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