“It’s becoming clear that 2021 may be the peak of the pandemic-era real estate market as 2022 sales are struggling to match what was the most exceptional year for the island. Although May dollar volume declined to just half of the $200 million in sales we saw one year ago, the $107 million in sales through 34 transactions is still competitive with historic figures. The market appears to be settling into a more measured pace due both to continued low inventory but also the headwinds created by rising interest rates. May transactions brought cumulative Nantucket real estate sales to 165 transactions totaling $576 million through May 31, 2022. This is a respective 40 percent and 20 percent decrease from 2021 but similar to transaction volume for the five-year average. Dollar volume has been notably vibrant due to continued sales activity in the upper end of the market, which also lifted the median home sale value substantially. As we head into the peak selling season, it will be interesting to watch whether the price change activity witnessed in May continues and whether the inventory and marketing time landscape shifts amidst a higher rate environment.”

Here are Fisher’s May market insights from Jennifer Shalley Allen…