March 2024 Market Report

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MARCH MARKET REPORT

GREAT POINT PROPERTIES 1

MARCH MARKET REPORT IN MARCH 2024, WE SAW 8 HOUSE SALES AND 1 LAND SALE, TOTALING $37.83M IN TRANSACTIONS. In March 2024, we saw 8 house sales and 1 land sale, totaling $37.83M in transactions. March dollar volume was down over 57% compared to last year. March 2023 saw 19 house sales, 3 land sales, and 1 commercial sale, totaling $88.65M in dollar volume. As of March 31st, 2024, there have been 44 transactions YTD; this is the lowest Q1 transaction volume we have seen since 2009. Meanwhile, YTD dollar volume is at $203.32M, which is essentially flat compared to a year prior. Limited inventory continues to suppress transaction volume while boosting sales prices.

While Q1 is the slowest time of the year for Nantucket Real Estate, there were still a couple of interesting transactions this month:

•

8 Austin Farm Drive sold for $8,500,000. This property was initially purchased by an island builder for $3,137,500 in December of 2022. The new owner bought the home directly from the builder; it is still currently under construction.

•

75 Pocomo Road closed for $8,500,000. This was a waterfront 1.3-acre land sale. The property was sold to the neighbor at 77 Pocomo Road. Great Point Properties sold this property to the seller in 2017 for $2,250,000.

As the island begins to gear up for spring, we are beginning to see some new inventory come onto the market. In the month of March, 48 properties were listed for sale, of which 2 have sold and 5 that we know of have accepted offers. At the time of writing this, there are 122 available homes listed for sale.

This is up from the 3-year March average of 76, though still significantly below our historic average of ~200. It seems the low-inventory environment we have seen since the start of the pandemic is here to stay for the time being. Daffodil Weekend tends to be the unofficial start to our spring listing season. It will be interesting to monitor how the market reacts to new inventory in the coming months. *Market data and analysis provided by GPP agent Ethan Ulmer*

YEAR TO DATE SALES AS OF MARCH 31

GREAT POINT PROPERTIES 2

MARCH MARKET REPORT HOUSE SALES AS OF MARCH 31

LAND SALES AS OF MARCH 31

COMMERCIAL SALES AS OF MARCH 31

THE CURRENT MARKET AT A GLANCE

$5.8M AVERAGE ASKING PRICE OF

147

AVERAGE DAYS ON MARKET

16

AVAILABLE HOMES

OF AVAILABLE PROPERTIES

PENDING SALES

NUMBER OF

82

AVERAGE DAYS ON MARKET

122

OF PENDING PROPERTIES

HOMES AVAILABLE

SINGLE-FAMILY

GREAT POINT PROPERTIES 3

GPP FEATURED LISTING 5 MAXEY POND ROAD | $6,895,000

MARCH PHOTO OF THE MONTH

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GREAT POINT PROPERTIES 4