Nantucket Real Estate Market Report

Nantucket Wedding

Weddings, Wild Weather and Winding-down after a hectic season were just some of the topics discussed around Nantucket dinner tables throughout September; but talk of our record-setting real estate activity seemed to be everywhere. Even excluding 2 large real estate transactions (the $8M foreclosure sale of 11 Cliff Road and $687K 30-year lease of 14 Airport Road) real estate sales records were broken. With 61 closings, September surpassed this past August’s activity in both dollar volume and transactions making it the best real estate month this year; more importantly, it was the highest dollar volume September EVER.

september-nantucket-sales

Having only 3 more transactions than last September, last month’s dollar volume finished $26.8M higher (18.1%) than a year ago due in large part to the $37.5M sale of the storage facility at 6 Sun Island Road . Average residential prices were $363,579 lower in September than a year ago – partly due to 8 properties selling for more than $4 million versus 12 selling at this price point last year.

With 352 transactions completed year-to-date totaling over $757M, there is a lot to be happy about if you have been involved in Nantucket real estate this year…either as a buyer, seller or broker.

Not since 2005 have we seen this level of dollar volume in spite of not selling as many properties. Contributing to this year’s success is having the best 3rd Quarter ever in dollar volume, even though more properties were sold in 11 of the last 20 Q3 periods than this year.

However, a change in seasons doesn’t change the fact that pricing matters…

nantucket-sales-comparison

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Nantucket Real Estate Market Update September 2017

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  2015 2014 % Chg 2014 2013 % Chg
Total Properties Sold: 343 400 -14.25% 400 357 12.04%
Total Sales Volume: $604,846,330 $734,600,687 -17.66% $734,600,687 $524,963,172 39.93%
Average Sale Price: $1,763,400 $1,836,502 -3.98% $1,836,502 $1,470,485 24.89%
Median Sale Price: $1,043,750 $1,400,000 -25.45% $1,400,000 $1,970,000 -28.93%
Avg. Sale to Original Ask: 91.84% 91.66% 0.2% 91.66% 88.66% 3.38%
30 days or less 98.76% 97.98% 0.8% 97.98% 174.12% -43.73%
1-6 months 90.39% 90.92% -0.58% 90.92% 90.76% 0.18%
6+ months 86.45% 86.43% 0.02% 86.43% 75.95% 13.8%
Avg. Sale to Last Ask: 93.91% 94.19% -0.3% 94.19% 92.87% 1.42%
Avg. Days on Market: 127.18 155.91 -18.43% 155.91 181.81 -14.25%