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
2022 Q3 Market Snapshot
It’s fall on Nantucket and you know what that means…cooler, crisp days and nights, scallop season, less traffic, colorful moors, a time for the locals to kick back and recharge. We’ve been lucky here to have some 65 degree days that are nothing short or perfect!
As in most parts of the U.S. the Nantucket real estate market is transitioning from the “Covid Boom” to a new normal. While not as explosive the market still remains robust. Well priced properties continue to move quickly, some with multiple offers. Properties not in tune to the current markets pricing will need to readjust to capture a buyer.
There is uncertainty throughout the economy and it’s having an impact on the market. Higher than expected inflation and interest rate hikes are a contributing factor. Prices are beginning to stabilize but continue to remain strong. One of the biggest drivers of prices is inventory. Limited supply and high demand assist in maintaining value. Nantucket’s natural beauty, sophistication, safety, limited supply and demand, and attraction of the uber wealthy makes the island a sound and secure investment.
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Q2 2022 Real Estate Market Review
As the time flies so does what remains of sales inventory.
The lack there of is keeping the price point high. We seem to be getting back to a pre-covid real estate market. While most of the country is experiencing a downturn in the real estate market, Nantucket seems to be experiencing more of a plateau. We are starting to see some price adjustments, which is something we haven’t really seen in the last two years. And with interest rates nearly doubled from last year the under two million category has not been scooped up as aggressively. It also seems as though the new Nantucket buyer seems less concerned with the location of their new purchase as they are with the house itself. Buyers are looking for new build homes with high end finishes and of course, the ever popular pool. One of the interesting takeaways from the Q2 statistics is that so far this year there have been 11 sales over 10 million dollars and alternatively only two listings currently on the market for less than a million.
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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.
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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.
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Q3 Market SnapshotJust 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.
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Q2 Sales Market Snapshot
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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!
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!
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.
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