After a very strong 2014, memories of the heydays were shining bright and sellers came out of the woodwork not wanting to miss the next Nantucket real estate boom (inventory numbers jumped about 30% from ’14 to ’15). However, many sellers misjudged the trajectory of property appreciation and priced their properties too high (forgot to listen to their broker). Buyers recognized this and did not take the bait. Sellers are accepting this and adjusting their prices. In October, there were 48 price changes down. In October of ’14, there were 11; October of ’13, 9; October of ’12, 15. Have no doubt, the market is very healthy, deals are happening and values are steadily going up, just not at the breakneck pace of ’04-’07. My prediction of another $1,000,000,000 year will probably not come true (back to fortune telling school), but the year will probably end around $900,000,000, which is still very strong.
Keep your eyes out for Nantucket Bays – commercial scallop season opens today. Yum…