Nantucket: Market Update as of 5.31.17

We recently had an office meeting to discuss the state of the real estate market on Nantucket.  The market is down for the first five months of 2017:  compared to 2016 the number of transactions is down 20% and the dollars represented by these sales declined 11%.  There are numerous

What is the Story with Commercial Property in Town?

Since 2003 there have been 116 sales of commercial property in the Town of Nantucket.  Of these 29 were guest houses, inns or hotels, many of which have been converted to private residences.  The average selling price of commercial property in Town between 2003 and 2005 was $2,628,000;  between 2006

Seven Years and Counting

Or why it is important to price correctly: of the 337 properties actively listed for sale on Nantucket right now, 5 of them have been listed for 7 years or longer. The average time on market for these 5 listings is 2,648 days.  One might ask why someone would choose to list

Nantucket Real Estate: 1st Quarter 2017

The real estate market stumbled a bit in the first quarter of 2017, due largely to a number of listings and sales in the lower price ranges.  Of the 104 sales to date this year 35% of them were under $1 million and only 3 sales were over $5 million. 

Nantucket Real Estate: By Location

Not surprisingly the largest number of sales for the first half of 2016 were of properties located in Town (59), followed by the amorphous Mid-Island area (43) and then Surfside (30).  One reason the Surfside numbers are so high is because all of the affordable housing units at Sachem’s Path

Nantucket Real Estate: 1st Half of 2016 Moving Rapidly

It is interesting to compare different sectors of the market to try to gain a better understanding of where we are heading.  It is kind of like sailing where one has to consider the wind direction, currents and other factors that may necessitate changing course (so one does not crash

Nantucket Real Estate: 2nd Quarter 2016

Real Estate Market Round Up: The numbers for the first half of 2016 confirm what we have been feeling in the field with the number of sales (258) up 32% compared to the first half of 2015 (196). The dollars these sales represent ($428,236,000) are up 26% from the same

Nantucket Sales Over $10 Million

The first sale of a residence on Nantucket over $10,000,000 was not until May of 2000 and it was a large waterfront property in Eel Point, Dionis, selling for $19,500,000, far outstripping the price of any previous residential sales on-island.  The second one was in 2002 and was a water