The sale of properties over $10 million has declined significantly on Nantucket with only one sale in excess of $10 million occurring through October 24th of this year.  This marks an 86% decline in the number of properties sold at this price point and a 91.1% drop in total sales volume.

There were 8 real estate transactions on Nantucket priced higher than $10 million during the same time period in 2010. The one sale occurring this year was for 28.8% less than the average price paid in 2010 for similarly priced properties.  While we expect a few more transactions in excess of $10 million to close before year-end, we do not expect to see anything near the volume or number of transactions that occured in 2010.

In case you’re wondering: the lack of sales is not due to high-end properties not being available on Nantucket.  There are currently 15 properties on-market with price tags ranging between $10,250,000 and $25,000,000.  Now may be a great time to buy one…