The numbers are in for the month of November and, as predicted, the real estate market on Nantucket continues to perform extremely well. There were 40 sales, representing $73 million in November, compared to 35 sales, for $56 million in November 2013. The least expensive residential sale during the month was of 55 Union Street, an historic house in Town that was in need of a major restoration – selling for $400,000, an excellent deal for the buyers. The highest price paid for residential property was the sale of 17 Lincoln Avenue, in the Cliff area, a large and elegant home with sweeping views of Nantucket Sound. There were only 3 land sales in November and no commercial transactions.
The average selling price of a property on Nantucket is up 13% in the past year to $1,847,000; the median price is up 25% to $1,200,000. The average residential property is up 18% to $1,955,000; median residential price is up 28% to $1,289,000. The average price of a vacant lot on Nantucket is now $1,304,000 (up 1%) and the median price of a vacant lot is $800,000 (+14%). There have actually been fewer sales of vacant land this year due to increased demand and lower supply. Commercial activity remains strong, in our view, one of the strongest indicators that the recession is behind us. The average price of a commercial property has increased 61% (to $1,971,000) and the median price is up 23% (to $925,000). More importantly, the total number of transactions for 2014, through November, is 484 ($894 million), compared to 469 ($749 million) for all of 2013. There is a real possibility that Nantucket real estate may exceed $1 billion this year which has happened only twice ever (in 2004 and 2005). The average selling price as a percentage of list price is still rising – 94.96% and the average selling price as a percentage of assessed value is now just over 130%. Stay tuned until the end of December.
2014 YTD Sales Summary 11.30.14