The real estate market on Nantucket this summer is HEATING Up! Showings have increased 10 fold over last summer year to date. Offers are being negotiated in ALL price points. The high end of the market was very strong over the 4th of July week. It seems the historic trend that the Nantucket real estate market has seen in the past of being the last place to fall after a recession starts and the first place to recover is holding true again, just like it did in the 90's and 2003.
There are currently 41 properties under contact, shown in the multiple listing service, (meaning offer to purchase or executed purchase and sale agreement), there are many other properties that have accepted offers in the last week or so that are not yet showing in the listing service, and even more in the middle of negoiation likely soon to be under contract. At the moment the avg days on market of what is under contract is 223. The avg asking price of what is under contract is $2,155,878. There are 11 properties under contract over $3 million dollars.
Inventory is lower than it has been in the last 3 years. Last year at this time there were roughly 680 listings for sale, now there are 619 with an average price of $2,247,043 and median price of $1,562,500. There are 120 listings priced between $2 million and $3 million and only 102 over $3 million. New listings are coming to the market all the time, there have been 25 new listings in the last week.