Nantucket Real Estate Market Report

2017-05-31-08-06-37

Confusing best described Nantucket’s weather in May – with even the flowers not knowing what to do. Fortunately, the throng of Wine Festival and Figawi revelers that converged on the Grey Lady didn’t seem to notice. Though island weather may have been a bit blustery, Nantucket’s real estate market continued to warm with 19 new accepted offers and 33 closings.

Wmay-real-estate-activity-on-nantucketith 7 fewer transactions than in May 2016, last month’s dollar volume finished $7.1M lower (-10.5%) than a year ago. In spite of having 2 more transactions and $3M more in dollar volume than in May 2015, last month now ranks fourth in terms of dollar volume and fifth in terms of transactions for May since 2005. While average residential prices were $198,239 higher than a year ago, the increase was primarily due to 1 out of 5 residential properties closing last month for more than $3 million.

Even with 33 fewer sales year-to-date and inventory almost 17% lower than last May, Nantucket’s real estate market remains healthy and competition for Buyer attention has become more rigorous. That said, it is still a good time to buy with plenty of inventory to choose from.

Year-to-date, 142 properties have been brought to market that were here before – 19 of these are back at a higher price (not including those that have been improved since first being listed). Of these 142, 3 have sold. The other 139 have been on market an average of 344 days.

Optimism is a valuable trait but being realistic is what sells real estate…

nantucket-real-estate-activity-in-may-2017

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Nantucket Real Estate Market Update May 2017

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  2015 2014 % Chg 2014 2013 % Chg
Total Properties Sold: 343 224 53.13% 400 357 12.04%
Total Sales Volume: $604,846,330 $378,371,643 59.86% $734,600,687 $524,963,172 39.93%
Average Sale Price: $1,763,400 $1,689,159 4.4% $1,836,502 $1,470,485 24.89%
Median Sale Price: $1,043,750 $666,562 56.59% $1,400,000 $1,970,000 -28.93%
Avg. Sale to Original Ask: 91.84% 90.96% 0.97% 91.66% 88.66% 3.38%
30 days or less 98.76% 98.02% 0.75% 97.98% 174.12% -43.73%
1-6 months 90.39% 89.7% 0.77% 90.92% 90.76% 0.18%
6+ months 86.45% 85.61% 0.98% 86.43% 75.95% 13.8%
Avg. Sale to Last Ask: 93.91% 94.14% -0.24% 94.19% 92.87% 1.42%
Avg. Days on Market: 127.18 164.09 -22.5% 155.91 181.81 -14.25%