Celebrate mothers, honor those who made the ultimate sacrifice for our freedom and consume an unimaginable amount of wine at a world-class food and wine festival – that was May on Nantucket. Fortunately, while there may have been a lot to be distracted by last month, 30 property buyers didn’t lose their focus and another $52.4 million in real estate traded hands.
With 3 fewer closings and $8.1M less in dollar volume (-13.4%) than a year ago, May closings were at their lowest level in 6 years. While almost 41% of residential sales were between $1M and $2M, 56% of these sales were between $1.5M and $2M – only 23% of residential sales in May were less than $1M.
Average residential prices were $73,194 lower in May than a year ago in spite of 3 properties selling for more than $4M and totaling almost $15.6M in dollar volume.
Dollar volume during this 90 day time-period finished .6% higher than last year ($1M) with 1 less transaction (-1%). There were 15 fewer accepted offers on residential properties this month than last May (18) and 5 fewer price reductions this May (2) compared to last year (25).
Weather may have played a role in the very low number of accepted offers last month, but it would have been a minor one. The more likely reason is because so many Buyers moved sooner this year in their buying decisions in order to secure a property for the upcoming season. Only time will tell if this slow down in May was an anomaly or a foreshadowing of what’s to come.
While Nantucket’s real estate activity has been much busier this year than last year, properly priced properties are still moving faster, and at a higher percentage of original ask, than those that are over priced. Location may get a buyer interested but price will drive their decision. Properly priced properties sell faster because buyers appreciate value as much as they appreciate location…
Nantucket Real Estate Market Update May 2018
|2018||2017||% Chg||2017||2016||% Chg|
|Total Properties Sold:||182||156||16.67%||156||194||-19.59%|
|Total Sales Volume:||$383,176,888||$295,516,943||29.66%||$295,516,943||$328,744,242||-10.11%|
|Average Sale Price:||$2,105,368||$1,894,339||11.14%||$1,894,339||$1,694,558||11.79%|
|Median Sale Price:||$1,505,919||$3,000,000||-49.8%||$3,000,000||$5,225,000||-42.58%|
|Avg. Sale to Original Ask:||90.72%||90.47%||0.28%||90.47%||91.07%||-0.66%|
|30 days or less||99.39%||98.27%||1.14%||98.27%||146.46%||-32.9%|
|Avg. Sale to Last Ask:||93.97%||93.77%||0.21%||93.77%||94.21%||-0.47%|
|Avg. Days on Market:||149.92||128.05||17.08%||128.05||140.57||-8.91%|