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.
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
2023 Q1 Market Review!
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.
2022 Year in Review
What goes up must come down – perhaps. After the upsurge of sales in 2020 and 2021 resulting from the pandemic, Nantucket real estate began to level off in 2022 displaying statistics more commensurate to the pre-pandemic market. 2022 exhibited a 29% decline in dollar volume and 41% fewer transactions over 2021. Despite the decline in dollar volume and number of transactions the average sale price was up from $2,832,000 in 2021 to $3,448,000 in 2022. Curiously the number of transactions in 2022 were like 2019, yet the dollar volume was 60% higher, an indication of the significant influence the past two years contributed to the escalation of property values. The main contributing factor to continuing appreciation is the low supply of inventory and strong buyer demand. With a short supply of inventory in 2022 home sales dropped but increased appreciation culminated in a strong dollar volume, resulting from several high end and uber-high end property sales. A significant change in the market is the lack of entry level homes, properties under $1,000,000. The past 6 years has recorded a serious decline year after year phasing out this price point creating grave consequences for Nantucket’s work force. To summarize, Nantucket is an incredibly beautiful, unique and special island high in demand with limited real estate opportunities. These characteristics continue to keep the value up and investment secure.
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.
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.
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
21 Lincoln Ave
$36,000,000
The highest sale ever recorded on Nantucket to date. This property was last sold in November of 2012 for $14,025,000, a 250% increase in ten years.
4 Middle Valley Rd
$25,000,000+
A rare, harbor front 4.0 acre parcel with private stairs to the beach. The buyer is expected to purchase the adjoining lot for an additional $13,000,000; raising the price to $38,000,000 and taking the top spot of highest sale.
7 Heather Lane
$18,875,000
Stunning views from one of the last remaining vacant lots in the coveted sound front Cliff area. This vacant lot was last purchased in September of 2010 for $12,000,000.
35 Shawkemo Road
$15,250,000
Stunning and secluded estate nestled within one of the most private and desirable areas on Nantucket Island.
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.
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.
Recent Notable Sales
Jordan Real Estate sold 2 Winn Street as a new build in July 2019 for $4,775,000. We recently sold the property again this October for $6,250,000. That’s a 76% appreciation in just over 2 years.
2 Wood Lily in Beach Plum Village sold as a new build in 2018 for $2,000,000. At the time, it was one of the most expensive homes in the development. This October it was sold again for $2,850,000, a 70% appreciation.
In December 2018 49 Pine St. sold for $2,450,000. Yesterday the property transferred again at $4,025,000, a 63% appreciation and $30,000 above the listing price.
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.
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.
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!
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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