We are pleased to introduce the Sotheby’s International Realty® 2023 Luxury Outlook report, an in-depth exploration into high-end real estate markets across the globe.
Mark Your Calendar!
The Steamship Authority has announced their opening dates for summer auto reservations. Beginning at 5:00 am on January 17, 2023 to January 23, 2023, reservations for travel with an automobile to Nantucket from May 18, 2023 through October 23, 2023 may be made via the internet.
As we head into the holiday season and the end of another fantastic year for real estate on Nantucket low inventory continues to play a major role in the market. Fewer new listings and high demand have kept available listings at about the same level as they were this time last year. That being said there are fewer sold and under contract properties in October compared to last year with almost twice as many price drops.
There is a lot to love about fall on Nantucket. The nights are cool enough for the fireplace and the days can still bring beach weather. The summer crowds have gone and the island is just busy enough where restaurants and shops are still open but slow enough where you can find parking downtown.
Two favorite fall events, the Cranberry Festival and the Nantucket Island Fair, are joining forces to create the Nantucket Harvest Fair. The inaugural Nantucket Harvest Fair strives to continue the family friendly spirit of both events which were island favorites during the fall season.
With the end of August approaching we once again start to mentally prepare ourselves to say goodbye to summer. It's always bittersweet. While we will miss the weather, beaches and restaurants we welcome the sense of calm that returns to the island as the crowds leave.
With the first half of 2022 behind us we can say with confidence that we are looking at another great year. That being said, compared to the first half of 2021 transactions for this year are down 40% and dollar volume is down 23%. Are we going to say the market is cooling off? Not a chance. Apart from 2021, Nantucket had the strongest first half of the year on record. In fact, average and median home sale prices are up 29% and 16% respectively. Inventory is a lower than last year with 22% fewer homes coming on the market which may be the only thing preventing a repeat of 2021.
Cancer has touched us all in different ways; it is what unites us and drives our community to make a difference. Swim Across America - Nantucket Open Water swim has made a tremendous impact on cancer treatment and patient care at Nantucket Cottage Hospital and Palliative and Supportive Care of Nantucket.
We are proud and honored to congratulate Chandra Miller on her amazing accomplishments as a real estate broker with Maury People Sotheby's International Realty and being nationally recognized by Real Trends and The Wall Street Journal as a member of the prestigious “The Thousand” rankings for 2022, based on 2021 sales accomplishments. The Thousand is an annual, national ranking program presented by RealTrends ranking real estate agents and offices nationally.
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 be a Platinum Sponsor of this year's Swim Across America - Nantucket Island Open Water Swim. In addition to sponsorship, a number of our agents will once again participate as athletes with The Maury People Sotheby's International Realty team.
While real estate inventory is still low on Nantucket April is showing some promise. 22 new listings have come of the market in the past 2 weeks, 9 of which are Maury People Sotheby's International Realty exclusive listings. Our new listings cover a wide range of properties including waterfront estates, land, new construction and historic homes in Town.
As the first quarter of 2022 draws to a close low inventory continues to have a major impact on the Nantucket real estate market. At the end of Q1 2021 there were 142 listings on the market (down 50% from the previous year), there are currently 71 properties on the market (end of Q1).
When: April 22 - 24, 2022
For over 45 years The Nantucket Daffodil Festival has been an island favorite and its highly anticipated return after a 2 year hiatus is a testament to that. The old favorites will return at the center of activities including the always popular classic-car parade followed by the Sconset tailgate picnic, Daffodil Flower Show and Daffy Events held at Children's Beach.
Not long ago, planning a Nantucket summer vacation was relatively easy, with plenty of rentals to choose from. Renters could find good availability throughout the Spring and even into early summer. However, strong demand over the past couple of years has forced the need to plan much earlier. If you are still looking to book a rental for this summer, we suggest you don’t delay and book something now. While availability is limited there are still many great properties available.
Sotheby’s International Realty recently announced historic sales numbers in 2021 with US$204 billion in global sales volume, a 36% increase in sales year-over-year.
Many factors came together to make 2021 a record-breaking year for real estate on Nantucket. The continued value of the island as a unique destination, low interest rates and wealth accumulation fueled strong demand. Inventory was low but properties were still coming on the market even if for only a few days or in some cases hours before going under contract.