The market has been solid this year, but where does it really stand today compared to the last 4 years? Let’s take a look:
Today, there are 501 available listings and 86 listings with accepted offers or under contract, which is 14.7% of all listings.
At this time in:
2009, there were 725 available listings and 35 listings with accepted offers or under contract, 4.6% of all listings.
2010, there were 720 available listings and 52 listings with accepted offers or under contract, 6.7% of all listings.
2011, there were 640 available listings and 54 listings with accepted offers or under contract, 7.8% of all listings.
2012, there were 560 available listings and 78 listings with accepted offers or under contract, 12.2% of all listings.
Those are encouraging numbers, but Sellers should not get over-bullish. Values have not moved much off of their lows of the recent bust, so the Seller that prices their property as if it were 2006 is going to see their property sit on the market.
This is a very important point I’m about to make. Listen to your real estate broker. Although you may think you are a Nantucket real estate professional, a (good) Nantucket broker knows the market better than you.
Volume for 2013 YTD is at approximately $321M, which is healthy. My prediction: with a little encouragement to Buyers to buy from rising rates and flush portfolios and Sellers’ looming visions of frozen pipes and tumble weed blowing by their properties, there is going to be strong action in the next 10 weeks.
But remember, if you are a Seller, listen to your broker; you don’t want a frozen pipe for Christmas…