Summer is on the way! However this weekend, we had a bit of late spring coldness coupled with fog and grey skies. And then we finally got a beautiful taste of sunshine, warm temperatures, and soft breezes. I can’t wait for the warmth, the arrival of summer people, and the hustle and bustle of the summer to energize all of us.
The real estate market on the island is holding its own. Despite lower volume both in transactions and dollars, buyers are still looking, and making offers and inventories are slowly on the rise.
Take a look at the year-to-date information: average home prices are more than 40% higher than last year, reflecting the inventory and universal price escalation.
While the market appears to be on pause, another way to analyze the picture is to review volume prior to COVID. In 2019, through May, there were 148 transactions and the dollar volume was $299.8. This year we are at 163 transactions and $574.6 in volume.
As yet, we have not seen significant price changes nor have we seen new listings appear at lower prices, in fact, they are still at the higher end. CNBC-TV reports that they are on a "price watch" but they anticipate a slowdown in home prices sometime in August.
Real estate should be a long-term investment and if the property is right, the buyer should make their move. Waiting for lower prices generally leaves the buyer with no property. And if you make that long-term investment you will ultimately see good gains.
NANTUCKET BITS & PIECES
Moving into summer brings the need for specialized services. Here are some that you may need:
Concierge Services: Pampr (www.pampr.com)
Grill Maintenance: Grill Guys (brook@grillguyslic.com)
Private Chefs: Contact me directly for recommendations