Although the Inky said the real estate market had over $1,000,000,000 in transactions, that included seven foreclosure sales that sold back to the creditors and one deed in lieu of foreclosure, which was a $4,000,000 transaction. Personally, I think those transactions should be excluded because they are not market transactions. However, when someone buys at a foreclosure auction who is not the creditor, I think that should be included because that person is a ready, willing and able market buyer. Excluding the foreclosures, I calculate the total transactions were a little over $996,000,000. Too bad we just missed that big milestone, but at least we have a goal for 2015! The market continues to crank. There are currently 49 properties listed as under agreement on LINK, Nantucket’s multiple listing service. At this time in 2012, 2013 and 2014, that number was higher. What were not higher in those years, though, were the average and median prices for the properties under contract. Currently, the average and median prices, respectively, for properties under contract are approx. $2,400,000 and $1,375,000, compared to $1,900,000 and $1,300,000 in 2014, $1,050,000 and $695,000 in 2013, and $1,650,000 and $925,000 in 2012. Considering I could be considered a fortune teller, I don’t want to give away 2015, but what do you see???
