Three bedroom home nestled in a wooden area on 1.37 acres. The expansive grounds and back porch are perfect for outdoor enjoyment, and the widow?s walk offers peeks of the Harbor. The current home, prime for carefree summer living, has the classic charm of Old Nantucket. There also exists the potential to build with alreadyContinue Reading
Listed in March for $750,000 11 Gray Avenue quickly got an accepted offer and sold over asking price for $802,560. Investment opportunity or fix up and enjoy this 3 bedroom home on 1.4 wooded acres. Potential subdivision into multiple lots may be possible.
Listed in October for $3,695,000 123 Cliff Road got an accepted offer in April, went under agreement in May and sold yesterday for $3,217,000. Classic Nantucket home located in desirable Cliff area with water views, deeded beach access and close proximity to the Westmoor Club. Five bedrooms, four baths with a garage set on overContinue Reading
Listed for $2,495,000 in September 216 Cliff Road sold for $2,250,000 yesterday. Four bedroom, 3.5 bath Cliff Road home with extensive landscaping, stonework and decks, including a private, recessed deck at the roof peak.
Listed in october for $1,245,000 36 Goldfinch Drive had one price reduction to $999,000, went under agreement in April and sold yesterday for $910,000. Spacious five bedroom home is in one of Naushop’s best locations. With three floors of living space, two family rooms, a covered porch, patio, and private yard, it nicely accommodates largeContinue Reading
@INHERIT
AUGUST – WE ARE HOLDING STEADY
Just a few days after posting our July Market Report, the financial markets were roiled with new worries about Europe’s sovereign debt problems and the slowing national economy. Our comments about the Nantucket real estate market’s positive trends seemed poorly considered, recognizing the stress the global markets were under. Yet, with August sales in the books, the Nantucket real estate market is continuing its’ steady pace. Last January, we surmised that 2011 would be a repeat of 2010 and that has turned out to be the case. As shown below, all the metrics for 2011 are ahead of 2010’s numbers. 2011 is showing a 10% gain in dollar volume ($283,452,655 vs. $257,757,027) and a 14% gain in transactions (190 vs. 160). As this has been a year beset by mediocre economic news, Great Point Properties is very pleased that Nantucket’s real estate market is doing so well.
LOWER INVENTORIES
As a result of this sales activity, one noticeable change
in the Nantucket real estate market has been a decline in the number of
properties for sale. As of August 31, 2010 there were 734 properties listed
for sale. As of August 31, 2011, there were 650 properties for sale, a 13%
decline from 2010. This trend has been evolving since the summer of 2010.
Month over month comparisons show inventory peaking in August 2010. By
December 2010, there were fewer properties for sale than the year prior. That
trend has held ever since. Despite the current global,
economic climate,
the Nantucket real estate market still continues to solidify.
CONTINUED
PRICE REDUCTIONS
What has yet to occur is a stabilization of prices. Until 2007, there were very few price reductions. Today price reductions have become routine. As of August 31, 2011 we have seen 295 price reductions for 2011. However this is less than either 2009 or 2010 (403 and 395 respectively). Motivated sellers must continue to look for a price point that will generate a sale. Real estate pricing is an inexact science, hence the price reductions. Although the decline in the number of reductions is another healthy indicator that the market is improving, for the time being, we are still in a very positive buyer’s market.
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