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 perspective. No matter how far we wander, coming home to Nantucket remains such a special part of living here, regardless of the time of year.
The real estate market in 2016 continued to perform well with a total of 534 transactions for $972 million, compared to 514 ($882 million) in 2015. The sales break down like this: Homes (which includes affordable Covenant Homes, but not foreclosures) – 363, Land – 74, Condos – 49, Timeshares – 24, Commercial – 12, Foreclosures – 10, Garage – 1 and one Boat slip (Old North Wharf).
The average selling price of a property on Nantucket is now $1,821,000, up from $1,717,000 in 2015, an increase of 5%. The average selling price of a house is $2,276,000 (+6%); the median selling price of a house is $1,515,000 (+8%). Vacant land is selling, on average, for $1,027,000 (+6%) and the median price is $800,000 (+16%).