Nantucket Real Estate Market Report

Junuary accurately described June’s fickle weather on Nantucket but not our real estate market because there was nothing damp or chilly about it. While still not enjoying the momentum experienced last season, June’s improved real estate activity was definitely a step in the right direction.

With two fewer transactions than last June, last month’s dollar volume still finished $13.2M higher (19.1%) than last year with average residential sale prices $964K higher (49.4%) than a year ago. However, without 4 residential properties selling for more than $8M last month, average residential prices would have been $1.1M lower for the month but still $553K higher than last June (excluding its 2 sales over $8M).

Sales activity for the last 90 days finished 11% higher in dollar volume when compared to this time period last year, with 6 more transactions (6.7%). Despite having the best Q2 in total dollar volume in the last 13 years, year to date dollar volume and sales transactions still trail 2018’s results by $95M and 45 sales.

Last month there were 6 more accepted offers on residential properties than last year (15 vs. 9), 8 more price reductions (33 vs. 25) and 69 new residential properties brought to market that weren’t previously listed for sale (at least in the last 3 years).

While hopes of another 2018 may be overly optimistic, in spite of a robust Q2, properly priced, quality properties are still in demand and selling – just not in the quantities we’ve grown accustomed to in the last 5 years.

While Nantucket’s market performance hasn’t been as energetic as what we saw during the first 6 months of 2014, ’15, ’16, ’17, and ‘18, don’t despair; we still have plenty of time for improvement and a fresh batch of quality inventory to do it with. However, don’t be mistaken, it is now clearly a Buyer’s Market and pricing is even more important if you really want to sell a property this season.

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Nantucket Real Estate Market Update June 2019

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  2018 2017 % Chg 2017 2016 % Chg
Total Properties Sold: 243 225 8% 243 264 -7.95%
Total Sales Volume: $530,469,363 $446,760,477 18.74% $478,120,477 $464,445,393 2.94%
Average Sale Price: $2,183,001 $1,985,602 9.94% $1,967,574 $1,759,263 11.84%
Median Sale Price: $1,821,250 $887,500 105.21% $1,285,000 $1,144,000 12.33%
Avg. Sale to Original Ask: 90.95% 91.54% -0.64% 91.73% 91.01% 0.79%
30 days or less 98.5% 98.26% 0.24% 98.32% 154.62% -36.41%
1-6 months 90.44% 91.84% -1.52% 91.85% 91.32% 0.58%
6+ months 81.69% 82.71% -1.23% 83.37% 81.23% 2.63%
Avg. Sale to Last Ask: 94.16% 94.54% -0.4% 94.63% 94.24% 0.41%
Avg. Days on Market: 136.82 136.59 0.17% 139.56 132.24 5.54%