The statistics for Nantucket real estate through November indicate that we have exceeded $1 billion on sales on the island already for 2018. There have been three other years over $1 billion, the last one in 2014, but never before have we hit this mark before December. It is clear that, with December sales still to be calculated, this will be the highest selling year ever on Nantucket for real estate. The market was largely fueled by sales at the high end with over 47 sales of $5,000,000 or higher, 13 of which were sales over $10,000,000. The total number of sales through November is 502, meaning that nearly 10% of them were over $5,000,000.
The highest price paid for a Nantucket property in 2018, to date, was $25,000,000 for a 57 acre harbor front property (with lots of wetlands) on Swain’s Neck in Polpis that had been on, and off, the market for more than 3 years.
Based on historical patterns, if one were to extrapolate out through the end of the year, total sales on Nantucket will exceed $1.2 billion for 2018.