Nantucket Real Estate: Preliminary 2022 Review
Fisher Real Estate estimates that the 2022 Nantucket real estate sales volume will total $1.615 billion through 432 transactions, excluding foreclosures and non-market rate transactions. This is a 30 percent decline from the $2.3 billion market of 2021 but is still a remarkable figure given the record-low inventory that persisted through year’s end. The average marketing time declined to a historic pace of 76 days while the average home sale price strengthened 18 percent from last year to hit a new peak of $4.1 million. Prior to the pandemic, the average home sale price was $2.6 million but record demand and the ensuing impact on values has really impacted our local market. With just 79 single-family homes listed as of December 30, 2022, there doesn’t yet appear to be a market dynamic that will put downward pressure on prices.
SINGLE-FAMILY HOME SALES
Single-family home sales were led by the $36 million sale of 21 Lincoln Avenue. Along with 22 additional transactions above $10 million, it was another giant year for high-end real estate on the island (there were 24 sales above $10 million in 2021). Sales metrics and pricing discounts were largely steady from the previous year’s data, though there seemed to be fewer full price transactions than one year ago (we will dig into that in our full year-end report). The average marketing time for residential properties dipped down to just 73 days while year-end inventory was approximately 20 fewer properties than in 2021, another record low.
VACANT LAND SALES
Vacant land sales saw a 40 percent year-over-year decline in the number of transactions, but the dollar volume only declined 11 percent, totaling $202 million as of the time of this post. The highest vacant land sale was the transfer of 7 Heather Lane, a 1.2-acre waterfront property, for $18.875 million. While we will dig into more pricing trends in our comprehensive Year in Review, a 2022 “re-sale” of vacant land that previously traded suggests annual appreciation rates of 18 percent since 2019. As of year’s end, there were 12 land listings in the MLS.
COMMERCIAL PROPERTY TRANSACTIONS
After an enormous year for commercial property sales in 2021, 2022 was a more ‘normal’ year. All told, there were just 14 sales totaling approximately $30 million. The highest transaction was the $4.75 million sale of 10 & 12 Washington Street, also known as the Greenhound building where NRTA operates. There were six commercial properties listed for sale at year end.