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Preliminary June Market Data

The Nantucket real estate market has had quite a unique first half of the year.  After a 40 percent year-over-year decline through March 31, 2019, we are pleased to report that this gap narrowed significantly by the end of June. Through the first half of the year, preliminary figures for June show that the number of real estate sales totaled 171 transactions while dollar volume measured just over $360 million. This represents a respective decline of 20 percent and 18 percent through the same time-period in 2018.

As we’ve been reporting in our monthly market reports, the first quarter of 2018 was a record setter, which makes year-to-year comparisons a bit tricky until we have more data. In fact, no other first quarter in Nantucket’s history came close to what we saw in 1Q18.  We are eagerly awaiting summer sales data to truly understand current market trends and how 2019 will stack up to 2018. 

What we know now is that contract activity over the last three months has been materially higher than the same period one year ago, which signals the market is poised for an active second half.  We also know that several high-end properties are under agreement and are not yet reported in the MLS system. A $19M waterfront property closed on July 2nd, providing a solid boost to monthly figures.  Additionally, the commercial market has thus far had an exceptional year, which illustrates buyer confidence.  

CONTRACT ACTIVITY 

Stay tuned for Fisher’s comprehensive review of the first half in the coming weeks. 

Jennifer Shalley Allen

Jen first stepped foot on the shores of Nantucket while working a summer job at the White Elephant while studying at the University of Virginia. It wasn’t until 2008, after having spent six years in the financial sector at Citigroup and then Wachovia, that she was drawn back to the island more permanently. Since that time, Jen has worked on an impressive array of real estate transactions exceeding $240 million. This includes, among others, two of the island’s largest and most complex vacant land transfers, several commercial transactions, and many single-family home sales, from high-end residential estates to lender-owned asset dispositions. Capitalizing on her extensive background in finance and market knowledge, Jen is well known for her unparalleled “Nantucket Real Estate Report,” an in-depth monthly market commentary and analysis that has been quoted by CNBC and The Boston Globe.

When not showing properties or researching the Nantucket real estate market, Jen can be found volunteering with Swim Across America Nantucket, a local fundraising event for cancer treatment and patient care at Nantucket Cottage Hospital or sitting on committees for other Nantucket nonprofits. She loves traveling, spending time outdoors with husband Mike and lab Sammy, and is an avid runner, cyclist and triathlete.