Lee Real Estate
Upstairs at 58 Main Street
Downtown Nantucket, Massachusetts 02554
508 325 5800
www.leerealestate.com
The Market
Looking ahead to Summer '09
There is a lot of insight to gain from the current market cycle despite the credit crunch woes of the nation media and the nation market. While ‘06 & ‘07 lacked the unprecedented growth in sales volume experienced from ‘03 to’05 when gross annual sales reached a billion, the Nantucket market is acclimating and both buyers and sellers are coming to the table to negotiate with re-newed motivation.Traditionally soft markets are tentative and historically inventories grow while the duration of time on the market extends. Thereafter prices are expected to adjust. This has been the dynamic on Nantucket and it is fair to say that we’ve witnessed an appropriate market correction. 2007 posted $841+ million in gross sales and the average price home came in at 2.253M but the nuance of this market is not as easy to report. After some consideration of what has sold we think there are some important distinctions. The island has a wide range of price tiers and locations so "averages" are a bit generic and the sale as a percentage of the listing price doesn't always reflect the original price...Looking at micro-markets on the island and culling data helps us advise our clients and we are encouraged by the numbers year-to-date '08.Lee Real Estate is committed to the integrity of the marketplace and our position as a premier service firm. We are here to share our knowledge, our expertise and our enthusiasm for this strategic buying time. We are excited about the coming season and new developments on island. Nantucket continues to evolve while preserving a distinctiveness of place incomparable to anywhere else. Island real estate values are supported by things we can’t measure or quantify yet they play an important role to insulate the market. While annualized appreciation has out-performed Wall Street again and again, there are greater returns which far exceed any financial investment yardstick. Nantucket is a living history with an intimate balance of conservation and sophistication that offers more than summer pastimes and holiday retreats. Vacation traveling affords us perspective and enjoyments but it also reminds us that there is no place like Nantucket. We can’t predict the markets but one thing we can be sure of, immaterial of prices, Nantucket will always be a special place, unique, pristine and relatively timeless in a changing world.
Recent News & Activity
Ongoing news and information concerning the Nantucket Real Estate Market. Check back often or call and inquire about what's happening on island.
