Nantucket Real Estate Market Report

Chilling and thrilling was Nantucket this past October. Beginning with the start of scallop season and ending with Halloween, the island was filled with activity as evidenced by island real estate sales – just not as much as we would have liked. With only two months remaining, 2019 is in its final stretch and far behind in the amount of real estate activity and dollar volume of the prior 3 years – even with another $138 million in closings last month.

With 9 fewer transactions than last October, last month’s dollar volume finished $73.8M lower (-34.8%) than last year with average residential sale prices $1.043M lower (-28%) than a year ago. There were 9 sales over $4M this year vs. 18 sales above that price point last year, with total dollar volume 61.6% lower than last year.

Sales activity for the last 90 days finished 14.4% lower in dollar volume when compared to this time period last year, with only 3  fewer transactions (-2.1%).

Interestingly, there were 18 more accepted offers in October for residential properties than last year (28 vs. 10) with 5 fewer price reductions (35 vs. 40). There were 28 new residential properties brought to market that weren’t previously listed for sale (at least in the last 4 years).

Year-to-date we’ve had 351 real estate closings on Nantucket, not counting foreclosures, interval-ownership transfers and town “paper road” sales. This is a 10.9% decline from 2018 activity, 16.8% decline from 2017 levels and 14.6% decline from 2016 levels. In fact, year-to-date we’ve had the fewest number of real estate closings on Nantucket in 6 years, though 2019 dollar volume is higher than in 3 of the last 8 years (12.4% fewer closings with nearly 4% more in dollar volume than the last 7-year average).

Even with 47 properties taken off-market last month we still have 4.6% more properties currently listed for sale than last year at this time. Competition for Buyer attention remains fierce but properly valued properties are selling – as evidenced by the 28 accepted offers last month.

With 210 land purchases since January 1, 2017 there are more homes on Nantucket than ever before. Combine this increase in inventory with the reduction in the number of sales experienced this year and you can see why proper pricing is so important for those wanting to sell.

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Nantucket Real Estate Market Update October 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%