After hitting a post-covid all-time high in real estate sales in 2020, total sales per year are still declining on Block Island, even as individual property values continue to increase.In the first place, 2020 wasn't close to being "post-covid". Not within a country mile; 2020 launched the pandemic. What the hell; it's just a Chamber of Commerce small town organ. But, more to the point: sales nearly always decline when price goes up. It's the bedrock understanding of Econ 101. While more than is healthy, there is a limited number of billionaires (fighting for their rightful place in paradise) and there is also a limited amount of dirt on teeny Block Island (no match for the Vineyard and Nantucket). The landed gentry of Block Island continues to sell off holdings piecemeal to Big City rich folk.
If anything, two week in the summer 10,000 square foot "cottages" on the Island are so valuable one might expect sales to always be increasing. Well... unless the Island's landed gentry is running out of inventory to sell. Not to mention water.
