What We Saw in 2015…

THE MARKET AS A WHOLE…

Saw a reduction in both transaction and dollar volume yet market fundamentals, as measured by lower average days on market, more multiple bid situations, an increase in above- and full-price sales, and increasing median sale values, improved. This suggests that the market’s decline was not due to a lack of demand but a lack of supply of quality and appropriately-priced properties in the remaining available inventory.

RESIDENTIAL SALES…

Was the only property type to see a year-over-year decline in total sold units and gross dollar volume. Despite this, the average days on market for sold properties reached historic lows, once again supporting the theory that demand was vibrant but available inventory did not meet buyer expectations. )

VACANT LAND SALES…

Totaled an impressive 105 transactions, the most since 2005. A healthy portion of 2015 transaction activity was driven by the subdivision of larger parcels of Mid-Island land. Both end-users and investors also buoyed sales as they sought to create value in buying vacant land and building rather than purchasing existing residential properties. )

COMMERCIAL PROPERTY…

Transactions were also the highest since 2005, indicating a continued confidence in Nantucket’s economic viability. This was the only property type to see a dramatic reduction in remaining available inventory.