We are often asked to predict the future of the market. Of course, if we could do this our jobs would be much less interesting! What we can share with you is that to date in 2014 real estate transfers on Nantucket have totalled just shy of $470 million. Pending sales are at approximately $300 million. What we can predict, with confidence, is that the year end total will likely exceed $900 million. Our market research indicates that the number of sales occuring in the 3rd and 4th quarter of each year (for the past five years) is 62% of the total market share. Sales in the 1st and 2nd quarters averages 38% of market share. Based on this metric, and barring any unexpected financial catatrophes, the Nantucket real estate market is on track to potentially exceed $1 billion for 2014. There have only been 2 years exceeding $1 billion. In 2004 there was $1,065,180,000 in sales in 2005 there was $1,186,885,000 worth of property sales on Island.
Pending sales, as of today, represent 27% of the properties currently on the market. And, as fast as the average and median prices are rising, the number of days on the market is dropping. Stay tuned.