Well… the groundhog did say six more weeks of winter… but we have only seen a handful of days above 50 degrees and summer sure is taking its sweet time to arrive. Hopefully, when the climate heats up so will the real estate market. Things have adjusted since the multi-year covid induced frenzy that was the Nantucket Real estate market. We are down almost 50% in sales to 2022’s first quarter, but rest assured the first quarter months on Nantucket are not the sole indicators of how the market will shape up for the year and it is still a very good time to sell your home. Inventory, while definitely getting better, is still very low which makes it a sellers’ market. Before the Covid boom, Nantucket homeowners were moving around in the Market. Sellers were trading up or down based on their individual needs. Those moves are harder to come by post covid and now sellers are holding on to their properties. After the first quarter was said and done we have started to see some price adjustments. Some sellers had unrealistic expectations based on the real estate frenzy established by Covid and are now having to adjust their pricing. Inventory that is priced for today’s market is moving quickly. We thought with interest rates rising that we would see properties listed under 2 million slowing down but that has not been the case. There are so few properties listed under 2 million and they are moving very quickly. What we have learned from the “new Nantucket buyer” is that the neighborhood or island community doesn’t matter as long as they can build their dream home perhaps with a pool. And those entering the Nantucket Market at under 2 million are confident that their investment is safe and will appreciate.
The rental market has also slowed in comparison to the last 3-years. There are a few things that could be contributing to this. During the high times of the COVID boom, vacationers were spending long periods of time here. With greater demand for long term rentals homeowners raised their prices significantly. With difficulty in securing ferry reservations as well as restaurant reservations, along with the accompanying high costs of travel and dining, potential renters are choosing more affordable options elsewhere. Add to this the fact that there is simply too much rental inventory right now. With the Pandemic Panic in the rear-view people are traveling more and their Nantucket summer vacation has returned to the average one or two week stay. Travelers book their vacations a year in advance and when booking last summers vacation covid travel was still unknown, so people leaned towards the safety of Nantucket.
Notable Real Estate Activity,
The Brant- The home of the former Brant Point Inn and Nantucket’s new venture in “fractional ownership”. Owners can buy into the 58-member club at 500,000k which will get them a one-bedroom hotel suite with kitchenette and 45 days of occupancy a year. Additional amenities include a member only clubhouse with a bar/lounge, pool, access to jeeps, etc.
41 Jefferson listed in May 2022 at 39 million. A year later the price has decreased by almost 10 million and is now offered at $29,975,000
10 Pippens Way sold August 2020 for $5,550,000, hit the market again this may for 8.5 Million and went under agreement the same day.
6 Fair Street - Downtowns eye sore and probably the most celebrated real estate transaction on island was listed at $1,795,000 last month, under agreement within a few days finally selling at 700k over ask.
1 Farmview Drive sold in November of 2020 for $3,380,000. This property got a sexy modern face lift, an added garage and the always sought after pool and hit the market again this spring at $11,895,000.
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