March Market Insights - Nantucket Real Estate

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NANTUCKET REAL ESTATE Market Insights BY JEN ALLEN MONTHLY SALES HIGHLIGHTS

LOWEST HOME SALE

HIGHEST HOME SALE

$10,250,000

$799,000

$2,800,000

2 ANNA DRIVE #5 MARKETED FOR [23 Days]

FISHER’S

68 NOBADEER AVENUE DIRECT NILB PURCHASE

KEY MARKET STATISTICS

REVIEW

ALL PROPERTY TYPES

FY 2022

Transactions

FY 2021

% CHANGE YOY

5-YEAR AVG.

85

153

-44% f

102

$267,061

$352,873

-24% f

$241,226

2.7

6

-55% f

6.4

96%

94%

2d

94%

Active Listings (March)

67

132

-49% f

200

Months Supply of Inventory

1.2

2.2

-46% f

6.3

New Contracts (March)

28

50

-44% f

32

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

NANTUCKET REAL ESTATE ACTIVITY THROUGH MARCH 2011–22

# of Transactions

Dollar Volume

MAR 22

2-6 HIGHLAND AVENUE MARKETED FOR [300 Days]

Two years ago, the Nantucket real estate market was all but at a standstill. One year ago, all cylinders were firing, and the market was positioning for its most remarkable year yet. This year, transaction activity has been suppressed, only by limited inventory, while property values continue to impress. Through March 31, 2022, there were just 85 transactions, but total dollar volume was $267 million. This represented a respective decline of 44 percent and 24 percent from last year’s record first quarter performance. From the five-year average, this represented a transaction decline of 17 percent but an increase of 11 percent on a dollar volume basis and is significantly more in dollar volume than the last prepandemic first quarter periods with similar transaction values (2017 & 2019). Given severe inventory constraints against persistently high demand, this trend in reduced transaction volume but solid dollar volume is one that will likely continue throughout the year. Here are Fisher’s first quarter market insights…

HIGHEST LAND SALE

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

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

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