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All Sales YTD


August sales closed the transaction gap a bit, narrowing the decline in sales from 14% to 11% as compared to 2014.  Dollar volume is nearly the same but that is skewed by two large transactions, a $27 million commercial sale and a $26.5 million sale on Hulbert Avenue.  As a result the dollar volume is off only 2% from last year as of August 31.
Number of real estate transactions and dollar amounts in Nantucket

Looking further back 2015 is still turning out to be a very healthy sales year both in sales, dollar volume and other key statistics. One notable change has been the expanding inventory from 328 houses on the market to 388 as of August 31.

Comparing real estate transactions from previous years

A look at the chart below dissects the expanding inventory and corresponding sales trends. Below $2 million inventory is nearly the same yet sales have declined from 175 to 128 over the same time period, a 26% decline. Above $2 million inventory in all price segments has increased.  Notably the $3 to $4 million segment has seen a near doubling of inventory from 33 to 64 listings but 2 fewer sales (from 13 to 11 closings) as of August 31.

Houses sold and houses for sale 2014 v. 2015

Between $6 and $10 million inventory has expanded a bit but there were 6 sales compared to 2 last year.  Yet with 30 properties for sale verses only 6 sales, it would take five years to absorb the inventory with that sales pace.  Over $10 million there has been a doubling of inventory. Although there have been 4 sales in this segment this year, none were above $12.2 million.  Above that price there has been one sale, 3 Hulbert Avenue at $26.5 million.  Although we suspect that fall sales may change this dynamic, this fundamental swing in supply verses demand could foreshadow a general slowing of this very robust sales market.  It bears observation in the coming months.