Nantucket Real Estate Market Report

Hot and sunny days made Nantucket delightful for thousands of summer visitors in August keeping many on the beach and off Main Street (except for a few rainy days). If great weather caused some to shop a little less last month, it didn’t keep them from looking at real estate. In a market struggling to catch up with last year’s sales activity, it was encouraging that for the second month in a row sales activity for the month was higher than in 2014 thru 2018 and fifth month in a row that the month’s activity was better than last year.

With 23 more transactions than last August, last month’s dollar volume finished $55.4M higher (117%) than last year with average residential sale prices $190.1K higher (9.3%) than a year ago. However, there were 5 sales over $4M this year vs. 2 sales above that price point last year.

Most noticeable this August were the 9 more accepted offers on residential properties than last year (36 vs. 27), 44 more price reductions (97 vs. 53) and 51 new residential properties brought to market that weren’t previously listed for sale (at least in the last 4 years).

Also notable this year is the 18.5% decline in the number of residential sales for less than $1M – in spite of selling the same number of condos, co-ops and covenant homes this year as last year.

Interestingly, 25 residential properties have sold for more than $4M vs. 26 sold last year with dollar volume above this price point $5.9M behind last year.

With 15 fewer residential and 10 fewer land sales than last year (totaling $31.3M and $43.3M less respectively) it is the $48.6M more in commercial sales this year that is keeping us only $26M in total dollar volume behind last year.

With another 81 properties at a total asking price of $217,760,000 currently in the pipeline, 2019 is shaping up to be another good year in Nantucket real estate…

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Nantucket Real Estate Market Update August 2019

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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%