Dear Friends of Nantucket,
As January 2013 nears its end, it’s a good time to share some data points on the state and the direction of the Nantucket real estate market. To cut to the chase, the residential market has turned the corner and is now on a path to a solid recovery. Here are some facts:
- Total 2012 property sales of 510 were up almost 50% versus 2011
- The average selling price increased to $1.65 million in 2012 from $1.5 million in 2011
- The 168 homes sold in the $500,000 – $1,000,000 price range were the most sold since the 202 sold in 2005
- The 150 homes sold in the $1,000,000 – $2,000,000 price range were the most sold since the 186 sold in 2005
- The 21 homes sold above $6,000,000 were the most sold since the 27 sold in 2007.
So, as the national economy sluggishly claws its way out of recession, Nantucket real estate is once again taking an upward path. Sellers can now hold out more for their offering prices, but buyers are in a favorable position as well. Yes, the incredible deals are gone, but very good value remains today — before the market really takes off again.Will the Nantucket real estate market ever reach bubble levels of 2005? Who knows? But prices will definitely keep rising — only the rate of their acceleration is TBD.
Good prices, good inventory, and historically low mortgage rates make 2013 THE time to realize the dream of owning a home on Nantucket.
And don’t forget: Steamship Authority auto ferry tickets went on sale on January 15. So, if you want to rent one more year before buying, make your summer 2013 rental arrangements now. For both sales and rentals you can always reach me, Pat Carr Calabrese, Sales Associate at Compass Rose Real Estate (licensed in Massachusetts) at email@example.com or 917.655.4642.
All the best from Nantucket on this frigid Friday morning,
“Information contained herein is believed to be reliable, but is not guaranteed.”