% 174.12% -43.73%
1-6 months 90.39% 89.93% 0.51% 90.92% 90.76% 0.18%
6+ months 86.45% 85.8% 0.76% 86.43% 75.95% 13.8%
Avg. Sale to Last Ask: 93.91% 94.15% -0.25% 94.19% 92.87% 1.42%
Avg. Days on Market: 127.18 152.51 -16.61% 155.91 181.81 -14.25%