Galas, parties, celebrations and soirées filled Nantucket social calendars for homeowners and vacationers alike throughout July; with a few foggy and rainy days providing merrymakers a brief respite. In spite of so many distractions last month 27 buyers decided it was a good time to buy property and another $78.4 million in real estate traded hands.
With 11 fewer closings and $5.2M less in dollar volume (-6.2%) than a year ago, July closings were at their 2nd lowest level in 6 years for a July – the same downward trend we saw in May and June. However, it would still have been an above average July, in terms of dollar volume, even without the $21.5M sale of several lots and dwellings in ‘Sconset. While 45% of the residential transactions closed for less than $1.5M and another 31.8% closed between $1M and $2M, there were no closings occurring between $2.4M and $3M last month or $3M and $3.5M for the 2nd month in a row.
Average residential prices were $494,864 lower in July than a year ago due in part to only 3 properties selling for more than $4M compared to 6 selling above this price point last year and no properties selling between $2.4M and $3.5M.
Dollar volume during the last 90 day period finished 17.8% lower than last year (-$43M) with 34 fewer transaction (-21%). For the third month in a row, there were fewer accepted offers on residential properties (18) than last year (28) and 10 fewer price reductions this July (46) than last year (56) even with 26 more residential properties listed for sale at month-end than a year ago.
Low-end and high-end properties are moving – sales in the middle are a bit slower. Knowing this, it may be time for owners in the $2M to $5M range to re-evaluate their pricing strategy if they really want to sell. For Buyers, now is a great time to buy Nantucket real estate…
Nantucket Real Estate Market Update July 2018
|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%|
|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%|