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HAPPY SUMMER! The summer of 2022 feels like the first “normal” summer in a long time. People are happy to be on Nantucket and (mostly) free of the constraints of the pandemic. June was a beautiful month on-island and the roses seem more plentiful and vibrant than ever before. We are enjoying being outside and once again seeing new and old friends. With the first half of the year in the books, we can now state with confidence, that 2022 is tracking much closer to 2019 than to 2020 or 2021, the two years that were largely impacted by the pandemic. No surprise as those years are now looking like the outliers. In the five years prior to COVID, the number of sales on Nantucket averaged 550 per year. In 2020 there were 679 sales and in 2021 there were 825 sales, over 30% above the 5-year average. Through Q2 this year there have been only 228 sales. This 36% decline in the number of sales from last year is due largely to the lack of inventory. The average sale price on Nantucket in 2019 was $2,150,000, in 2020 it was $2,792,000, in 2021 it was $2,832,000 and year to date in 2022 it is $3,135,000 - an astounding 31% increase over 2019. Prices are still on the rise but there are some signs of softening. The average price of a residential property on Nantucket is $3,913,000, up 11% from 2021. The median home price is $2,800,000, an increase of 8% over last year. The average price of a vacant lot is $2,339,000 (+63%!) and the median is $1,415,000 (+29%). There have been only 9 commercial sales in the first half of the year compared to 41 in all of 2021. There is no question that the lower numbers for commercial sales are being driven by the lack of listings. The bottom of the market continues to escalate rapidly: last year there were 37 sales $500,000 or less; to date this year there have been only 7, most of them vacant land in the Mid-Island area. Continued on Page 2...