October on Nantucket is truly a delight with multi-colored foliage lining Main Street, thousands of plump cranberries floating in the Milestone bogs and golden windswept grasses nearly everywhere you look. This year, even the October real estate market was a surprising delight. With nearly $90 million in October property sales, representing the best sales month so far this year, the fourth quarter started off with a bang.
Through October 31, 2009, a total of 223 transactions brought in cumulative sales of $329 million, down 8 percent and 32 percent respectively from the same period in 2008. While a year-to-date comparison shows 2009 still trailing prior years, monthly sales volume for October was nearly double the volume seen in October 2008 and approximates levels seen in 2006 and 2007. In fact, in the month of October, there were 50 property transactions and $89 million in sales, up 85 percent and 71 percent respectively from October 2008. Not only do sale surpass October 2008, but as compared to the previous 5 year average, it represents the first time the 2009 monthly sales gap has been smaller than 33 percent. With September representing the first 2009 month to post a year-to-year increase, and October knocking the yearly comparison out of the park, the market's momentum certainly seems to be picking up.
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