Through December 31, 2010, nearly $678 million in Nantucket property transferred hands in 372 real estate transactions. This is an impressive increase of 52 percent in dollar volume and 28 percent in transaction volume from 2009. Interestingly, the 2010 average home value of $2.296 million has remained nearly flat during the past five years and was no doubt buoyed in 2010 by several ultra high-end transactions. During the past year, 8 properties sold for more than $10 million, including the highest single-family home sale ever recored on Nantucket which topped out at $27.5 million.
The average months on the market for all properties was approximately 11 months (this compares to 7 months during 2004 to 2006) and the average sale price as a percentage of original list price was 78 percent (91-94% during 2004 to 2006). Foreclosure activity represented approximately 9 percent of the market, up from 6 percent in 2009.
For a more comprehensive report on 2010 full year results, please visit Windwalker’s Nantucket Real Estate Research Page next week for our Year End 2010 Recap. We will also be releasing our 2010 annual report soon so stay tuned!