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Nantucket Monthly Market Update, February 2023

Stories

Market Insights

Jen Shalley Allen
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“For the second month in a row, the Nantucket market saw drastically reduced sales volume as compared to historic norms. February sales included a mere 5 transactions compared to the five-year February average of 17. Dollar volume was similarly low and totaled $17.7 million, compared to a five-year average of $48 million. 

Monthly sales were led by an $8 million sale, $3.8 million sale of land with the balance reportedly being for the construction contract. Aside from a handful of covenant sales, the lowest sale of the month was $800,000 for a two bedroom residence.  

New purchase activity increased from January, although it was significantly lower than during 2021 & 2022.  Sales activity and new contracts continued to be hampered by the sheer lack of inventory as well-priced, new inventory continued to move quickly, illustrating the persistent strength in buyer demand.” Jennifer Shalley Allen

New Listings
$595,000 5 Bluet Court
$925,000 16 Boynton Lane B
$1,049,000 5 Bank Street
$1,495,000 6 Beverly Court
$1,570,000 14 Amelia Drive 3
$1,800,000 5 Rose Bud Lane (portion of)
$3,529,000 2 Fawn Lane
$3,595,000 3 Lyon Street
$3,829,000 15 Fawn Lane
$4,250,000 25 North Water Street
$4,395,000 3 & 3R Lyon Street
$4,500,000 6 Fawn Lane
$5,400,000 3 Milk Street
$5,850,000 51 West Miacomet Road
$6,495,000 16 Squam Road
$11,250,000 28 Medouie Creek Road
$12,350,000 67 Squam Road

Under Agreement
$1,495,000 6 Beverly Court
$1,500,000 111B Old South Road
$1,650,000 1 Lilac Court
$1,695,000 4 Lilac Court
$1,795,000 7 West Chester Street
$1,995,000 32 Cannonbury Lane
$1,995,000 13 Daffodil Lane A
$2,800,000 163 Orange Street
$2,995,000 18 Sleepy Hollow #1
$3,150,000 156 Madaket Road
$4,190,000 14 Pine Street
$4,395,000 36 Sheep Pond Road
$5,100,000 16 Willard Street
$5,300,000 20 Cliff Road
$7,495,000 31 Sankaty Road
$9,750,000 39 Cliff Road

Price Changes
$1,625,000 6C Folger Avenue
$2,395,000 14 Flintlock Road
$3,650,000 16 Gardner Road
$12,495,000 15 & 17 North Water Street & 8 Sea Street

Sold Listings
$800,000 4A Evergreen Way
$2,350,000 163 Orange Street
$2,925,000 21 King Street
$3,525,000 2 Hiawasse Lane
$8,000,000 79 Polpis 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,