Comparing Nantucket properties to each other can be very difficult because they are rarely scallops to scallops. For instance, a second row property could have a waterfront house entirely blocking its water view, but its neighbor could abut a waterfront parcel of conservation land and therefore have unobstructed water views. Those two properties will most likely have a seven figure difference in value. So, determining how much the market has gone up or down can be tricky. Average and median sales prices can be used, but those numbers can be easily skewed, especially average sales price (think outliers). Median sales price is harder to skew and is the best indicator. However, it is good to have several indicators of how the market is moving. If they all show roughly the same data, then they’re probably right. So, another indicator of how the market is moving that I use is the median sale price of houses in Nashaquisset. The houses in Nashaquisset are about as close to an oyster to oyster comparison as you will find on ACK. The houses were built around the same time by the same builder, each house is one of five different models and they each have close to the same exclusive use area (Nashaquisset is a cooperative), so they can easily be compared. Of course there are differences – location in the neighborhood, upgrades that have been made, etc., but they can easily be adjusted for. In 2013, there were 4 sales in Nashaquisset with an average price of $722,375 and a median price of $777,250. Last year, 6 sales with an average price of $928,433 and a median price of $836,000. This year, there have not been any sales, but I have a feeling when the year-end numbers come in, they will be higher than 2014.
