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Posted: February 25, 2014

In the midst of the island's sleepy season, there is a segment of our market that has been extremely active. This market is the year round housing inventory, which in general terms is properties up to $1,000,000. Housing has always been in tight demand, with the exception of 2009 to 2011 but by all accounts this market is tighter than any year in recent history. At a quick glance, it is clear that there are scant properties available on a year round rental basis. And the market is absorbing inventory at a rate incomparable to other price sectors of the Nantucket Real Estate Market.

From February 25, 2013 to February 25, 2014 there have been 189 sales of single family homes and residential condominiums. There are 50 pending sales in this segment. And there are 48 homes and residential condominiums currently available. With a very minimal creation of new inventory in this price range the very tight supply of year round housing is going to have upwards pricing pressure on sales and rentals.  And given the limited land inventory (the three least expensive island parcels range from $269,000 to $299,000) building is not an alternative for most buyers.
There are currently 12 Nantucket properties on the market up to $500,000. Of these properties, two are single family homes (the others are condominiums). On a comparison basis there are 121 houses and condominiums available in Hyannis under $500,000. In tonier Osterville there are 24 homes available under $500,000 (and some actually look pretty nice).

 

GPP