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November 2016 Nantucket Real Estate Market Insights


Market Insights

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With one month to go in the calendar year, November’s sales results positioned the 2016 Nantucket real estate market ahead of full year results for 2015 but likely kept it shy of reaching the $1 billion mark by year’s end. Monthly sales figures included 49 transactions totaling $96 million, slightly lower than October’s results (50 transactions totaling $109 million) but noticeably ahead of November 2015 figures, which included 38 transactions totaling $70 million. Excluding foreclosures and covenant sales, year-to-date sales included 430 transactions totaling $880 million, a respective 1 percent decline (#) and 13 percent rise ($) from the same period in 2015. Property values continued to increase, a trend we anticipate will continue based on current contract activity, and vibrant home sales activity led to an overall decline in the average marketing time and total inventory. The number of properties taken off-market increased, a surprising trend based on historic first quarter contract activity. Here are Fisher’s November Market Insights