2011 was a roller coaster year. The market started off strong, barreled into the summer seeming like it was not looking back and then the Europe debt crisis hit in early August and it not only looked back, it went back. However, the resilience of the Nantucket market persevered and the market continued forward after a few months of European haze-we’re called New England for a reason! Although not as strong as 2010, 2011 was not bad and the rental market from most accounts was up 25%+ in 2011 from 2010. So, 2011 ended with approximately $530mm total volume with the average sale price being $1.5mm and the median price being $1mm. Despite the European haze, the total number of transactions was approximately the same as 2010-345-and the median price was approximately the same-$1mm. The main difference between 2010 and 2011 were the number of 8-figure sales. In 2010, there were nine sales with a median price of approximately $15.5mm compared to 2011, three sales with a median price of $12.6mm. All in all, not complaining.
Where’s 2012? Passing the bulls of 2010! Currently there are 438 properties actively for sale and 50 with an accepted offer (OP) or signed purchase and sale agreement (PS). In 2011 at this point, there were 430 properties actively for sale and 38 with an OP or PS. In 2010 at this point, there were 498 properties actively for sale and 36 with an OP or PS.
I just heard about a mid-size, spec. property on Cliff Road that is under agreement for $4.2mm and is only 75% finished. The market is thawing, so don’t want until the ice is gone…