September 2020 Nantucket Real Estate Market Insights

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SEPT 20

NANTUCKET REAL ESTATE Market Insights BY JEN ALLEN

MONTHLY SALES HIGHLIGHTS

HIGHEST SALE

$21,000,000

5 SHERBURNE WAY MARKETED FOR [272 Days]

As with many rural markets, Nantucket real estate is shattering historic sales records and is poised to set its highest annual sales volume in history. Monthly real estate sales in September were the highest ever recorded for any month, surpassing the previous monthly sales record (October 2018) by a whopping 63 percent. The $355 million in monthly sales through 113 transactions is more typical of what the island sees on a very healthy quarterly basis, but never before in just a single month. Third quarter sales volume totaled $655 million, bringing the market just shy of the $1 billion mark, after removing non-market rate transactions and foreclosures. The robust dollar volume can be attributed to a significant growth in high-end sales activity and an overall rise in buyer demand. Marketing times were at record lows, median home values set record highs, and property inventory continued to be limited. Here are Fisher’s September Market Insights…

$1,350,000

$2,800,000

11 ATLANTIC AVENUE MARKETED FOR [4 Days]

77 SQUAM ROAD MARKETED FOR [1,026 Days]

KEY MARKET STATISTICS ALL PROPERTY TYPES

FY 2020

Transactions

FY 2019

% CHANGE YOY

5-YEAR AVG.

337

281

20% d

314

$978,734

$651,757

50% d

$737,686

6.5

6

8% d

6.7

94%

93%

1d

94%

325

477

-32% f

417

Months Supply of Inventory

8.1

13.6

-40% f

9.0

New Contracts (Sept)

121

49

147% d

66

Dollar Volume ($in 000s) Avg. Months on Market Sale Price to Last Ask Price Active Listings (Sept)

NANTUCKET REAL ESTATE ACTIVITY THROUGH SEPT 2011–20

# of Transactions

© 2 0 2 0 F I S H E R R E A L E S TAT E

REVIEW

LONGEST SALE

Dollar Volume

FISHER’S

QUICKEST SALE

Dollar Volume per Quarter

Q1

Q2

Q3YTD

# of Transactions

(508) 228–4407 21 MAIN STREET, NANTUCKET, MASSACHUSETTS

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