The numbers are in for the month of August with 38 property transfers bringing the total number of sales for the year to 297, compared to 258 last year at this time, an increase of 15.12%. The dollar volume for the month was $63,900,000, bringing the year to date total to $506,329,000, an increase of 34.42% over last year at this time. The average price of a property on Nantucket is now $1,705,000, up roughly 17% from last year. Perhaps more meaningful, the median price has increased from $815,000 to $1,070,000 in one year – an increase of 31.28%.
The top sale in August was of 11 Mill Hill Lane, a vacant parcel of land of 2.67 acres at the southwestern edge of Town, selling for $6.4 million. The property will likely be developed into residential house lots.
The least expensive sale of a house (not land or a condo) was 17 Woodland Drive (picture below), a modest home located in the Mid-Island area with 3 BR/2 BA on .46 acres, selling for $480,000.
LINK Stats Month of August 2014