Nantucket Real Estate Market Report

Windy and Wet best describes our Nantucket weather last month with enthusiasm for island-living never dampening. Parking became easier, rotaries were less gridlocked and we dined without a reservation or having to stand in line…what a fantastic prelude to Fall. While not enjoying the dollar volume or number of closings seen in September 2016 or 2017, last month’s closings were the most since February with dollar volume the highest this year.

september-salesWith 6 fewer closings and $55.68M less in dollar volume (-31.8%) than a year ago, September closings were at their lowest level in 6 years for September – the same downward trend we saw in May, June, July and August.  Dollar volume was also lower than it was in 2017, just like in May, June, July and August. Last month 55.8% of the residential transactions closed for between $1M and $2M and 18% of sales closed for more than $3M.

Average residential prices were $212,498 lower in September than a year ago with only 4 properties selling for more than $4M compared to 8 selling above this price point last year.

For the first time this year, year-to-date dollar volume is lower than last year with Q3 2018 now the lowest dollar volume 3rd quarter in 5 years with the least number of closings since 2012.

With 31 more properties on-market than a year ago at this time (45 more residential) buyers continue to have plenty to choose from. Competition for buyer attention has increased, sales haven’t.

Average residential sale prices to original ask is 87.7% year-to-date and 197 days on market, so proper pricing continues to matter if you want to sell…

 

Nantucket Real Estate Market Update September 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%