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The Nantucket Life

Market Analysis

Jordan Real Estate is a Realtor Agency and our Brokers and Sales Associates are members of the National Association of Realtors, the Massachusetts Association of Realtors, the Cape Cod and Islands Association of Realtors, and the Nantucket Association of Real Estate Brokers.

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Our team of brokers and agents will prepare a full written presentation with an opinion of value based on current market data in order to establish the correct pricing of your Nantucket property

 

Q1 2022 Real Estate Market Review

We are in Post-ish Covid times, and it sure is wild. When you look at the first quarter of 2022 in comparison to last year it seems like we will never be able to compete with that housing boom but, the very aggressive start to the second quarter seems to be making up for the slow start of 2022. In April alone we’ve had close to a quarter of a billion dollars in sales. Many of these sales did not even hit the open market. Many properties that are officially listed are under agreement in a very short time. Recent examples of this are 111 Hummock Pond Rd and 24 Lovers Lane, which both had offer’s in place the same day they were listed. Of the April sales, nearly a third were never listed in Nantucket’s real estate listing service.

A notable takeaway is that there was only a single residential sale under a million dollars this year in the first quarter, where last year there were 149 sales in that price point in the same time frame. Currently there are only two properties on the market for under one million dollars and only 12 properties under two million.

The first quarter of the year always tends to be sluggish due to Nantucket’s desolate winter season and lack of inventory. When the temperature heats up so does the real estate market. We saw a huge turn out for Daffodil weekend marking the first of Nantucket’s festivals to return after a two year hiatus, and the season is looking like another busy one. We are in a fast moving seller’s market so if you are interested in seeing what your property is worth contact us today and speak to one of our island real estate experts.

Recent Notable Sales

 

 

2021 Year End Market Review

2021 proved to be another banner year for Nantucket real estate surpassing its previous years record with $2.3 billion in sales volume. Several factors contributed to this, low interest rates, wealth accumulation and the pandemic. I believe the pandemic has been the main driver these past two years. It has forced folks to stop and assess what is most important in life, which is family, friends, safety, security and nature. What better place than Nantucket to retreat with loved ones and create this oasis. Being 30 miles out to sea has its limitations and frustrations, reside here for a while and you will quickly come to realize one can’t always come and go at one’s whims, “Mother Nature” has total control of that. On the flip side, there is comfort in the isolation, a sense of removal from the rest of the world and its problems. The pandemic steered a new work course for many. Working from home became the norm, allowing many to live wherever there is a strong internet connection. Nantucket’s natural beauty, open spaces, sophistication, and safety encouraged those that had existing homes to retreat here and those that were considering a purchase on island to move swiftly. With limited supply and high demand, a strong sellers’ market was generated. Listings sold quickly, some never made it to the open market prior to selling and multiple offers were commonplace with numerous sales over list price. The demand continues to exceed the supply with available properties at an all time low. Owners that might consider selling to then purchase either a smaller or larger home on island have few options and are sitting tight, further limiting potential listings.

Nantucket has proven to be one of the best investments many have made with a return further enhanced by a lifestyle rich in beauty, safety and quality experiences shared with family and friends. Can this vigorous real estate market continue? With limited supply it will be difficult to generate a high number of sales and dollar volume, yet the demand persists with buyers anxiously waiting on the sidelines for their piece of paradise.

If you're in the market for your slice of paradise or looking to cash in while the market is at its peak contact us today for our sales team's expertise in buying and selling in Nantucket's unique real estate market.

2021 New Records
5-year Dollar Volume
Sales Vs. Inventory
2021 Sales by Segment
# of Sales per Price point
Price Point Comparison
Five year appreciation rate
Single/multi family sales summary

Q3 Market Snapshot

Just because the weather’s cooled doesn’t mean that Nantucket’s real estate market has. The numbers are out, and there’s nothing chilly about them. Nantucket is a unique market, and while other areas may show signs of slowing, Nantucket’s market is holding strong.
One of the major factors in keeping our market robust is the lack of inventory. At the publish date, there are currently only 108 properties (land, commercial and residential) available for sale, even fewer available properties in turn-key condition. Furthermore, there are only 23 residential listings under two million dollars and only two under a million.
New Buyers are eager to get into the market, while existing owners are hesitant to sell, either not ready to leave the island, or able to find a suitable alternative property. While the market is still strong, inventory continues to decrease maintaining a “seller’s market”.
Another extremely notable takeaway from the YTD statistics is the appreciation rate. Over the last few years a Nantucket property with little to no improvements has appreciated by roughly 70%. Check out the snapshot below for additional insight into Nantucket’s real estate market. Whether you are a buyer or a seller, a property on Nantucket persists in being a strong investment.

 
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Link Quarterly Comparison by Property Type
Dollar Volume Year to Date
Number of Sales vs. Inventory
Q3 Inventory activity
Price Point Comparison
Number of Sales per Price Point
LINK 5 year price index appreciation rate

 

 

 

Q2 Sales Market Snapshot
 

Not only is the temperature hot hot hot but so is Nantucket’s Real Estate Market. I’m talking pure capsaicin level hot! Properties are selling on average at above 97% of the listing price.
But anything under 2 million is flying off the shelves and going at full ask with back up offers and sometimes a bidding war. Inventory is very low and demand is through the roof.
Buyers are prepared to pay top dollar for done, move in ready properties. In conclusion we are in a sellers Market.
Be prepared to make very strong offers with little to no contingencies.
 

Q2 Inventory Activity
Dollar Volume YTD

Q2 Sales by Segment

2021 Sales Percent of Asking Price

Number of Sales per Price point

Q1 Sales Market Snapshot

Although we have entered 2021 with pandemic fatigue, home buyer activity has not slowed down. This years first quarter is showing rapid growth in home sales and prices as low inventory combined with high buyer demand creates strong competition. Home inventory will increase but it will remain a sellers market. Interest rates may rise slightly but are expected to remain relatively low.

For todays buyer working with an experienced real estate agent is key to receiving valuable insight, market information, current listings and expert negotiation skills. In the current market a mortgage pre-approval is a necessity for a buyer. It indicates a buyer is prepared, ready to buy and a safe bet to follow through with the deal. Forget the lowball tactics. In a sellers market submitting an offer well below list price is probably going to be a waste of time. With sellers receiving multiple offers don’t be shocked to pay more than the asking price. Speak with your real estate agent about the best pricing strategy.

Sellers can feel pretty confident about 2021. There are still plenty of buyers in the market and not as many sellers to compete with. Working with an experienced agent will enable you to set the best home price and secure the right buyer.

To ensure a positive experience when buying or selling your home partner with a professional agent. Jordan Real Estate is here to guide our clients every step of the way. Our highly responsive and efficient agents provide our clients with the information they require to make informed decisions and accomplish their buying and selling goals.

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Q1 Dollar Volume Comparison
Q1 Sales Comparison
Q1 Dollar Volume by Segment
Q1 2-year sale comparison
Q1 Price Point Comparison
Q1 Land Sales

 

 

The Year In Review

2020……Do we really need a recap? I certainly don’t need to reminisce, and I doubt anyone needs or wants a reminder. 2020 happened. Let’s move on.

One of the bright spots of 2020 was the Nantucket Real Estate Market. 2020 brought record numbers in all categories. We had a record number of sales (679) resulting in a record dollar volume year ($1,895,472,500). It is hard to boast an incredibly lucrative year when many other industries did not garner the same results of the global pandemic. Fortunately for Nantucket, the world’s reaction to flee from congested cities and small apartments led to a housing boom and more and more families calling Nantucket their long-term vacation/work from home destination. Hopefully, this intense market helped keep Nantucket’s other industries afloat. This past summer, it felt like we ran out of homes to both sell and rent, and the minute they became available they were scooped up. Things got aggressive and the way things are going this winter, the coming season is looking like it will be more of the same.

We have already had numerous requests for rentals this upcoming summer and it seems we get more everyday, so if you are a homeowner that can’t be here for the entirety of the summer, contact us and we can walk you through the rental process. We don’t have a crystal ball, but the sales market doesn’t look like it’s going to change much… Nantucket is a hot commodity. If you are thinking about buying, selling, or upgrading, contact us today to speak with one of our knowledgeable brokers who will help make the process easy.

 

 

Q3 2020 Real Estate Market Snapshot

Holy September....
We are running out of inventory! Nantucket's Real Estate market is on fire.  We have already reached 2019's yearly dollar volume with still another three months to go.  Who knew what to expect when the pandemic hit in March, but no one could have predicted this.  The statistics indicate that the biggest demand has been for properties in the five to ten-million dollar range.  Family compounds have been a big hit this summer for both rentals and sales.  Travelers wanted the whole nine yards so they didn't have to leave their COVID-free bubbles.  They wanted a pool, an office, a cottage for the in-laws, a weight room, and a game room for the kids.  People wanted turn-key and as soon as possible.  We saw many life-long rental clients pull the trigger and buy something so they could stay for the duration of the summer and into the foreseeable future.  Rentals with an office was a newly marketable amenity this summer.   

Traffic has finally slowed down for sure around here.  There is more parking available, more variety at Stop and Shop,  more room to spread out at the beaches, but there are still plenty of buyers making trips to find their summer sanctuary.  Call us today if you are looking for your summer 2021 rental, your forever home, or would like an opinion of value on your Nantucket property.  Inventory is low and demand is high.  A great time to list and sell!

Q3 Dollar Volume

Q3 Comparison

Q3 Price Point

Quarterly Sales by Volume

Sales by Area

 

 

 

Q2 2020 Real Estate Market Snapshot

Coming in a little late, but better late than never.  This summer has been BUSY!! When looking at the statistics remember that two full months of the second quarter, we were in the midst of a global pandemic.  I believe the next quarter is when we will see the real intensity of our current market.  With the pandemic came a lot of uncertainty.  There is still uncertainty, but the one thing that is absolutely clear is that we have been handed a new and different lifestyle.  Families have been able to slow down and spend more quality time with each other.  People that live in cities and hot spots started to think about moving to places with more land and more room to work and play.  We have learned to work remotely, go to school remotely, and order anything and everything online.  Folks from all over have realized that they don't have to go to an office to get things done.  People have come to grips with the fact that they may never have to go to a city office in the middle of the summer again. Instead they can work from their new coastal vacation home on Nantucket.  Nantucket real estate is strong and selling quickly, so if you've had these same thoughts get in touch with one of us today!

Q2 2019 Segment percentages pie chart

Q2 2020 Segment percentages pie chart

Q2 2019 Sales by Price pie chart

Q2 2020 Sales by price pie chart

Q2 2019 Residential sales by area

Q2 2020 Residential Sales by area

Q2 Average Sale 2019/2020 Comparison

Q2 Dollar Volume 2019/2020 Comparison

 

 

 

 

Q1 2020 Real Estate Market Snapshot

We have some good news from 26 Miles out to sea. 

It’s hard to believe that the first quarter is complete and while it seems like the world has stopped spinning, Nantucket is proof that it still is.  The first quarter shows that we are right in line with 2019 which proved to be a billion dollar year.  
While we don’t have a crystal ball, the Jordan team’s general consensus moving forward into Quarter 2 is that the market will likely slow down due to this pandemic but, Nantucket is like a Jeep Wrangler: It holds it’s value.  We have found that visitors are looking forward to coming.  We have seen people looking to extend their leases and spend the entire summer here.  We’re finding that people who weren’t planning vacations until late summer are looking to come sooner.  We are starting to see that potential buyers who maybe were not ready to pull the trigger are becoming more serious.  We don’t know what is to come in terms of restaurant restrictions and passenger limitations etc, but we do know that people love Nantucket and want to be here.   Things are more uncertain than ever now but, Nantucket has weathered many storms and for now is holding strong.  

 

 

 

2019 The Year in Review

Another Billion-Dollar Year in Nantucket Real Estate!

It's official... Nantucket is still the place to buy real estate.

Every year Nantucket exhibit's a new real estate trend.  Some years buyers want antique homes, some years it's a particular location. 2019's trend was turn-key with a pool.  (That doesn't mean that there isn't a buyer for your antique home.)
This was the first year of the short-term rental tax, and we did see a slight effect on the rental market.  Most homeowners were wise to not raise rents, as the 11.7% tax was enough of an extra expense for rental clients. 
Homeowners:  It's always good to know the value of your home.  So if you are interested in selling, or just looking at your options, contact us today and speak with one of our Brokers about doing a complimentary comparative market analysis for your property.  Take a look at the following for a snapshot of the Nantucket Real Estate Market.  For full market reports, contact us to have one of our agents register you onto our Nantucket MLS site.  

Questions? Call Jordan Real Estate Today