Fall is in the air. While days are still warm, evenings get cooler; kids have gone back to school and the island is a bit quieter. There is no better time on Nantucket…perfect for walking, biking, golfing and just plain exploring. It is also the time for numerous real estate closings coupled with those people who fell in love with the island this summer, using this time to look and buy on this glorious island.
A quick at what has been happening in the market year to date:
The volume increase of +12.6% year to date is due to the residential/house sales rather than land or commercial properties. Given the scarcity of available/buildable land, it stands to reason that homes are where the action will be. Average home price continues to increase and is now at $2,423 for a 17.8% increase over prior year.
As of the end of August, there are 418 properties on the market, down from same time last year. The price category that suffers greatly is the under $1 million home. With 27% of sales and 4% of inventory, this is further evidence of the housing crisis on the island for year-round living. There is a healthy relationship between sales and inventory in the $1 million to $ 4 million categories while inventory in the plus $4 million area outpaces sales. Note the lowest price property on the island is covenant land at $275,000 and the highest price property is $42.5 million for a 20 bedroom/11 bathrooms house on 4 ½ acres in Shimmo.
- Worth knowing that the tax rate on the island is exceedingly low at $3.37 per thousand dollars for the full year 2017.
- Price decreases have become a marketing tool: from Jan 2017 to the preernt there have been 160 properties/38% of those listed that have undergone price decreases amounting to a 12 % decrease.