The market continues to lose inventory as prices firm up and the national markets show more signs of strength. Wall Street is on its fourth straight week of gains, helping boost the confidence of international real estate buyers. In the lending department, delinquent mortgages are at their lowest since 2008, and even though some warn of a “shadow inventory” of upcoming foreclosures, mortgage houses are finally starting to hint that the boon of 3% jumbo rates is over. With a market that could be propped up by artificially low rates, this could force a strong buying season on the paranoia of 6% and up loans. On Nantucket there are 326 active listings, down from 346 in January. This pales in comparison to February 2012 when 430 listings were on the market. Only 26 new listings came on the market this month, with over 70 either sold, off market, or under contract. 41 Homes have sold since January 1, and more importantly, sellers are itching to see what happens with the summer market and local agents have been busy competing over potential summer listings. The dismal outlooks of sellers have been replaced by a cautious optimism, and there is finally a light at the end of the tunnel.
by Edward Sanford
The Trend Continues
Posted: April 24, 2013
As anticipated, the Nantucket real estate market is seeing continued movement toward a seller's market as inventory drops and demand grows. Dollar volume and transactions are down compared to the same period in 2012,but Great Point Properties believes this is largely a function of the rush to close in 2012 to avoid the potential tax increases looming in 2013. As of March 31, there has been $71,850,000 in Nantucket real estate sales on58 transactions. This compares to $91,300,000 in sales on 75transactions for 2012 for the same time frame.
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