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S U M M E R! Summer started with a bang on Fourth of July weekend and the island is filled with people having fun. We are having the most beautiful weather ever! Luckily, there was no fog for the fireworks (held July 3rd) over Jetties Beach and, although the island seemed to be at maximum capacity, no word of any serious incidents. Folks seemed to be enjoying themselves at the reading of the Declaration of Independence, watermelon and pie eating contests and the water fight on Main Street on July 4th. Real Estate Market Round Up: The numbers for the first half of 2016 confirm what we have been feeling in the field with the number of sales (258) up 32% compared to the first half of 2015 (196). The dollars these sales represent ($428,236,000) are up 26% from the same time period last year ($338,818,000). If history is a teacher, we are on track to exceed 1 billion dollars in real estate sales on Nantucket this year. Activity is being driven by a good amount of quality inventory for buyers to choose from, low interest rates and, perhaps most importantly, confidence in the long term value of Nantucket real estate as an investment. There is no comparable place in the country with the quality of beaches, protected open spaces, history and fine dining and other high level amenities for visitors. Sales by Sectors: There have been 3 properties sold this year over $10 million, each one located on the water. There have been 7 properties sold between $5 and $10 million and 26 between $3 and $5 million. These sales represent 14% of the market volume for the first half of 2016. Between $1 and $3 million there have been 106 sales, representing 41% of the total sales. And, interestingly, there were 105 sales under $1 million. To date there have been only 5 distressed sales so far in 2016, less than 1% of the market as a whole. What is Selling: Residential properties that are selling the most rapidly are those that are either new, or fully renovated and with amenities such as pools. Properties on the water, or with easy water access remain popular as do properties in, or very close to, Town. Continued on Page 2....