Nantucket Real Estate Market Report

nantucket-harbor-in-february

February is when “slow your roll” becomes more than a phrase on Nantucket. It is the time of year when island life truly quiets down and last month’s real estate activity reflected it.  With ample parking on Main Street and Stop & Shop, no waiting at 5-corners or rotaries and plenty of great restaurants open, February continues to provide the best Nantucket has to offer – yet only 19 new property owners thought so last month.

With 23 fewer closings and $81M less in dollar volume (-73.7%) than a year ago, February’s sales were at their lowest level since 2011 resulting in the lowest February dollar volume since 2013.

A dramatic drop in sales activity in both January and February means dollar volume during the last 90 day period finished 41.4% lower than last year (-$109.6M) – the result of having 60 fewer transactions.

Last month there were 5 fewer accepted offers on residential properties than last year (5 vs. 10), two more price reductions (12 vs. 10) and 15 taken off-market, compared to 11 taken off-market last February.

Even with 34 properties at a combined asking price of $66.9M currently under contract, only 2 of which are over the $4M mark, 2019 is far behind the pace seen last year at this time.

If your Nantucket property hasn’t sold, now would be an opportune time to think about pricing it  for the real estate market we’re in, not for what you hope it will be.

Overpricing a property doesn’t do anyone any good. It frustrates the owner, the agent and those who might have been interested had the price made sense for the product; after all, the actual sales price will always be what a buyer is willing to pay.

nantucket-sales-comparison-february

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Nantucket Real Estate Market Update February 2019

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  2018 2017 % Chg 2017 2016 % Chg
Total Properties Sold: 243 93 161.29% 243 264 -7.95%
Total Sales Volume: $530,469,363 $174,137,898 204.63% $478,120,477 $464,445,393 2.94%
Average Sale Price: $2,183,001 $1,872,451 16.59% $1,967,574 $1,759,263 11.84%
Median Sale Price: $1,821,250 $3,475,000 -47.59% $1,285,000 $1,144,000 12.33%
Avg. Sale to Original Ask: 90.95% 91.66% -0.77% 91.73% 91.01% 0.79%
30 days or less 98.5% 98.47% 0.03% 98.32% 154.62% -36.41%
1-6 months 90.44% 89.94% 0.56% 91.85% 91.32% 0.58%
6+ months 81.69% 83.08% -1.67% 83.37% 81.23% 2.63%
Avg. Sale to Last Ask: 94.16% 94.5% -0.36% 94.63% 94.24% 0.41%
Avg. Days on Market: 136.82 137.68 -0.62% 139.56 132.24 5.54%