Nantucket : Pending Sales Moving Faster

There are currently 95 properties under contract on Nantucket Island, accoridng to our multiple listing service, LINK Nantucket.  These properties range from a small commercial condo in the Mid-island area, listed at $165,000 to a large waterfront home at 37 Hulbert Avenue, listed for $16,950,000.  One striking difference in the past few weeks has been the speed with which new listings are going under contract.  Of the 95 pending sales, 12 were listed for sale for less than one week.  We are again starting to see situations where multiple buyers are interested in the same property which is great news for sellers.  Not such great news for buyers.  If you are actively looking to purchase real estate on Nantucket, you need to be prepared.  And if you have the ability to buy without financing, you are in a stronger negotiating position.  Moreover, those people who can move quickly are also at a distinct advantage in the current market climate.  We knew this market was evolving quickly;  one more confirmation is the quick pace of news sales contracts.

-Penny Dey

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