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WINTER This year we are celebrating our 19th year in business and are grateful that so many of our agents have been with us from the beginning! Winter is a special time on Nantucket: a time for reconnecting with friends, catching up on reading and projects, discovering new places to walk and enjoy the outdoors and reveling in the slower pace of life. Of course, if one is able to, it is also a great time to get away and experience a different culture or climate. The frenetic pace of the last few years in the real estate market has tempered somewhat. Both 2020 and 2021 were driven by the pandemic as people sought special places to retreat to. Prior to 2020, the number of real estate sales on Nantucket averaged around 500 per year; in 2020 it was 679 and in 2021 it was 825. Last year saw a moderating of sales volume to 485, much more in line with the 472 sales in 2019, the last “normal” year prior to the pandemic. The dollars these sales represent is $1,672,485,000 up 64% from 2019 but down 28% from 2022. Fewer properties are selling, but those that are, sell for more. A number of “firsts” occurred in 2022: the average price of a property selling on Nantucket in 2022 is $3,448,000, up 22%. The average price of a residential property on-island is now over $4,100,000 (+21% from 2021). The median home price is $3,000,000, up 16%. Vacant land is selling, on average, for $2,519,000 (an astounding increase of 75% over 2021) and the median price of a vacant lot is $1,700,000 (+55%). The number of commercial sales has declined considerably given the low amount of inventory. The average time on the market (all properties) has been 5 months for the last three quarters, the lowest it has been since we started tracking it. The average selling price, as a percentage of list price at the time of sale, slid slightly to 94%. Properties are now selling for 181% of the assessed value. It is important to note that an islandwide revaluation will occur in 2024 which will significantly alter this number. Continued on Page 2...