As a follow-up to last week’s post, this week we are reporting on the rapid decline in the average months on market for sold properties. Here is a link to Part 1 of our May Report.

AVERAGE MONTHS ON MARKET FOR SOLD PROPERTIES

MARKETING TIME DECLINES TO A RECORD LOW

The average sale time for Nantucket properties reached an all-time low for the period ending May 31, 2017. The average transaction time (from initial list to purchase contract) for sold properties measured just 6.4 months. This represented a decline of two months from the same period in 2016 and a significant drop from the 14.7 months reported in 2013.

With such a rapid sales cycle, one might expect that the average sale price to the last ask would also noticeably strengthen. The average discount from the last asking price and original asking price measured a respective 7 percent and 11 percent through the end of May. Each represents a 1 percentage point decline from one year ago. Fisher suspects this is due to aggressively pricing for certain properties.

TRAILING 3-YEAR REVIEW OF HIGH-END INVENTORY

NOTABLE INCREASE IN $7MM-$8MM AND $10MM+ LISTINGS