Nantucket Real Estate Market Report

november-at-cisco

Crisp, cool mornings, crashing waves and your own private beach are just a few reasons November on Nantucket is so special. While perhaps some of the reasons 51 real estate buyers finalized their real estate purchases last month, they don’t fully explain why this November became the highest dollar volume November in Nantucket history (for the second month in a row)

november-sales-activityWith 1 more closing but $64.9M more in dollar volume (72.8%) than a year ago, November’s dollar volume was again at its highest level ever – beating its closest competitor (November 2016) by almost 60% with only 3 more closings. How did it happen? Last month 19.2% of all sales closed for more than $4M with 4 of them (40%) closing for more than $10M – no properties closed above the $10M mark in 2016.

Average residential prices were $1,247,485 higher in November than a year ago with 9 properties selling for more than $4M compared to 4 selling above this price point last year.

For the 10th time this year, year-to-date dollar volume is higher than last year in spite of Q3 2018 being the lowest dollar volume 3rd quarter in 5 years.

Since May there have been more properties listed for sale than last year. However. only in November were more properties sold than the year before. In short: more properties are now available for sale but fewer are selling…it just might be a good time to shop.

Nantucket Real Estate Market Update November 2018

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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%