January 2024 Market Report

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JANUARY MARKET REPORT

GREAT POINT PROPERTIES 1

JANUARY MARKET REPORT JANUARY’S SALES SAW AN UPTICK FROM LAST YEAR. IN JANUARY 2024, WE SAW 19 HOUSE SALES, TWO LAND SALES, AND ONE COMMERCIAL TRANSACTION, TOTALING $109 MILLION IN TRANSACTIONS, $45M HIGHER THAN THE PREVIOUS YEAR. January 2023 had 16 home sales, two vacant lot sales, and no commercial sales, totaling $64M. January 2024’s total transaction volume of 22 is still significantly lower than the 2019-23 average of 42.

Despite January traditionally being the slowest month on Nantucket for real estate, trends from 2023 are continuing into the new year. High-end properties are trading hands quickly. The uptick in January’s yearto-year dollar volume can be largely attributed to two eight-figure sales:

•

81 Low Beach Road in Sconset sold for $11,000,000.

•

5 Grant Avenue, the high sale of the month, closed off-market for $26,000,000. The house and cottage, with 7 bedrooms and 6 baths, built in 2002 sits on the Cliff overlooking Nantucket Sound. It had previously sold in November of 2022 for $19,900,000. A 30.65% increase in 1 year 2 months, and 7 days.

2023 concluded as Nantucket real estate’s 4th largest year on record with $1.2B. That being said, 2024 is off to a big start. $98.7M in home sales makes this the largest January in Nantucket real estate history.

Higher average home prices, in combination with the $10M+ segment of the market, continue to fuel this record-setting market despite historically lower transaction volume. Meanwhile, the market under $4M remains stagnant. There were 9 total transactions in this price point compared to the 2019-23 average of 22. This segment is the most impacted by interest rates. It will be interesting to watch how the transaction volume in this segment moves throughout the year should interest rates come down pending the Fed’s alleged rate cuts. *Market data and analysis provided by GPP agent Ethan Ulmer*

YEAR TO DATE SALES AS OF JANUARY 31

HOUSE SALES AS OF JANUARY 31

GREAT POINT PROPERTIES 2

JANUARY MARKET REPORT LAND SALES AS OF JANUARY 31

COMMERCIAL SALES AS OF JANUARY 31

THE CURRENT MARKET AT A GLANCE

$6.2M AVERAGE ASKING PRICE OF

137

AVERAGE DAYS ON MARKET

19

AVAILABLE HOMES

OF AVAILABLE PROPERTIES

PENDING SALES

86

AVERAGE DAYS ON MARKET

82

OF PENDING PROPERTIES

HOMES FOR SALE

NUMBER OF

SINGLE-FAMILY

GREAT POINT PROPERTIES 3

GPP FEATURED LISTING 17 BURNELL STREET | $6,595,000

JANUARY PHOTO OF THE MONTH

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GREAT POINT PROPERTIES 4