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FEBRUARY MARKET REPORT
FEBRUARY MARKET REPORT
AFTER A RECORD-BREAKING JANUARY, FEBRUARY CONTINUED THE STEADY TREND OF THIS MARKET.
In February 2024, we saw 12 house sales and 1 land sale, totaling $56.43M in transactions. February was flat compared to last year. February 2023 saw 7 house sales and 1 land sale, totaling $56.37M in dollar volume. As of February 29th, 2024, there have been 35 transactions YTD, below the 3-year average of 69. Meanwhile, YTD dollar volume is up to $166M, which is 81.8% higher than the 3-year average of $91.3M. January and February are traditionally the slowest months in the Nantucket Real Estate Market, but there were still a couple of interesting transactions this month:
• 6 Sheep Pond Rd sold for $600,000. This property initially came on the market in September 2023 for $2,295,000. Sheep Pond Rd has been experiencing heavy erosion over the last decade. There have been homes condemned in this area, and they even re-routed Sheep Pond Rd to provide a different access point as parts of the original road fell into the ocean a few years ago. This seller cut the price 4 times until finally finding a buyer for a price that reflects the risk of this house. This property is getting close to the water’s edge. Hopefully, the new owner gets a few years of use. This is the first single-family home to sell for $600,000 or less since 2019.
• 76 Eel Point Road closed for $12,000,000. This was a land sale in Dionis. The property is large, spanning 13.79 acres in a prime location. The property can be subdivided into 3 or 4 separate lots. This is one of the largest non-waterfront land sales in Nantucket real estate history.
As has been the case, despite lower transaction volume, market momentum continues, driven by higher average home prices. At this time last year, the average home sales price was $3.19M, and the average sales price thus far in 2024 is $4.6M. There have been 3 properties this year that closed for over $10M, one of which sold for over $25M, moving that average higher. We look forward to seeing how this market progresses as we approach the Spring listing season.
*Market data and analysis provided by GPP agent Ethan Ulmer*
YEAR TO DATE SALES AS OF FEBRUARY 29
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FEBRUARY MARKET REPORT
LAND SALES AS OF FEBRUARY 29 COMMERCIAL SALES AS OF FEBRUARY 29
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CURRENT
GLANCE $6.3M AVERAGE ASKING PRICE OF AVAILABLE HOMES 152 AVERAGE DAYS ON MARKET OF AVAILABLE PROPERTIES 16 NUMBER OF PENDING SALES 81 AVERAGE DAYS ON MARKET OF PENDING PROPERTIES $35M HIGHEST ASKING PRICE OF AVAILABLE HOMES
THE
MARKET AT A
HOUSE SALES AS OF FEBRUARY 29
GPP FEATURED LISTING
12 WEST SANKATY ROAD | $2,150,000
FEBRUARY PHOTO OF THE MONTH
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