Nantucket Real Estate Agent Blog

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. 

Pricing of new listings and many older listings has corrected to account for the downturn in the overall econmoy and now represent value to many prospective buyers.  Below is a chart that compares dollar value of transactions on Nantucket to the Dow Jones Avg.  this chart dates back to 1998 - so there are market cycles represented.  The end data points are from Dec 31st 2011. 

As can be seen in this graphic, Nantucket Real Estate activity trends closely to the Dow Jones avg.  since the last data point in 2010 the stock market is up over 1,000 points or 9%.  I would expect year end 2011 the total transaction dollars on Nantucket to be up at least that percentage or greater.  As can be seen in the graph when the Nantucket market came out of the 2001 slump, the rise in real estate volume here on island rose at a greater percentage then the Dow.

All of these factors; rise in showing activity, increased properties under contract, strong dow jones activity, shriking invenorty are all signs to me that now is the time to get in on the Nantucket Real Estate market before the next up cycle gets much more momentum. 

I once had a client tell me "if you wait for the bottom you are sure to miss it."

Now maybe the best time to act!

Call me 508 414 1878 or email me to discuss at greater length and to book appointments to find you Nantucket Vacation home.

Brian Sullivan