The sales statistics are in for the month of May and the market continues to show signs of steady improvement. The average selling price as a percentage of list price is still slightly over 90%, reflecting sellers being more realistic about pricing their properties to the current market. The average selling price as a percentage of assessed value has, as expected, dropped significantly with the revaluation down to 87%. We are spending lots of time helping our clients who feel that the Town of Nantucket has over-assessed their properties, with information for abatements. One of the issues is that the assessments lag behind the market and are supposed to reflect market value as of January 1, 2009, taking into account sales activity in 2006, 2007 and 2008 – years that were quite different than today’s market. YTD Sales Summary May 2010