Nantucket Real Estate Market Report

august-on-nantucket

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…

august-salesWith 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

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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%