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W I N T E R ! The island has been especially quiet to start the new year and it is a perfect time for reflecting on all that we are thankful for and for recharging before the next busy season. Many of us will do some traveling this winter, always a good opportunity for a different perspective. No matter how far we wander, coming home to Nantucket remains such a special part of living here, regardless of the time of year. The real estate market in 2016 continued to perform well with a total of 534 transactions for $972 million, compared to 514 ($882 million) in 2015. The sales break down like this: Homes (which includes affordable Covenant Homes, but not foreclosures) - 363, Land - 74, Condos - 49, Timeshares - 24, Commercial - 12, Foreclosures - 10, Garage - 1 and one Boat slip (Old North Wharf). The average selling price of a property on Nantucket is now $1,821,000, up from $1,717,000 in 2015, an increase of 5%. The average selling price of a house is $2,276,000 (+6%); the median selling price of a house is $1,515,000 (+8%). Vacant land is selling, on average, for $1,027,000 (+6%) and the median price is $800,000 (+16%). Properties are selling, on average, for 90% of list price and for 103% of the assessed value at the time of sale. For perspective, in 2010, properties were selling for 79% of list price and 95% of assessed value. The typical time on the market is running 9 months, slightly higher than it was in 2015. Prior to the most recent recession and at the previous height of the market (2005) it took an average of 7 months for a property to sell on Nantucket. During the recession time on the market was at an all-time high of 11 months. Properties in the highest demand are those that are either new, or renovated, and those that have a very high level of amenities and interior finish. Secondary dwellings and pools are a bonus. With the economic recovery many of the island’s best tradespeople are booked out well in advance, making a property in need of a renovation less attractive to potential buyers. As a result many buyers are willing to pay a premium for houses that are “done� and in pristine condition. Continued on Page 2....