Yes, it could! We are actually seeing a sense of urgency from buyers and tenants now. We have not seen this since at least 2007. Makes sense, though. There is more demand vying for less supply.
Look at the sales market, there is dwindling inventory, currently 321 active listing (we haven’t seen inventory that low for the last 8+ years) and there are more buyers, a few of the bigger reasons being a) consumer confidence is up, b) the stock market is up, c) there is starting to be talk of rising interest rates creating pressure to lock in the low interest rates, and d) investors are viewing Nantucket as a better investment than much of what is available. The empirical evidence is there – we are seeing multiple bids on properties priced at market rates. There are a handful of high-end spec. houses being built right now; those sellers are going to be sitting pretty this summer.
As for the rental market, there is not necessarily less supply, but there is more demand because of reasons a) and b) above, and also the unfortunate, but true, “Hurricane Sandy Effect” – many vacation areas got wiped out by Sandy, but people still want to go on vacation, so “Honey, I’ve always wanted to go to Nantucket.” The “Hurricane Sandy Effect” will no doubt translate into a positive for the sales market, as well. It is quite possible that the rental market actually sells out for end of July, beginning of August time period. Should be a busy (and exciting) summer! Until then, we are enjoying the quiet of the Grey Lady:-)