Nantucket Real Estate Market Report

Like the hearty and determined daffodils that reappear each April on Nantucket, 26 real estate buyers appeared last month and spent over $75.2 million on real estate. While far ahead in terms of dollar volume than any other April ever, the actual number of transactions were fewer than April’s 10 year average. 

With the same number of closings, but almost $16.5M more in total dollar volume (28.1%) than a year ago, April sales transactions were lower than usual for April, but dollar volume much higher due to the sale of multiple commercial properties to one buyer and 2 residential properties to another. These 2 high-dollar transactions made up 56.8% of the dollar volume for the month.

The dramatic drop in real estate activity in February and March resulted in dollar volume finishing 9.4% lower in the last 90 days than last year (-$15.9M) in spite of April’s high dollar volume.

Last month there were 6 more accepted offers on residential properties than last year (12 vs. 6), an equal number of price reductions (21) and 35 new residential properties brought to market that weren’t previously listed for sale (at least in the last 3 years).

Had it not been for two very large transactions, involving multiple properties, April 2019’s dollar volume would have been closer to $32.5M – far below the dollar volumes seen in April 2016, ’17 and ‘18.

With even more properties available and more coming, realistic pricing is as important as ever. If you want to sell this season, price your property right.

Buyer’s ultimately determine the sale price of a property but won’t even look if they believe your price is unrealistic.

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Nantucket Real Estate Market Update April 2019

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  2018 2017 % Chg 2017 2016 % Chg
Total Properties Sold: 243 145 67.59% 243 264 -7.95%
Total Sales Volume: $530,469,363 $277,484,883 91.17% $478,120,477 $464,445,393 2.94%
Average Sale Price: $2,183,001 $1,913,689 14.07% $1,967,574 $1,759,263 11.84%
Median Sale Price: $1,821,250 $862,500 111.16% $1,285,000 $1,144,000 12.33%
Avg. Sale to Original Ask: 90.95% 91.13% -0.2% 91.73% 91.01% 0.79%
30 days or less 98.5% 98.19% 0.32% 98.32% 154.62% -36.41%
1-6 months 90.44% 91.34% -0.99% 91.85% 91.32% 0.58%
6+ months 81.69% 83.54% -2.21% 83.37% 81.23% 2.63%
Avg. Sale to Last Ask: 94.16% 93.87% 0.31% 94.63% 94.24% 0.41%
Avg. Days on Market: 136.82 131.99 3.66% 139.56 132.24 5.54%