Q1 FY 2021
State of the Nantucket Real Estate

Approximately one year ago today, there were serious concerns as to where the Real Estate Market in Nantucket was heading. As we reported on our Q2 FY’2020 Analysis, “the Nantucket Real Estate market saw an across the board decline on all sectors, from Commercial and Land Sales to Single Family houses.” At that time, sales of commercial properties saw the greatest decline, 80%, for the second quarter of 2020 as compared to the same period in 2019. Further, single family home sales saw a decline of 23% year-to-year.

Today, the picture is completely different fueled primarily by the desire of home owners to have a place where they can enjoy their lives isolated from a Global Pandemic. We are happy to report that Real Estate sales of single homes in Nantucket today could not be any stronger. During the first quarter of the year, Q1 FY’2021, activity soared to 153 transactions totaling $352.9 million in sales, a respectable 109 percent increase from one year ago, see Figure 1 below. That is certainly good news for Sellers. Nevertheless, Buyers will have a harder time finding their ideal home as inventory levels have dropped to an abysmal 143 properties a decline of 50% from previous years.

However, in terms of both median and average sales price, things look a little brighter for BUYERS. Bothe the median and average price of a home in Nantucket has fallen from their peaks in Q4 FY’2020 to an average median and sales price of $ 1.975 M and $ 2.6 M respectively, see Figure 2. Nevertheless with the beginning of the Spring and Summer buying season, we fully expect thyat the inventory situation will improve providing buyers with a wider selection for their ideal summer vacation home.

Nantucket Market Overview Q1 FY 2021

Graphical representation of Nantucket Sales Q1 Fy2021
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