September and October are traditionally strong real estate months on Nantucket; this year was no exception. While September 2011 sales were second only to June’s sales numbers, they were still considerably below 2010 levels (both in number of properties sold and total dollar volume sold) but higher than 2009 levels, during this same time period.  October 2011 sales were below 2009 and 2010 levels in both categories (number of properties and volume).

A total of 29 properties were sold in October 2011 compared to 51 in 2010 and 41 in 2009. While the number of properties sold were 43.1% below 2010 levels and 24.5% below 2009 levels, the sales volume of $56,024,346 was 44.5% lower than 2010 levels and 36.2% below 2009 levels.

October also marked the 4th straight month of steady increases in the average and median price of properties sold on Nantucket.  The average real estate transaction during the month of October was $1,931,874 compared to an average of $1,463,960 year to date.  The median price for real estate purchased in October was $1,290,000, or 33.47% higher than the year to date median price of $966,463.

Included in October’s numbers was the sale of one residence that sold for $11,800,000.  Without this particular transaction, October’s numbers would have been significantly less.

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

Bottom line: While real estate activity remains somewhat sluggish on Nantucket, compared to previous years, prices are beginning to solidify.  Lower priced properties have been moving throughout 2011 and higher priced properties are beginning to see more action. Inventory remains relatively high but properties are selling. If you have been looking for property on Nantucket, now may be a good time to be more agressive in your search.