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Nantucket Monthly Market Snapshot, May 2023

Stories

Market Insights

Jen Shalley Allen
nantucket real estate

“For the first time in 2023, the Nantucket real estate market surpassed $100 million in monthly sales volume. 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 volume just over $300M through 91 property sales. This narrowed the year-to-year gap by 10 percent from one month ago and reflected 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 were 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, however, price adjustments grew reflecting a potential inconsistency in pricing versus buyer’s perceived value.

New purchase activity saw a notable increase in May with 26 new contracts, a figure in line with 2022 activity for the same period. The pace of the market remains quick as nearly one-third of the properties with contracts occurred in 14 days or less.” Jennifer Shalley Allen

New Listings  
$675,000 11 Bluet Court
$1,649,000 10 Tashama Lane
$1,675,000 9 Nobadeer Way
$1,750,000 21 Waydale Road
$1,800,000 9 Ridge Lane
$1,950,000 27 Old South Road
$2,150,000 3 Towaddy Lane
$2,195,000 17 Cannonbury Lane
$2,250,000 20 Berkley Street
$2,515,000 3 Honeysuckle Drive
$2,695,000 3 Millbrook Road
$2,795,000 13 Arkansas Avenue
$2,999,000 3 Moors End Lane
$3,195,000 107 R Orange Street 
$3,495,000 69 Hummock Pond Road
$3,500,000 14 West Dover Street
$3,650,000 5 Osprey Way
$3,800,000 15 Swift Rock Road
$3,950,000 9 Hydrangea Lane
$3,950,000 25 Willard Street
$3,995,000 42.5 Union Street
$4,650,000 3 Middle Tawpawshaw Road
$4,875,000 122 Wauwinet Road
$4,995,000 38/40 Cliff Road
$5,250,000 146 Surfside Road
$5,295,000 10B Angola Street
$5,450,000 27 Ticcoma Way
$5,519,900 82B Cliff Road
$5,650,000 5 High Brush Path
$5,950,000 24 Walsh Street
$5,995,000 4 Birdsong Lane
$6,495,000 59B Polpis Road
$7,295,000 5 Mattapoisett Avenue
$7,495,000 3 Old Farm Road
$8,250,000 16 Tautemo Way
$8,400,000 27 Ellens Way
$8,500,000 10 Pippens Way
$8,795,000 81 Polpis Road
$8,795,000 11 Eel Point Road
$8,995,000 27 Pequot Street
$11,950,000 81 Cliff Road
$17,825,000 5 Cudweed Road
   
   
Under Agreement  
$650,000 7 Bluet Court
$1,450,000 16 Allens Lane
$1,750,000 21 Waydale Road
$1,795,000 6 Fair Street
$1,795,000 7 Square Rigger Road
$1,795,000 7 West Chester Street
$1,895,000 23 Honeysuckle Drive
$2,150,000 3 Towaddy Lane
$2,195,000 47 Goldfinch Drive
$2,395,000 5 Sparrow Drive
$2,695,000 3 Millbrook Road
$3,195,000 107 R Orange Street 
$3,650,000 14 Tripp Drive
$3,995,000 4 Hydrangea Lane
$4,375,000 23 Orange Street
$5,250,000 146 Surfside Road
$8,250,000 16 Tautemo Way
$8,500,000 10 Pippens Way
$11,950,000 35 Burnell Street
$29,750,000 25 Nonantum Avenue
   
Price Changes  
$1,695,000 77 Hummock Pond Road
$2,000,000 14 Silver Street
$2,895,000 16 Teasdale Circle
$4,750,000 14 Delaney Road
$4,995,000 1 Chadwick Court 
$5,250,000 17 North Water Street
$6,495,000 8 Walsh Street
$6,895,000 7 Lauretta Lane
$9,500,000 60 Wanoma Way
$10,250,000 4 Cathcart Road 
$11,800,000 26 Monomoy Road 
$11,995,000 15 & 17 North Water Street & 8 Sea Street
$29,975,000 41 Jefferson Avenue
   
Sold Listings  
$560,000 2F Sanford Road
$1,375,000 12 West York Lane
$1,385,000 13 Parker Lane
$1,475,000 6 Beverly Court
$1,475,000 6C Folger Avenue
$1,485,000 35 Bartlett Road
$1,600,000 7 West Chester Street
$1,625,000 1 Lilac Court
$1,650,000 4 Lilac Court
$1,657,500 4 Maclean Lane
$1,690,000 23 Honeysuckle Drive
$1,734,000 16 Williams Street
$2,000,000 1.5 Brinda Lane
$2,000,000 118 Orange Street  B & D 
$2,135,670 11 Honeysuckle Drive
$2,137,000 30 Somerset Lane
$2,295,000 5 Sparrow Drive
$2,500,010 6 Fair Street
$2,600,000 3 Lowell Place
$2,650,000 18 Sleepy Hollow #1
$2,800,000 10 India Street
$3,188,800 14 Tripp Drive
$3,350,000 3 Franklin Street
$3,747,563 9 Gay Street
$4,137,000 23 Orange Street
$5,100,000 20 Cliff Road
$5,300,000 3 Milk Street
$5,600,000 4B Hawthorne Lane
$8,780,000 4 Sophies Way, 21 Pilgrim Road
$26,875,000 25 Nonantum Avenue

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,