Great Point Properties October Market Report

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OCTOBER MARKET REPORT

GREAT POINT PROPERTIES 1

OCTOBER MARKET REPORT FOR THE SEVENTH YEAR IN A ROW, NANTUCKET REAL ESTATE SALES HAVE TOPPED $1 BILLION IN TOTAL SALES. WITH TWO MONTHS REMAINING, GREAT POINT PROPERTIES IS PROJECTING ANNUAL SALES OF NEARLY $1.3 BILLION. October’s sales saw a slight downturn compared to last year. In October 2023, we saw 40 house sales, 2 land sales, and no commercial transactions, totaling $168 million in transactions, nearly $40 million less than the previous year. October 2022 had 44 house sales, 6 vacant lot sales, and no commercial sales.

As has been the case all year, sales volume is at the lowest level in a decade. The 216 house sales are the fewest since 2010, when 220 sales had occurred through October 31. Land sales are also at their lowest level since 2010, with just 31 sales. Yet values remain steady, as evidenced by the total dollar volume, and well-priced properties are still selling quickly.

The highest end of the market seems to have a life of its own. 68 Monomoy Road, a Workshop/APD-designed and Reid Builders-built waterfront house and cottage sold in September for a record $42 million.

The permanent result of the pandemic has been to push values to historic levels in all price segments. Although there may be some small retreat from the froth of the last three years, the market remains healthy.

HOUSE SALES AS OF OCTOBER 31

LAND SALES AS OF OCTOBER 31

COMMERCIAL SALES AS OF OCTOBER 31

GREAT POINT PROPERTIES 2

OCTOBER MARKET REPORT ALL SALES AS OF OCTOBER 31

THE CURRENT MARKET AT A GLANCE

$6.1M AVERAGE ASKING PRICE OF

128

AVERAGE DAYS ON MARKET

22

AVAILABLE HOMES

OF AVAILABLE PROPERTIES

PENDING SALES

77

AVERAGE DAYS ON MARKET

131

OF PENDING PROPERTIES

HOMES FOR SALE

NUMBER OF

SINGLE-FAMILY

GREAT POINT PROPERTIES 3

GPP FEATURED LISTING 3 GOLDFINCH DRIVE | $2,995,000

OCTOBER PHOTO OF THE MONTH

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GREAT POINT PROPERTIES 4