Nantucket Real Estate Agent Blog

Happy Memorial Day weekend or

on Nantucket Figawi weekend!

So the Nantucket real estate market has really picked up dramatically.  This week I have seen 2 properties go under contract at full price, one with 2 offers just 2 days after it was listed; neither property was listed for sale on LinkNantucket for more than 60 days.  numerous others are in negotiation and yet to be marked at offer pending.  Today an offer was delivered on a property that is being built on spec that is not yet complete and on the market.  We are quickly moving through inventory.  Stay up to date with properties and accpeted offers here .  It seems that many things that have been listed for sale for a long time (yrs) have been adjusted in price and now going under contract. 

I was speaking with a broker from Charleston SC he was telling me how his real estate market picked up in Feb, just like ours but they are already out of inventory.  While telling me this story we were with a friend from Washington DC, they said same thing has happened there inside the beltway that their inventory is low. 

Many people assume that Nantucket lives and dies by wall street, many forget Nantucket is such a special place that the market is driven from many different locations, even though Nantucket is very popular with people from New York, other locals that have found, enjoy and drive the Nantucket real estate market are: Of course Boston, Washington DC, Texas (Houston - Also strong buyers in Charleston SC), Chicago, other Midwest states, and lets not forget the UK (it is as easy to get to Nantucket From London as it is to come from Houston).  

Everyone is interested in market timing, and when is the bottom is or has happened.  Calling the bottom is like trying to catch a falling knife one customer once told me, and sometimes you just have to do it, if all other factors (location, time of life, lifestyle work for you).  I will say property is priced lower then it has been in years, 5 to 10 (depending on location).  Demand has been pent up for years now and people want to own property on Nantucket.  I have watched one buyer working with a broker in my office buy 5 properties in the last 2 months priced between $800 and $2.5 million all to be used at rental property until he feels timing is right to sell. 

The market activity, the conversations myself and other agents are having now are all very reminiscent to 2004 when the Nantucket Real Estate market rocketed out of the slump created by the tech bubble and Sept 11th. 

If you are really interested in being a home owner on Nantucket, the timing is now to get serious about it.  Inventory is much lower than it was in 2009,  but at its seasonally adjusted highest now that we are in Summer selling season.  Prices are still down and dont seem to have swung in the upward direction yet.  Mortgages rates are tremendously low, Historically low! 

Do you want to talk more directly about whats happening on Nantucket in the real estate market, do you want to know what homes on Nantucket are for sale and what is selling?  Reach out to me and lets talk about it. 

Brian Sullivan

Cell 508 414 1878