A BUSY SUMMER
2012 is turning out to be an excellent year for real estate sales on Nantucket. As the numbers
below show, nearly all segments of the market are ahead of 2011 by healthy margins. By price
point, only the high-end market over $10 million is below last year’s pace. As of July 31, 2011
there was only one transaction over $10 million. Great Point Properties currently knows of at
least one $10 million plus sale under contract and we expect several more before the selling
A NOTE OF CAUTION
As Great Point Properties is in the thick of the summer selling season, we can predict that the
Nantucket real estate sales pace will at least continue and most likely this active pace will
accelerate. We are on track for a $700 million sales year and that would be a 34% gain over
2011’s total of $524 million. However, a word of caution is in order. Despite the strong
Nantucket real estate sales market, Great Point Properties still sees this as a buyer’s environment.
The average number of days on market for current inventory is over 300. Home sales this year
have sold at 91% of asking price and have been on the market for an average of 285 days. The
Nantucket real estate market still has a ways to go before sellers are in a stronger position. Yet,
the summer of 2012 is a strong step in that direction.
The only small changes are one less transaction in the $4 million to $6 million segment and there have been no sales above $10 million. As we are just at the beginning of the selling season, we anticipate those price points will move ahead of 2011. This good news points to a very healthy island real estate market. Since 2009, we have seen positive Nantucket real estate sales trends. Unless there is a significant macro-economic event to negatively impact the national economy, Great Point Properties would expect further solidification of the Nantucket real estate market. With historically low interest rates, this summer still represents a great time to purchase real estate.