“For the first time in 2023, the Nantucket real estate market surpassed $100 million in monthly sales volume during May.  This was led by one of Fisher’s transactions, and the highest sale on record along the island’s south shore, the $27 million sale of 25 Nonantum Avenue.  May transactions brought year-to-date figures over $300 million through 91 property sales, a decline of 45 percent for both transaction and dollar volume metrics from 2022.  It is the lowest transaction volume for the same period since 2009.  While inventory levels had been steadily rising and were 30 percent higher than 2022 levels just one month ago, this gap narrowed to only 20 percent higher in May 2023 versus May 2022.  This kept pressure on prices and buyers as seen in the eight properties that sold at 99 percent and up to 139 percent of the last listing price.  Interestingly, price adjustments rose, reflecting a potential inconsistency in pricing versus buyer’s perceived value, particularly at the high end of the market.”

Here are Fisher’s May market insights from Jennifer Shalley Allen…