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The Trend Continues

Posted: April 24, 2013 by Edward Sanford

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. There are a number of positive indicators:

  • Informally, Nantucket real estate agents have been reporting increased interest from buyers.
  • As the economy stabilizes, real estate is once again becoming a focus.
  • The island construction industry continues to bounce back from the 2009-2010 slowdown further indicating that people are investing again in Nantucket.
  • Inventories of Nantucket properties for sale continue to decline.Price reductions, once a regular occurrence,are slowing to a halt.
  • In 2013, the Nantucket real estate market has seen the average sale price to listing price rise to94%.

 

 

Despite all of the positive news, pricing is still sensitive. With the current inventory for houses sitting at 364 days on market, we have not totally broken free of the housing recession. With the spring season showing excellent activity, Great Point Properties expects a strong summer season. With the positive trends in place we would expect the end of the recession's impacts by summer's wane.

GPP