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S P R I N G We are especially happy to welcome spring this year although there will be no Daffodil Weekend for the second year in a row. Leadership at the Town and Nantucket Cottage Hospital have stated that we are in the 24th mile of a marathon and the entire community must continue to pull together for the safety of all. The island is beautiful right now with the daffodils, tulips, and forsythia in full bloom. We are grateful for the longer days and real warmth from the sun and our increasing ability to move around more freely while maintaining safety protocols. The numbers are in the for Q1 and, not unexpectedly, show an increase of 95% for the number of sales (156) over one year ago and an increase of 89% for the dollars ($350 million+) represented by these sales. It is especially astounding when one realizes that the economic impacts of the pandemic started to be evident in mid-March of 2020. Nantucket had an unprecedented year in real estate in 2020 with $1.895 billion dollars in sales (679 properties) compared to just over $1 billion in 2019 (474 properties). This year's Q1 closings of $350 million eclipsed last year's $152 million. This is surprising given the low amount of inventory for sale. In a “normal” market there are 300 – 400 listings – right now there are fewer than 120 properties listed for sale on island. For context, at the height of the last recession in 2009 there were 650 properties on the market. When a property comes on the market now it is not unusual to have multiple offers. Buyers who are on-island and do not require financing are at a big advantage compared to those who are less nimble. It is a challenging climate for property appraisers who rely heavily on historical sales data. We do expect to see inventory increase as we head into the spring market. Continued on Page 2...