Happy and Healthy New Year
Another record year for the Nantucket real estate market – approx. $1.16bn in total volume. The next closest year was 2005 when the total volume was approx. $1.12bn, so very similar. However, there were big differences.
2018: 473 transactions, $2.45mm average sale price, $1.60mm mean sale price.
2005: 629 transactions, $1.78mm average sale price, $1.19mm mean sale price.
Glorious supply and demand.
The financial effects of the “Airbnb taxes” are yet to be seen. On one hand it could be a major stream of revenue for government, but on the other hand, will it weaken demand thereby decreasing the amount of commerce and making the total size of the revenue pie smaller? Classic example of bigger piece of a smaller pie or smaller piece of a bigger pie.