May 2024 Market Report

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M AY M A R K E T R E P O R T

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MAY MARKET REPORT

Transactions are down 31.3% for the month of May and 16.7% YTD. Meanwhile, dollar volume is down 35.2% for May and 12.2% YTD. May was lighter than last year; however, looking at YTD numbers provides a better indication of the market as a whole. While we are slightly down on the year, there are currently 43 pending sales, and several large transactions have either closed or are under agreement and closing in the coming months; it will be interesting to see how these larger transactions affect our year in terms of keeping up with 2023.

Typical of the Nantucket’s Spring real estate market, May provided an influx of new inventory. At the time of writing this, there are 228 properties for sale on Nantucket, the highest total we have seen in May since 2020. This is nice to see, as the island real estate market has lived in a low inventory environment since the height of the pandemic. Pre-pandemic, the average spring inventory on Nantucket hovered around 300 listings. While we remain lower than our historical average, seeing more inventory on the market is refreshing. Nantucket’s popularity exploded during the pandemic, and it is difficult to imagine we will ever return to an environment where there are 300+ homes on the market at once. While inventory is increasing, so are asking prices. The average asking price is currently $6.1M, while the average sales price YTD is $3.98M. Additionally, there has been an uptick in $15M+ homes being quietly available off-market in Town. Since hearing that 72 Main Street, a truly grand Main Street home, which was listed for $25,000,000, is under agreement, brokers have seemingly reached out to their clients, suggesting they can sell for higher than what comparable sales would suggest. 72 Main Street has yet to close, but other than this property, the highest sale on Main Street in the last three years was 105 Main St for $6,950,000, and the highest sale ever was the “East Brick” at 93 Main Street, which sold for $10,500,000 in 2007. We will see if 72 Main Street is a one-off transaction or if a rising tide truly lifts all boats. Time will tell. *Market data and analysis provided by GPP agent Ethan Ulmer*

ALL SALES AS OF MAY 31

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MAY MARKET REPORT HOUSE SALES AS OF APRIL 30

LAND SALES AS OF APRIL 30

COMMERCIAL SALES AS OF APRIL 30

THE CURRENT MARKET AT A GLANCE

$6.1M AVERAGE ASKING PRICE OF

130

AVERAGE DAYS ON MARKET

26

AVAILABLE HOMES

OF AVAILABLE PROPERTIES

PENDING SALES

NUMBER OF

93

AVERAGE DAYS ON MARKET

226

OF PENDING PROPERTIES

PROPERTIES

AVAILABLE

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GPP FEATURED LISTING 42 SHIMMO POND ROAD | $28,000,000

MAY PHOTO OF THE MONTH

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