Of course, we have no crystal ball. However, we can make an educated guess, now that we are in the fourth quarter of the year, as to how the year will shape up for Nantucket real estate. As of today, there have been 265 sales on Nantucket for 2011. The dollars represented by these sales is $461,335,497. The 265 sales break down this way: Single Family Homes: 204, Vacant Land: 28, Condos, Co-ops and Multi Family: 27 and Commercial: 6.
The highest dollar years on Nantucket, clearly not sustainable, were 2004 and 2005, each topping one billion dollars. There are currently 60 properties under contract and, if they all close this calendar year, about $100 million will be added to the $461 million already closed for a total around $561 million. This is better than we thought but not as good as 2010 when there were 364 sales for a total of $694 million dollars. Here is how it looks for the last 10 years: Nantucket Annual Sales Dollars 2000 – 2011