The Nantucket Real Estate market saw an across the board decline on all sectors, from Commercial and Land Sales to Single Family houses. The decline is attributed primarily to the weakening of the US economy during the COVID-19 Pandemic. As show here in Figure 1, sales of commercial properties saw the greatest decline , 80%, for the second quarter of 2020 as compared to the same period in 2019. In this particular sector there was a single sale recorded during Q2 of FY2020 as opposed to five-(5) sales in Q2 of FY2019. The dollar volume dropped from approximately $31 M in Q2 of 2019 to a low of $2.6 M for the same period this year.

Single family home sales fare a little better, see Figure 2, with a year-to-year decline of 23%. The one bright spot in the market was the average and median sale prices for single family homes which saw an increase of 6% and 23% respectively year-to-year, demonstrating the strength of the single family homes market.

Today, with the crisis of COVID-19 receding, at least in several states including Massachusetts, we have seen an increase in activity in the Nantucket Real Estate Market. By all accounts we are experiencing a robust third quarter with significant sales numbers both in May and June 2020.