A $1 billion dollar plus market….
NANTUCKET at its’ sweetest… Thanksgiving and Stroll were successful, the weather has been cooperating and everyone is ready for a joyous holiday season.
Nantucket Real Estate keeps marching ahead. We are on track to have one of the best sales years ever and should break the $1 billion-dollar mark. That will be the first time since 2005.
Year-to-date total dollar volume is $955,068 representing an 8.1% increase while transactions were soft by (3.5%). Transactions this year will not break the record but each transaction, even when the $37.5 Nantucket Storage Center sale is subtracted, has a higher unit value. The average home price is $2,446 vs $,2223 for a 10% increase and the median home price is $1,640 vs. $1,450 for a 13.1% increase. Over the last four years, as market conditions improved, the average price has steadily risen.
Homes are selling for 144.3% of assessed value, 94.9% of last asking price and 93% of original price. As these are averages we see some homes trading at over asking and some that have lingered on the market at well below the average.
With many homes being withdrawn from the market as we hit the holiday and winter season, inventory is really low…363 properties on the market vs 392 last year at this time. With 263 active home listings ranging from $525.0 for a Tristam’s Landing town house to a Shimmo 4.5 acre estate priced at $42.5 million, the category that is the most crippled is properties under $1 million. Of course, the properties that are part of the Richmond Development on Old South Road are not included in these inventory numbers.
Average days on the market is 281 or just a touch over 9 months.
We will see one billion dollars, we will continue to see a strong healthy market so with wishes for a good holiday season.