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Nantucket Monthly Market Update, February 2022

Stories

Market Insights

Jen Shalley Allen
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“After a very strong start to 2022, February sales were indicative of the strong imbalance in demand versus supply.  For the month ending, February 28, 2022, there were just 16 transactions totaling $58 million in dollar volume. This is a respective decline of 60 percent and 44 percent from February 2021 and a dramatic reduction from what we saw just one month ago.  However, these monthly figures are more in line with what the Nantucket real estate market saw prior to its meteoric rise in 2020 and could suggest that real estate markets will be forced to come back to reality with the lack of inventory.  

 
The highest sale of the month was the $11 million sale of 18 Rabbit Run.  This waterfront property in Shimmo was initially sold as a new construction property in 2012 for $6.7 million.  It resold in 2016 for $8.5 million and again in February 2022 for $11 million.  This represented a five percent annualized return throughout the various transactions.  The $7.55 million sale of 6 Kite Hill Lane tells a similar story with an annualized return of six percent since it’s last sale in 2012. 
 
The average marketing time for February sales was a remarkably fast two months while sales prices to the Town’s assessed value continued to climb.  New inventory trickled to the market with 20 new listings while contract activity dipped due to inventory levels that are 60 percent lower than one year ago.  Our full February recap will be available mid-March on our website.” Jennifer Shalley Allen
 
New Listings
$1,495,000 23 West Chester Street #6
$1,695,000 38 Chuck Hollow Road
$1,745,000 5 Surfside Road
$1,795,000 7 Dooley Court
$1,895,000 11 Waydale Road
$1,995,000 9 Hinsdale Road
$1,995,000 13 Bartlett Road
$1,995,000 4 Westerwick Drive
$2,795,000 73 Vestal Street
$3,090,000 55 Nobadeer Avenue
$3,295,000 196 Hummock Pond Road
$3,295,000 2 Nautilus Lane
$3,695,000 6  Whitetail Circle 
$3,795,000 6 Seven Mile Lane
$4,295,000 14 Tripp Drive
$4,495,000 134C Main Street
$5,295,000 34 Dukes Road
$5,395,000 2 Silver Street
$5,895,000 82B Cliff Road
$7,500,000 18 Mill Street
$7,595,000 21 Milk Street 
$12,750,000 64 Hulbert Avenue
   
Under Agreement
$749,000 71A Fairgrounds Road
$749,000 71C Fairgrounds Road
$1,550,000 Lot 8 Maple Lane
$1,600,000 Lot 7 Maple Lane
$1,650,000 Lot 3 Maple Lane
$1,685,000 7 Bartlett Road
$1,695,000 38 Chuck Hollow Road
$1,745,000 5 Surfside Road
$1,800,000 Lot 6 Maple Lane
$1,895,000 2 Sea Fox Circle A & B
$1,995,000 9 Hinsdale Road
$1,995,000 13  Bartlett Road
$2,100,000 91 Hummock Pond Road
$2,195,000 3 Spring Street
$2,200,000 5  Miacomet Avenue
$2,395,000 3 Kittiwake Lane
$2,600,000 6 Daisy Way
$2,795,000 73 Vestal Street
$5,295,000 34 Dukes Road
$7,595,000 6 Kite Hill Lane
   
Sold Listings
$345,000 28 Honeysuckle Drive
$980,000 38A Vestal Street
$1,175,000 15 Point Judith Lane #1
$1,310,000 23 Waydale Road
$1,350,000 3 Cherry Street
$1,825,000 11 Waydale Road
$1,950,000 1 Wyers Lane
$2,000,000 48 Bartlett Road 
$4,000,000 2 Wannacomet Road
$4,300,000 21 Woodbury Lane
$4,700,000 41 Orange Street
$5,030,000 3 Fintry Lane
$5,286,667 34 Dukes Road
$5,495,000 45 Pleasant Street
$7,550,000 6 Kite Hill Lane
$11,000,000 18 Rabbit Run Road

Written By

Jen Shalley Allen

Jen has worked on an impressive array of real estate transactions including two of the island’s largest and most complex vacant land transfers, commercial transactions, and single-family home sales,