The data is in for the month of May and the market continues to be very active. There were 42 property transfers in May compared to 39 in May 2013. The sales dollars in May were $65 million compared to $53 million in 2013 – an increase of 18% overall. The average price of a Nantucket property has risen from $1,147,000 to $1,597,000 in the past 12 months – an increase of 28%. The highest priced property sold in May was 10 Orange Street, in Town, at $5,550,000. The property had been listed at $5,585,000. The least expensive residential sale in May was the sale of 78 Arkansas Avenue, a townhouse unit in Madaket, that sold for $310,000. It had been listed for $342,000.
The number of properties for sale has increased slightly since last month but is well within the normal range for this time of the year. There are still 30% fewer properties listed for sale on the island than there were one year ago. One interesting anecdote is that we have seen more mutiple bid situations, often on properties that have been listed for sale for some time: the market is catching up to some of these listings.
The average selling price as a percentage of list value is 95%; the average selling price as a percentage of assessed value is now 134%