One of the signs that spring has sprung is the increase in Nantucket Real Estate Sales inventory. Many sellers opt to unlist their properties for the winter. This is due to the off season for tourism, as well as homes being closed down for the winter. But it starts to smell like Spring and suddenly there’s a lot for sale.
We’ve had a lot of questions about the rental market this year. What I’ve noticed is that during the off season, the rental market comes and goes in waves. Right when the Steamship puts the car ferry tickets on sale everyone starts thinking about their Nantucket getaway. After that initial flurry of rentals come in we go into a few dormant weeks. Another wave occurs around tax time when folks get their tax returns. A third wave hits when Spring officially arrives. I don’t mean arrives on the calendar, I mean when the sun starts to feel warm on your skin, and the daffodils are in full bloom and it feels like summer is right around the corner. There have been many questions on the effect of the new rental tax. I think it might be a little early to tell. I think next season we will have a better take on how the tax has effected the rental market. The fact is… it has to be paid. Uncle Sam doesn’t do negotiations.