FISHER’S JANUARY ‘23 REVIEW Market Insights

BY JEN ALLEN

Vacant Land Sales Activity

PRONOUNCED DECLINE IN ACTIVITY FROM 2022

• Vacant land sales were markedly lower in January 2023 as compared to 2022, and just slightly below the five-year average, driven by the fact that just 13 parcels were listed for sale.

• Both transactions that took place were private sales, rendering no Month on Market data for these sales.

• The $1.9 million sale of 39 Cannonbury Lane represented a 37 percent annualized return since its previous sale in April 2021.

Residential Sales Activity

HOME SALES SAW LESS OF A YOY DECLINE

• Single-family home sales (excluding condos, co-ops, multi-family & covenant properties) during the month of January declined less than land sales, down just 24 percent on a transaction basis and 21 percent on a dollar volume basis from 2022.

• The wide range in sale prices -- $650,000 to $12 million – resulted in a lower median home sale price but a rise in the average sale price. With more data in the coming months, we will be able to extract more information from these metrics.

• Sales metrics remained vibrant across the board.

Contract Activity Steep Decline In New Contracts

• In what could foreshadow 2023 activity, new monthly contract activity was well below last year’s volume and pre-pandemic norms. Recorded contracts (Offers to Purchase and Purchase & Sale Contracts excluding duplicates) totaled just five properties, markedly below all previous records.

• Of the few new contracts, four were for properties last listed below $3 million and one was for the highest sale of the month at 34 Brewster Road.

• Time will tell if buyer motivation increases with spring listing activity.

Nantucket Property Inventory

HIGHER THAN 2022 BUT WELL BELOW THE NORM

• Although property inventory remained at historic lows, there was a slight increase from 2022 levels. As of January 31, 2023, there were just 86 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 two months for residential and vacant land properties, and seven months for commercial properties.