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S P R I N G Greetings from Nantucket. We often say that, on Nantucket, we are all in the same boat. This has never felt more true than during the past three months. Islanders, with clear guidance from Nantucket Cottage Hospital, followed directions to stay at home, wash our hands and practice social distancing. We looked after one another. When the hospital put the word out in mid-March that they needed more personal protective equipment for health care workers, the community responded quickly and generously. Community members, both summer and year-round, have taken out their sewing machines to make thousands of masks. Some locals have set up networks to help those that are housebound get their groceries, medications and mail. Nantucketers have generously supported local COVID-19 relief efforts, including the Nantucket Food Pantry, for our friends and fellow islanders. People and small businesses, many of them hurting, have continued to stay open for curbside delivery and donated food to workers on the front lines of the pandemic. This is the kind of community one wants to live in at a time like this, and we are grateful. With the advent of spring, a little late but finally here, we are looking forward to getting outside more and to calmer waters ahead. Real Estate Update: Uncertainty, uncertainty, uncertainty is the best way to describe the current climate in terms of real estate on Nantucket. The market finished 2019 strong with total sales exceeding $1 billion (for the fifth, non-consecutive, year). The average sale at year end was $2,177,000, compared to $2,214,000 at the end of 2018, a decrease of only 2%. Properties were selling, on average, for 89% of the list price at the time of sale and for 120% of the assessed value. The first quarter of 2020 was rolling along with an increase of 20% in sales dollars and a decline in the number of sales of 9%. Then COVID-19 arrived. Snapshot of the Market: As of the end of April, the price of an average home on Nantucket is still $2,589,000, an increase of 4% over last year. The median price of a home is now $1,795,000, compared to $1,690,000 last year. The average vacant lot on Nantucket is selling for $1,216,000, down 16%, and the median lot is $700,000, down 28% for 2019. Continued on Page 2...