FISHER’S
NANTUCKET REAL ESTATE
OCT ‘23 REVIEW
KEY MARKET METRICS
Market Insights BY JEN ALLEN 2023
ALL PROPERTY TYPES
% CHANGE YOY
5-YEAR AVG.
247
346
-29% f
416
$984,316
$1,267,884
-22% f
$1,219,457
3
2.4
25% d
4.4
Sale Price to Last Ask
97%
97%
0 r
95%
Active Listings
158
124
27% d
239
Projected Absorption
4
4.4
0% r
6.0
New Monthly Contracts
23
39
-41% f
55
Transactions Dollar Volume ($ in 000s) Months on Market
NANTUCKET REAL ESTATE ACTIVITY THROUGH OCTOBER 2013 - 2023
Dollar Volume
# of Transactions
Thanks to another solid month of activity in the upper end of the market in October, Nantucket real estate saw its second highest monthly dollar volume so far this year. Monthly sales included 43 transactions totaling $170 million, slightly lower than the previous high-water mark of $199 million set in September. On a cumulative basis for the 10 months ending October 31, 2023, there were 247 property transfers totaling $984 million, a decline of 29 percent and 22 percent from 2022. Though single-family home sales were the lowest they’ve been since 2011, the value of the units sold, particularly at the high-end, contributed handsomely to year-to-date totals. Inventory levels continued to rise while new purchase activity was well off previous year’s activity. Here are Fisher’s October Market Insights…
2022
Dollar Volume per Quarter
Q1
Q2
Q3
Q4YTD
# of Transactions
MONTHLY SALES HIGHLIGHTS
HIGHEST RESIDENTIAL SALE
HIGHEST LAND SALE
LONGEST MARKETED PROPERTY
$11,995,000
$10,000,000
$1,475,000
29 ORANGE STREET MARKETED FOR [23 Days]
64 & 66 BAXTER ROAD MARKETED FOR [60 Days]
14 SILVER STREET MARKETED FOR [671 Days]
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FISHER’S OCT ‘23 REVIEW Market Insights BY JEN ALLEN SINGLE-FAMILY DATA REVIEW REDUCED VOLUME BUT VIBRANT HIGH END
2023
Transactions Total Sales Dollar Volume
2022
% Change
5 Year Avg.
36
37
-3% f
52
$146,922,000
$173,538,250
-15% f
$204,856,940
Avg. Selling Price
$4,081,167
$4,690,223
-13% f
$3,959,462
Median Selling Price
$3,575,000
$3,600,000
-1% f
$2,973,000
Avg. Months on Market
3.0
1.8
66% d
3.5
Avg. Price as % of Last Ask
96%
97%
-1 f
96%
Avg. Price as % of Original Ask
91%
94%
-3 f
92%
Avg. Price as % of Assessed Value
161%
188%
-27 f
156%
• Although property inventory remained closer to historic lows than more recent highs, inventory stood approximately 27 percent higher than one year ago. As of October 31, 2023, there were 158 properties listed for sale including residential, commercial, and vacant land listings. The total months’ supply, or how long it would take to sell all listings based on trailing 12-month sales, measured five months for residential properties, six months for vacant land and just one month for commercial properties.
• Single-family home sales (excluding condos, co-ops & covenant properties) during the month of October measured 36 transactions totaling $147 million. Although this represents a 3 percent and 15 percent respective decline from October 2022 figures, the dollar volume was the second highest posted so far this year thanks to a handful of higher end transactions. This activity brought the year-to-date total to 185 single-family home sales totaling $837 million through October 31, 2023. This represents the lowest number of homes sold since 2011. As a point of reference, the dollar volume for the 199 homes sold through the same period in 2011 was $326 million.
NANTUCKET PROPERTY INVENTORY
INCREASE IN LISTINGS, PARTICULARLY AT THE HIGH END
• In reviewing single-family homes available properties by price point, every price point saw a modest increase from 2022 levels except for properties listed for less than $1 million, of which there was just one. The largest year-over-year increases in inventory occurred at the upper end of the market, particularly for homes listed for more than $10 million. As I’ve detailed in recent months however, this segment of the market continues to see solid transaction activity. 2021
CONTRACT ACTIVITY
2022
2023
• Whether it was due to limited inventory, current interest rates, a misalignment of pricing to value or some combination of these factors, monthly contract activity was well off prior year’s volumes. Recorded contracts (Offers to Purchase and Purchase & Sale Contracts excluding duplicates) for the monthly period ending October 31, 2023, totaled just 23 properties, down from the 33 reported one year ago and down from 52 contracts in October 2021.
NEW PURCHASE ACTIVITY DWINDLED
• Most of the contracts booked in October, 31 percent, were for properties last priced between $2 million and $3 million, notably higher than the 18 percent for this segment in 2022. New contracts for properties listed between $4 million to $5 million represented the next highest price point for new contracts while contracts for properties priced above $10 million represented 13 percent of new activity. • Considering preliminary November sales data shows $83 million in recorded sales, the Nantucket market will definitely surpass $1 billion but will likely fall short of the $1.63 billion from 2022 and certainly the $2.3 billion from 2021. August
September
October
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