Great Point Properties November Market Report

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NOVEMBER MARKET REPORT

GREAT POINT PROPERTIES 1

NOVEMBER MARKET REPORT THIS MONTH’S SALES SAW A DOWNTURN COMPARED TO LAST YEAR. IN NOVEMBER 2023, WE SAW 24 HOUSE SALES AND 4 LAND SALES, TOTALING $91.9 MILLION IN TRANSACTIONS, NEARLY $76 MILLION LESS THAN THE PREVIOUS YEAR. November 2022 had 42 home sales and 4 vacant lot sales. Interestingly, inventory is slightly higher year over year. On November 30, 2022, 98 homes were listed for sale, compared to 123 as of November 30, 2023. This suggests buyers are beginning to pump the brakes, given economic uncertainty and the highest interest rates we have seen in 20 years. Most of this uptick in inventory falls in the interest rate sensitive <$3M category, which has the highest number of homes for sale that we have seen since the pre-pandemic environment. Despite these factors, the 2023 total dollar volume is over $1.1 billion. We estimate 2023 will end with over $1.3 billion in total dollar volume, making it the island’s 4th largest year on record.

Much like the rest of 2023, high-end properties continue to trade hands relatively quickly. In November, the high sale was 88 Pocomo Road, which closed for $19.2 million. This waterfront property was sold while still under construction.

The Nantucket market remains active, though economic headwinds present certain challenges as we enter 2024. Keep an eye out for our 2023 annual report next month!

HOUSE SALES AS OF NOVEMBER 30

LAND SALES AS OF NOVEMBER 30

COMMERCIAL SALES AS OF NOVEMBER 30

GREAT POINT PROPERTIES 2

NOVEMBER MARKET REPORT ALL SALES AS OF NOVEMBER 30

THE CURRENT MARKET AT A GLANCE

$6.4M AVERAGE ASKING PRICE OF

129

AVERAGE DAYS ON MARKET

23

AVAILABLE HOMES

OF AVAILABLE PROPERTIES

PENDING SALES

84

AVERAGE DAYS ON MARKET

121

OF PENDING PROPERTIES

HOMES FOR SALE

NUMBER OF

SINGLE-FAMILY

*Market data and analysis provided by GPP Agent Ethan Ulmer

GREAT POINT PROPERTIES 3

GPP FEATURED LISTING 1 OCEAN AVENUE, 5 OCEAN AVENUE & 6 GRAND AVENUE | $29,500,000

NOVEMBER PHOTO OF THE MONTH

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GREAT POINT PROPERTIES 4