Nantucket real estate market update – June 14, 2007
Thursday, June 14th, 2007By: Brian-Logan Reid, Broker
Well Wine Festival and Memorial Day/Figawi came and went and the inventory continues to grow, despite a handful more properties going under agreement.
The entry level of the market, those properties under $1mm, appears to be growing in size and I anticipate some price softening as properties stay on the market longer and the would-be buyers who need financing will find it more difficult to secure affordable financing as lenders tighten up their standards.
The middle of the market, those properties between $1.5mm and $4mm, still shows strength, but only those properties that are priced correctly from the time they get listed; those properties that have been price reduced from inflated levels are not seeing the same action.
As may be expected, the upper end of the market, those properties over $5mm, looks to be growing in strength as buyers of these types of home buyers tend to purchase without financing and they have enjoyed gains in their other asset portfolios here in the US and abroad.
|
Breakdown of Properties |
May 15, 2007 |
June 15, 2007 |
||||
|
Single Family |
353 |
400 |
||||
|
Multi-Family |
18 |
18 |
||||
|
Condos |
40 |
39 |
||||
|
Co-ops |
5 |
7 |
||||
|
Commercial |
16 |
17 |
||||
|
Vacant Land |
91 |
98 |
||||
|
Total Properties |
523 |
545 |
||||
|
Properties Under Agreement |
||||||
|
Accepted Offers |
18 |
29 |
||||
|
Executed Purchase & Sales |
27 |
26 |
||||
|
Total Under Agreement |
45 |
55 |
||||
|
Year To Date Statistics |
Houses |
Land |
Commercial |
Totals |
||
|
Total Transactions |
113 |
25 |
1 |
139 |
||
|
Total Dollar Value |
$237,433,000 |
$48,999,000 |
$1,579,000 |
$288,011,000 |
||
|
Median Price |
$1,495,000 |
$1,000,000 |
$1,960,000 |
$1,495,000 |
||
|
Average Price |
$2,101,000 |
$1,960,000 |
$1,579,000 |
$2,072,000 |
||
|
Percentage of Assessed Value |
127.25% |
166.60% |
153.65% |
134.11% |
||
|
Percentage of Asking Price |
93.17% |
89.42% |
100% |
92.90% |
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Please feel free to contact me if you or someone you know would like to discuss acquiring a Nantucket property.