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THE PATTERN

Posted: August 14, 2013 by Edward Sanford

For the first seven months of 2013 the Nantucket real estate sales trend has been consistent. Sales under $2mm, especially less than $1mm, have been robust. Since 2009 transactions have increased each year. Yet for the $2mm to $6mm segment there is a noticeable decline from 2012. Year to date those sales are down almost 49% from 2012 with just twenty-one sales. Nantucket real estate sales are at their lowest total since July 31, 2009 when there were only twenty transactions. This is a most startling contrast compared to the under $2mm segment. Those sales have grown over 300% since 2009.

nantucket real estate trends


There are twenty properties currently under contract, in the $2mm to $6mm segment. With nine closings in August 2012, it would seem unlikely that there will be any great surge in August sales this year to close this gap. The sales trend for 2013, with 67 contracts under $2mm, seems to be holding steady.

SALES TO JULY 31

nantucket real estate reports

THE POSITIVE

With transaction volume slightly ahead of the 2012 pace and well ahead of previous years, there are several positive indicators:

  • For sale inventories continue to decline
  • Properties under contract are well ahead of this time last year
  • Price reductions have slowed dramatically

nantucket real estate reports


Overall we still are experiencing a healthy Nantucket real estate sales market. Pricing has firmed and we are certainly off the pricing bottom of 2010. As 2013 rolls to a close, a similar result to 2012 will be a positive conclusion for sellers. Buyers looking for opportunities may do well to look in the $2mm to $6mm range to take advantage of that slower sales market segment.

GPP