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WINTER As we launch into this new year it is with great appreciation that we thank all of you for your support over these past 20 years. When we founded Atlantic East, it was based on the principles of integrity, respect, knowledge of all things related to real estate on Nantucket, and the simple principle of treating people as we would like to be treated. We are especially grateful to our agents who are the most experienced and creative on-island. Check out the testimonials on our web site! It is no surprise that the number of real estate sales on Nantucket in 2023 declined 31% from 2022; and the dollars were down 30%. After the pandemic-driven rise in both the number of transactions and selling prices, the last 24 months are clearly showing a market correction. However, the total dollar volume for 2023 still exceeded $1.168 billion. For perspective, in the years leading up to 2020 annual sales averaged slightly over $1 billion; in 2020 it was $1.895 billion, in 2021 it was $2.336 billion (the highest ever) and in 2022 it was $1.672 billion. The average selling price of a residential property on Nantucket is still climbing at $4,281,000 (+3%) and the median home price is the same as it was in 2022 - $3,000,000. The average selling price of vacant land is now $1,960,000 (-22%) and the median lot price is $1,450,000 (-15%). Historically, Nantucket averages around 500 real estate sales annually; in 2023 there were only 333 sales. A number of factors are contributing to market stasis: the fast acceleration of interest rates, sellers who have over priced their properties, thinking it is still 2021, and people holding on to their Nantucket properties (contributing further to the low turnover and number of listings). When buyers feel they do not have good choices, they are likely to adopt a wait and see position. Add to this the fact that we are now in an election year and no one HAS to buy in a discretionary market. As is the case in many special places, the average selling price on Nantucket has increased over 35% since 2019 and prices continue to hold, or increase slightly, in the current market. Continued on page 2...