Nantucket Real Estate Market Report

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The lion overstayed its welcome in March subjecting Nantucket to one nor’easter after another with the lamb only appearing in Stop & Shop’s meat counter. While at times challenging, island weather didn’t hamper enthusiasm for Nantucket real estate and we added another 39 new property owners to our tax roll and set yet another record – being the highest dollar volume March ever – anyone else seeing a theme here?

With 3 more closings and $6.2M more in dollar volume (8.1%) than a year ago, March closings may not have topped the $100M mark as in January and February, but they helped make Q1 2018 the highest dollar volume Q1 in Nantucket history – beating the benchmark set in 2005 ($251.2M) by almost $49M.

Best January, February and March for the dollar amount of real estate sold on Nantucket ever – over $300 million – who says Nantucket real estate doesn’t sell during the off-season?

1st Quarter highlights:

  • 135 properties sold – 99 were residential properties, they sold for:
    • 87.6% of original asking price (for 71 sold through a real estate firm)
    • 93% of most recent asking price (for 71 sold through real estate firm)
    • Median time on market – 108 days,

Not since 2005 have we had more properties sell and never have we had more dollars change hands in a 1st Quarter than in 2018. Buyers are buying, owners are selling and deals are being made.

If you have been thinking of buying or selling on Nantucket, now would be a great time to get off the bench and get in the game.  If you are 1 of the 42 property owners who has been on-market more than 500 days and really want to sell your property…it’s time to reduce your price – it’s that simple.

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Nantucket Real Estate Market Update March 2018

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  2018 2017 % Chg 2017 2016 % Chg
Total Properties Sold: 124 99 25.25% 99 114 -13.16%
Total Sales Volume: $267,765,150 $181,647,898 47.41% $181,647,898 $199,859,431 -9.11%
Average Sale Price: $2,159,396 $1,834,827 17.69% $1,834,827 $1,753,153 4.66%
Median Sale Price: $1,525,000 $3,818,000 -60.06% $3,818,000 $1,450,000 163.31%
Avg. Sale to Original Ask: 91% 91.65% -0.71% 91.65% 88.73% 3.29%
30 days or less 99.53% 98.39% 1.16% 98.39% 129.12% -23.8%
1-6 months 92.82% 89.84% 3.32% 89.84% 90.15% -0.34%
6+ months 80.58% 82.82% -2.7% 82.82% 80.87% 2.41%
Avg. Sale to Last Ask: 94.99% 94.45% 0.57% 94.45% 93.98% 0.5%
Avg. Days on Market: 154.06 132.76 16.05% 132.76 159.18 -16.6%