Nantucket Real Estate Agent Blog

Nantucket Real Estate Listings Data May 15th 2011.

What Real Estate on Nantucket is Selling?

Since Jan 1st – there have been 101 closings of real estate on Nantucket all types of property (that includes – condos, land, single family, foreclosures).

• Avg. price of closings has been $1,266,757
• Median $852,500 (There have been many transactions in the year round market this winter).
• Avg days on Market 296

At this moment according to the Nantucket Listing Service there are 16 Properties that have accepted offers.  I am aware of 5 more that have gone under contract in the last 2 days (there are also a number of offers in negotiation at this moment).

• Avg. price is $1,075,438 (according to the listing service)

There are 33 Properties that have purchase and sale contracts signed with an avg. price of $2,301,152 and had an average time on market 209 days. The rise in avg. price is sign that the vacation market sales have begun.

For a total of 49 properties under contract or almost 10% of the market.

• See properties with offers on Nantucket.
• See properties with purchase and sale contracts.
• See what has sold in the last 30 days on Nantucket.

What Real Estate is for sale on Nantucket?

At this point there are LESS listings for sale on Nantucket then were for sale at this same time last year, almost 20% LESS.  Inventory is down often a sign of bottoming, transactions are up, but price per transaction averages are down.  We maybe seeing prices still falling. More likely the winter market brought on a lot of sales in the year round price point now that prices have fallen to a point were locals can qualify for mortgages and homeownership.  The up tick in activity over the last few weeks indicates the vacation real estate market on Nantucket is about to get VERY active!  Low inventory and pent up demand I believe is going to quickly lead to a bottom and up turn in the $1.8 million and up markets. 

Total Real Estate Listings for Sale on Nantucket – 512

• Avg. Price $2,168,573
• Median $1,462,500
• Days on Market 332

Single Family Homes for Sale on Nantucket  - 354

• Avg price  $2,637,132
• Median $1,912,000
• Days on Market 322

Land for Sale on Nantucket – 68

• Avg. Price $1,376,853
• Median $947,500
• Days on Market 363

New Listings last 60 days – 137

• Average Price $2,120,000
• Median $1,750,000

New to Market Listings on Nantucket (A listing is considered new to market if it has been off market for more than 60 days, there are many homes that were listed in last summer season, that have returned to market and are considered new by the data service).

Under $1,000,000 – 44 New listings under  1 million last 60 days

1Million - $1.5 – 18 New listings last 60 days

• Avg. $1,312,722
• Median $ 1,280,000

$1.5 to $2 million – 18 New listings last 60 days

• Avg. $1,769,417
• Median $1,785,000

$2 to $3 million  – 31 New listings last 60 days

• Avg. $2,663,548
• Median $2,649,000

$3 to $5 million – 13 New listings last 60 days

• Avg. $3,575,000
• Median $3,575,000

$5 to $8 Million – 4 New Listings last 60 days

• Avg. $6,773,750
• Median $6,622,500

$8 million plus – 9 New listings last 60 days

• Avg.  $11,859,444
• Median $9,950,000

Do you want more stats?  How does your Nantucket home fit into the market? Are you buying or selling a Nantucket home and want a perspective from an active agent since 1996.