Wow! Summer is over; fall is in full swing. The island is fabulous –local festivals,
family scalloping season and lovely gentle breezes. Weddings and the vagaries
of weather complete the picture.
Real estate continues its hectic pace. September was the most robust month this
year, in fact, the highest sales month since 2004: with 59 closings and $173.9
million in sales, 17.6% higher than the prior year.
Third Quarter year -to -date sales are $739.9 million for a 9.1% increase versus
last year. partially impacted by the $37.5 million sun Island commercial
transaction. The Sun Island Storage commercial transaction of $37.5 million, the
sale of the Hilfiger property on Lincoln Avenue for $6.5 million and a Squam Road
estate at $10.75 million impacted the healthy sales.
Trading is at 234% of assessment and 95.5% of last asking price and 93% of
original price. Strength is seen in the high end over $5 million arena with some
good vitality in the $2 million-plus segment as well.
Home sales in September ranged from a $550,000 one family house to a $16.5
million Lincoln Avenue home that had been on the market for a number of years.
Inventory continues to be low especially in the under $2 million category. There
are 420 total listings, slightly lower than last year same time.
At the end of September, there were 40 properties under agreement. And in mid-
October there have been 23 transactions and another 22 properties placed under
Prior to the recession, time on the market averaged around 6 months, it then
escalated to up to 12 months during the depths of the recession and now are
averaging 8 to 9 months.
Dollar volume has been strong even with a softness in transactions; this level of
activity is similar to 2005. While it is difficult to predict, all points lead to a
strong healthy year for Nantucket real estate—in fact, we could see another $1