What is the Story with Commercial Property in Town?

Since 2003 there have been 116 sales of commercial property in the Town of Nantucket.  Of these 29 were guest houses, inns or hotels, many of which have been converted to private residences.  The average selling price of commercial property in Town between 2003 and 2005 was $2,628,000;  between 2006 and 2012 it was $3,184,285 and to date in 2017 it is $2,379,533.  It is challenging to extrapolate meaningful statistics from so few sales.  Let’s focus on one street: Main Street in the center of Town.  Between 2003 and today there have been only 11 property transfers (excluding condominiums) on Main Street (including one property that has sold thrice in that time). Main Street can be viewed as a metaphor for the island as a whole:  it is limited and in high demand.  Here is the list of sales on Main Street since 2003:

There is only one commercial property currently listed on Main Street: 33 Main Street for $7,500,000.  The brick building is located on the corner of Main and Federal Streets and has two stories with just over 4,000 s.f.. The property last sold in 2012 for $4,500,000.  Time will tell how much much the property has appreciated since then.