Nantucket Real Estate: $1 Million and Under Moving Fast

Of the 75 properties currently under contract on Nantucket, 18 of them were listed for $1 million or less (27% of pending sales).  In the $1-$2 million range, there are 28 properties under contract (38% of pending sales).  So a full 65% of all properties currently under contract are listed for $2 million or less.  It is no surprise that this sector is the fastest moving part of our market this season.  When a listing hits the market and it is priced correctly it generates interest from multiple buyers.

The market has been slower in the higher price ranges, likely in response to aggressive pricing on the part of sellers and buyers who are resisting and feeling no urgency to buy.  Properties under contract between $2-$3 million constitute only 15% of pending sales and properties between $3-$5 million 23%.  As of today, there is only one property over $5 million that is under agreement, quite a contrast to last year at this time.

As for closed sales through the first half of the year – there were 155 sales of $1 million or under with an average time on market of only 176 days.  Compare this to 2018 with 214 sales under $1 million and an average time on market of 201 days.  Here is little graphic that shows the last five years in this price range.