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Nantucket Real Estate: Year In Review 2015

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.

Jennifer Shalley Allen

Jen first stepped foot on the shores of Nantucket while working a summer job at the White Elephant while studying at the University of Virginia. It wasn’t until 2008, after having spent six years in the financial sector at Citigroup and then Wachovia, that she was drawn back to the island more permanently. Since that time, Jen has worked on an impressive array of real estate transactions exceeding $240 million. This includes, among others, two of the island’s largest and most complex vacant land transfers, several commercial transactions, and many single-family home sales, from high-end residential estates to lender-owned asset dispositions. Capitalizing on her extensive background in finance and market knowledge, Jen is well known for her unparalleled “Nantucket Real Estate Report,” an in-depth monthly market commentary and analysis that has been quoted by CNBC and The Boston Globe.

When not showing properties or researching the Nantucket real estate market, Jen can be found volunteering with Swim Across America Nantucket, a local fundraising event for cancer treatment and patient care at Nantucket Cottage Hospital or sitting on committees for other Nantucket nonprofits. She loves traveling, spending time outdoors with husband Mike and lab Sammy, and is an avid runner, cyclist and triathlete.