Nantucket: One Billion Dollars in Sales YTD by July 2021

Nantucket IslandHow much is one billion dollars? It is 1,000 million dollars and it is a lot of money. It used to be an anomaly if the sales of Nantucket real estate exceeded one billion dollars in a calendar year. Not so anymore. Since 2016 sales have hit or exceeded this number, always in the last quarter of the year. What is striking this year is how much earlier it happened: by the end of July sales totaled $1,042,281,000. The highest year total to date was 2020 with nearly $1.9 billion in property transfers. Extrapolating out, based on past market performance, we are again on track to exceed $2 billion in real estate transfers in 2021. The average percentage of sales dollars, for the past eleven years, is 32% in the first two quarters and 68% in the last two quarters. And, based upon recent history, there is no reason to believe that 2021 will be any different. Stay tuned.