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Nantucket Real Estate Market Trends for April 2017: Contract Activity

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Jen Shalley Allen
Nantucket Real Estate Market Trends for April 2017

COMPARISON OF TRAILING 3-Month CONTRACT ACTIVITY

2015-2017 Modest Uptick in April 2017

nantucket real estate market trendsIn reviewing trailing 3-month contract activity (Offers to Purchase & Purchase and Sale Agreements) since 2013, we see some interesting patterns. While April typically stands apart as the most robust month during this period, the April 2017 gap over previous months is more modest than in previous years, especially in comparison to the 2014 and 2015 markets. This could be reflective of a more conservative environment for marking contracts (some owners request that contracts not be marked until contingencies have expired) or it could be that the 2017 market is taking a little longer to heat up compared to recent years. Based on what was recorded in Nantucket’s MLS, 2017 contract activity is more closely tracking the 2012 market than any of the others in recent years.
 

COMPARISON OF CONTRACT ACTIVITY BY PRICE POINT: 2017 v 2016

Largely Steady with Declines in $1MM-$2MM and Increase in High-End

nantucket real estate market trends
The above pie chart illustrates contract activity as a percentage of all contracts based on the last list price of the property. The numbers in parentheses indicate the actual number of properties under contract as of April 30, 2017. While most price points remained steady year-over-year, the most noticeable changes occurred in properties last priced between $1 million and $2 million, which declined six percent; between $8 million and $9 million, which increased two percent; and above $10 million, where one transaction occurred compared to none in 2016.

Read the Complete Nantucket Real Estate Market Trends in April 2017

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,