Nantucket: Top O’ The Market

Catboat in Harbor

In 2014 there were 30 sales over $5 million on Nantucket.  Of these, 7 properties never hit the open market.  The dollars represented by these 30 sales were over $282 billion, accounting for 29% of all sales dollars on Nantucket in 2014.  There were 24 residential properties, 3 parcels of vacant land, one multi-unit condominium property and 2 commercial sales.  The average time on the market for these listings was 238 days and the average selling price, as a percentage of list price, was 95%.  Only 12 of these sales occurred during the first half of 2014.  The other 18 were between June 30 and the end of the year.  Here is how they break down by price sector:  $5-6 million – 10 sales, $6-7 million – 6 sales, $7-8 million – 3 sales, $8-10 million – 2 sales, $10-12 million 4 sales and over $12 million – 7 sales.  The majority of these hyper high-end properties were located directly on the water (10 properties) or had strong water views (11 properties); and four of the sales were of multi-lot vacant land subdivisions, many of which are currently being built out.  Two of the sales were for completely renovated homes in Town with the most current in features and amenities.  The residential sales over $5 million averaged over 6,500 square feet of living area.  It was no surprise that most activity was in the Cliff area with 11 sales, followed by Town with 7, two sales each in Pocomo, Polpis and Shimmo and 1 sale each in Dionis, Madaket, Madequecham, Mid-Island, Monomoy and Squam.

To date in 2015 there have been 11 sales of properties over $5M, all residential except for one commercial property.
There are currently 65 properties (63 single family residences and 2 parcels of vacant land) listed for sale over $5 million.  The average time on the market is 207 days.  There are 17 properties listed between $5-6 million, 10 between $6-7M, 9 between $7-8M, 5 between $9-10M, 6 between $10-12M, 4 between $12-15M and 10 between $15-35 million.  Of these 65 properties, 15 have been listed for sale for more than one year and two have them have been listed for sale for over three years!