While not normally the strongest real estate month on Nantucket; this past November was the 3rd highest volume month and 2nd highest month in number of units sold in 2011.  November real estate sales were $65,730,500, or 17.32% higher than in October, only 5.33% lower than September and 42.3% higher than August. The actual number of properties sold increased slightly, up a little more than 10% from October’s numbers but 23.8% below September’s numbers.

Most telling is that in both 2009 and 2010, November was the 3rd and 4th (respectively) most active real estate month in terms of volume and 3rd most active month in terms of properties sold.  During the first eleven months of 2011, only 2 months had higher sales volumes and a greater number of units sold than what occurred this past November.

A total of 32 properties sold on Nantucket in November 2011 compared to 39 in 2010 and 32 in 2009. While the number of properties sold were 17.9% below 2010 levels and equal to 2009 levels, the sales volume of $65,730,500 was 8.67% higher than 2010 levels and 9.84% above 2009 levels.

November also marked the fourth month in a row that the average and median price of properties sold on Nantucket increased.  The average real estate transaction during the month of November was $2,054,078, compared to an average of $1,689,699 year to date.  The median price for real estate purchased in November was $1,260,000, or 6.11% higher than the year to date median price of $1,187,500.  Included in November’s numbers were three sales over $4,000,000 (one of which was $17,000,000) which raised year to date average and median prices.

Below is a breakdown of single-family dwellings sold on Nantucket during November.

Bottom line: While the Nantucket real estate market may appear sluggish to some, November’s numbers show continuing improvement in the marketplace.  With 257 price reductions this year, 27 within the last 30 days, a significant portion of Nantucket real estate listed for sale has been repriced to reflect current market conditions.  While inventory remains relatively high at 568 properties for sale (401 single-family dwellings), properties are selling. If you have been looking for property on Nantucket, December will provide ample opportunity to find what you’re looking for – both in price and location.