Reprinted from October 14, 2010 Inquirer & Mirror Issue with Permission
By Joshua Balling
I&M Assistant Editor
If the third quarter is any indication, Nantucket’s real estate market is solidly on the rebound. Buoyed by a handful of high-end sales over $10 million and seeing strong activity across all sectors of the market, the total dollar volume for July 1-Sept. 30 was just under $202 million, up 66 percent from last year’s $122 million in the same time frame. Over $150 million in property changed hands in the month of September alone. For the year, total dollar volume has reached $444.5 million, up 87 percent over the same period last year and on pace to drive a $645 million year, the highest since 2007’s $841 million. The average Nantucket home is selling for $1.94 million and the median (the exact middle of the market) $1,055,000, up 6 percent and down 3 percent, respectively. The number of transactions was also up in the third quarter, and on the year as a whole, over 2009.