Market Analysis

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

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. 

The island has been especially quiet to start the new year and it is a perfect time for reflecting on all that we are thankful for and for recharging before the next busy season. Many of us will do some traveling this winter, always a good opportunity for a different

For the first half of the year the number of transactions between $1-$2 million (residential, land and commercial) were up 48% over the same period last year.  The average time on the market is down from 344 days in 2012 to 202 days to date in 2016 for this price

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

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