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NOVEMBER MARKET REPORT
GREAT POINT PROPERTIES 1
NOVEMBER MARKET REPORT STATISTICS & ANALYSIS MONTH VS. MONTH SALES AS OF NOVEMBER 30, 2024
YEAR-TO-DATE SALES AS OF NOVEMBER 30, 2024
As our year comes to an end, Nantucket real estate had another big month. In November, the island saw $148.5M in dollar volume, a 59.3% increase from November of last year. Transactions were also up substantially, rising 37.5% from November 2023. Year to date, we have seen $1.26B in dollar volume in 2024. This is up 12.4% from the $1.12B we saw through November last year. Meanwhile, transactions are also in the green for the year, up 3.9% from the prior. While both dollar and transaction volume are up, the difference we are seeing between YTD dollar volume and YTD transactions shows the increased value of property on Nantucket. Our average sales price for a single-family home on island is currently $4.55M, with a median of $3.5M. These numbers are up from the $4M average and $2.85M median, during the same time frame last year.
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GREAT POINT PROPERTIES 2
NOVEMBER MARKET REPORT ALL SALES AS OF NOVEMBER 30
HOUSE SALES AS OF NOVEMBER 30
LAND SALES AS OF NOVEMBER 30
TRENDS & TRANSACTIONS The big story this month was the sale of 41 Jefferson Avenue. This 0.94-acre waterfront property is located in Brant Point next to the Galley Beach Restaurant. The purchase includes a large building with four apartments and two free-standing cottages. The property has been on and off the market since 2012. When it was initially listed, the asking price was $27.25M; it sat for 755 days with no buyers. In the most recent listing cycle, which began in May of 2022, it was listed for $39M and sat for 860 days. The seller reduced the price over a couple of years to the most recent listing price of $29.975M and it closed this month for $26M. The buyer was the Nantucket Land Bank, their largest purchase ever. The Land Bank intends to turn the parcel, a football toss from Jetties Beach, into a public beach with parking. Half of the property is and always will be an approximately 115-foot wide beach and cannot be built upon. The structures on the property were built in a Coastal Dune with waivers from the Town. Pair that with the restrictions on development from the Conservation Commission, and this property would likely never be developed further than the existing structures. The Land Bank is still assessing its ability to relocate the structures to another location that could potentially be used for year-round housing. If not, the portions that cannot be moved will be demolished. Indeed, this was a premium acquisition, and it will be interesting to see if this latest transaction enhances public benefit as significantly as the purchase price. Stay tuned for our Annual Market Report next month, which will provide a thorough review and analysis of the 2024 real estate market here on Nantucket. *Market data and analysis provided by GPP agent Ethan Ulmer*
GREAT POINT PROPERTIES 3
NOVEMBER MARKET REPORT FEATURED LISTING | 34 BAXTER ROAD, $4,000,000
THE CURRENT MARKET AT A GLANCE
$6M
AVERAGE ASKING PRICE OF
178
AVERAGE DAYS ON MARKET
41
AVAILABLE HOMES
OF AVAILABLE PROPERTIES
PENDING SALES
NUMBER OF
110
AVERAGE DAYS ON MARKET
178
OF PENDING PROPERTIES
PROPERTIES
AVAILABLE
GREAT POINT PROPERTIES 4