With the Turkey Plunge and Christmas Stroll in the rear view mirror, another Nantucket summer seems just around the corner (oh the power of wishful thinking). It was just this time last year that many were speculating as to what degree the precipitous financial collapse would affect the Nantucket’s high end real estate market.  Now that we have tallied most all of the 2009 sales, we know that 30 miles out to sea wasn’t quite far enough away for seeking shelter.  But, the full year results for Nantucket may not be as bad as some predicted and recent activity suggests positive developments on the journey to recovery.

The month of November brought in 40 transactions and $62 million in sales.  This is double the amount of activity seen in November 2008 both for the number of transactions and dollar volume.  While some may note that a comparison month sandwiched between the fall of Lehman and the Madoff scandal doesn’t amount for much, nearly ever sale that closed in November 2008 went under contract prior to the financial market’s domino game that began in September.  Perhaps more promising is that the November monthly average is down only 13 percent from the five year monthly average.

To keep reading, check out Windwalker’s Research page for the full report (available 12/18/2009).