Simply put, the high demand for Nantucket real estate can be attributed to Nantucket being such a special place with a finite amount of land surrounded by water. And while every property on Nantucket is exceptional, waterfront property is in its own category in terms of demand and exclusivity.
This year, due to continued COVID safety concerns the the Nantucket Conservation Foundation's has come up with the resourceful idea of celebrating the Cranberry Harvest. Instead of holding the Nantucket Cranberry Festival on one weekend they will instead celebrate the Cranberry Harvest through a series of smaller events held throughout the month of October.
Last August was the first month of the year not to surpass the previous year's monthly sales total. Is it a sign that the market is slowing down? Unlikely considering August of 2020 saw record breaking numbers partly due to many sellers holding off listing earlier in the year leading to big numbers for late summer and into Fall. This year, while far from ordinary with dollar volume up 49% YTD, we are seeing a more traditional distribution of sales per month.
We are thrilled that our exclusive listing 111 Surfside Road, Nantucket MA is the Sotheby's International Realty Extraordinary Property of the Day.
Thanks to our awesome customers and friends, we have been nominated again this year for the Best of Nantucket Real Estate Office.
Maury People Sotheby's International Realty is proud to sponsor this year's Women + Wellness seminar hosted by the Nantucket Cottage Hospital. Co-chaired by Maury People Sotheby's International Realty agent Mary Taaffe, the event will focus on whole-body wellness, including mind, body, and spirit. Women+Wellness was created to help educate and empower our audience of women – the “chief medical officers” – who make 80% of the healthcare decisions for their families. This year’s event is dedicated to the memory of Sarah Newton.
Yes, the real estate market on Nantucket is booming - not exactly breaking news. 2020 was a banner year and 2021 is on pace to surpass it by a substantial amount. Any real estate agent would tell you now is one of the best times ever to sell a home. That is the easy part. Working with an experienced broker who understands the market and nuances of the island is paramount when listing your home and pricing it properly.
With summer upon us it is wonderful to again see restaurants opening for the season. This time last year restaurants were scrambling to operate under new regulations. This year, however, many of the restrictions have been lifted and restaurants are now accustomed to their adjusted operations.
When it comes to beaches it is hard to top Nantucket's for their beauty and their accessibility. Unlike many New England summer destinations Nantucket's beaches do not have parking fees or the need for permits. It's simple, drive or bike, park, walk, find a spot and enjoy.
Maury People Sotheby's International Realty is once again proud to support Swim Across America by being a Gold sponsor. Not only are we a sponsor but many of our agents participate in the Nantucket Island Open Water Swim as part of the Maury People team. This year's event is scheduled to take place on July 24, 2021.
During the past year, we have understandably seen many Nantucket festivals and events reduce their programs or cancel altogether. Fortunately, one of Nantucket's favorite events, the Nantucket Film Festival is expanding its program while complying with local public safety guidelines. For the first time in its since its inception in 1997, the NFF will expand from six to eleven days and presented in a hybrid format. The different formats will include online screenings, drive-in screenings, and intimate garden screenings and conversations.
As we continue to be diligent and safe during the pandemic many Nantucket events have been canceled, postponed or gone virtual for 2021. Events on Nantucket are an important part of our community and we continue to support them as we stay safe without letting our guard down. We have listed events below with the current status, however, all dates are tentative and we encourage you to visit their websites to confirm information. For a complete list of events visit the Nantucket Chamber of Commerce.
As the first quarter of 2021 draws to a close, real estate inventory remains low. While 40 new listings were added in March 2021 (47% more than March of 2020) inventory is not keeping up with demand as 45 properties were sold. When comparing numbers, it is important to remember that at this time last year the real estate market had all but halted as it adjusted to the effects of the pandemic before drastically coming back.
Widow's walks, also known as a roofwalks, are rooftop platforms surrounded by a railing. While not exclusive to Nantucket they are part of the island's architectural landscape whose original purpose is not as romantic as the widow's walk name suggests. They were built to give homeowners rooftop access to put out chimney fires that were a common occurrence during the 19th century when fireplaces were also used for cooking causing the inner chimney walls to become covered with flammable grease over time.
While Nantucket has always been a popular summer destination, the island's close proximity to major US cities while feeling far away has made it even more desirable in 2021. This increase in popularity along with fewer homeowners renting, renters postponing last year's trip to this year, and new renters booking early has made finding a rental more challenging, but far from impossible.
While 2020 was a record year for Nantucket real estate sales, 2021 is showing no signs of slowing down. Year-to-date numbers show an over 60% increase in the number of solds compared to last year with dollar volume up 41%. With sales at a record pace inventory is low compared to this time last year. At this time last year, there were 269 properties for sale compared to 175 as of 3/3/2021.