Nantucket Real Estate Blog | Nantucket Market Update (2)

Summer 2010 on Nantucket has been spectacular! The weather has been best I can remember in 15 years on island. Making for happy vacationers and generating excitement with buyers of Nantucket Island Real Estate. The real estate market on island had bucked the trends that are taking place in other locations around the United States, it seems a pent up demand and historically low interest rates have motivated buyers in all price points to put deals together. After years of slow activity sellers have adjusted pricing to current market and people are seeing value.

At the time of writing this post there are 68 properties listed having accepted contracts, the number is higher then that because some sellers have instructed their agents to wait for fully executed purchase and sale agreements to mark the property as under contract. There are 495 single family homes listed for sale on Nantucket and 103 Parcels of land. Since the first of the year there have been 162 sales that have closed and are now under new ownership, the average price of these sales is $1,698,702. Compared to the same time period in 2009 there were 92 sales with an average price of $1,789,790. Activity is up significantly!

There have been 15 sales that have closed over $4,000,000 and another 10 that have accepted contracts with an average price of $12,266,700. To see the listings mentioned above that are under contract visit this page.