Nantucket Real Estate Market Report

2018-12-19-12-33-45-copy

Santa’s arrival on a Coast Guard cutter, Stroll, Christmas lights, carolers in the street, red-ticket drawing, parties and midnight church services were all part of the Nantucket experience in December.  With all this activity several real estate buyers and sellers were still able to find one another resulting in the third highest dollar volume December since 1994 (only December 2012 & 2014 had higher dollar volumes) in spite of relatively fewer transactions.

december-salesWith 14 fewer closings but more than $1M more in dollar volume (1.2%) than a year ago, December’s dollar volume was not at its highest level ever but it definitely helped propel 2018 into the record books as being the second best dollar volume real estate year in Nantucket history; with 147 fewer transactions, but only $5.1M lower in dollar volume, than in 2005 – the highest dollar volume year.

Average residential prices were $98,337 lower in December than a year ago with only 2 properties selling for more than $4M, which was equal to the number of properties sold above this price point last year but this December’s dollar volume was considerably lower.

Nantucket’s real estate market started and stayed strong throughout 2018 – finishing the year with $1,181,821,380 in dollar volume for 482 properties – the lowest number of transactions in five years for a much higher total dollar volume.

With 49 more properties on market this year than last we really don’t want to see the trend seen in 2018 carry over into 2019. If your property was listed for sale last year but didn’t sell, and you really do want to sell it – price it to sell it or you’ll be disappointed again next December.

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Nantucket Real Estate Market Update December 2018

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  2018 2017 % Chg 2017 2016 % Chg
Total Properties Sold: 243 25 872% 243 264 -7.95%
Total Sales Volume: $530,469,363 $45,206,750 1073.43% $478,120,477 $464,445,393 2.94%
Average Sale Price: $2,183,001 $1,808,270 20.72% $1,967,574 $1,759,263 11.84%
Median Sale Price: $1,821,250 $1,382,500 31.74% $1,285,000 $1,144,000 12.33%
Avg. Sale to Original Ask: 90.95% 90.46% 0.54% 91.73% 91.01% 0.79%
30 days or less 98.5% 96.86% 1.69% 98.32% 154.62% -36.41%
1-6 months 90.44% 83.24% 8.65% 91.85% 91.32% 0.58%
6+ months 81.69% 82.64% -1.15% 83.37% 81.23% 2.63%
Avg. Sale to Last Ask: 94.16% 94.29% -0.14% 94.63% 94.24% 0.41%
Avg. Days on Market: 136.82 116.84 17.1% 139.56 132.24 5.54%