During this time two years ago, we noted a surprising dip in first quarter transaction activity compared to the previous year. One year ago, with transaction activity all but halted, no one knew what to make of the market or where we might be headed. This year, the Nantucket real estate market is on another record-setting course, posting the highest first quarter dollar volume in island history. Through March 31, 2021, activity soared to 152 transactions totaling $350.9 million, a respective 108 percent and 97 percent higher than one year ago (when data did not yet reflect much impact from the pandemic). For perspective, this compares to 154 transactions totaling $251 million in 2005, the next closest first quarter period as measured by transaction volume, and 122 transactions totaling $266.8 million in 2018, the next closest first quarter period by dollar volume. Though contract activity also posted impressive results, “months’ supply” of property inventory took a remarkable dip down to just 2.2 months. It’s looking like we may soon run out of supply, or at least the supply will never hit the market before transacting, leaving market metrics in a position that strongly favors sellers.
