OCTOBER MARKET REPORT
MONTH VS. MONTH SALES AS OF OCTOBER 31, 2024
YEAR-TO-DATE SALES AS OF OCTOBER 31, 2024
It has been an active fall for Nantucket Real Estate, and October was no exception. In October, we saw $236.5M in dollar volume, a 40.5% increase from October last year. Interestingly, transactions were also up 26.2%, though meaningfully lower than the increase in dollar volume. This discrepancy shows the change in pricing we are seeing island-wide. The average sales price in 2024 is $4.29M, the highest average the island has ever seen. For perspective, our 2023 average sales price was $3.93M.
Similar to last month, excluding October 2020 and 2021, statistical anomalies due to the pandemic, this October was our largest on record. Monthly data helps us paint a picture of the market, however, these numbers can be skewed by just a couple of large transactions closing in the same month. YTD numbers are the best indication of the market as a whole. October officially put 2024 above the $1B mark for total dollar volume. If this momentum continues through the end of the year, we expect to end the year at approximately $1.35B in total dollar volume. This would be a ~9% increase in total dollar volume compared to 2023.
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OCTOBER MARKET REPORT
This year, October’s dollar volume accounted for 21.2% of all closings. This percentage is the largest month relative to annual sales volume in over 20 years. Additionally, September and October represent 41.4% of dollar volume in 2024. We have not had a fall account for this significant portion of dollar volume ever. This would indicate homeowners are more frequently requesting Fall closings to enjoy their properties for a final summer season.
When taking a look at market segments, a few price ranges stand out. Year to date, we have seen 67 transactions between $3M - $5M, compared to 47 in 2023. This is a 42.5% increase, reflecting a higher average sales price. Additionally, the high end, $10M+, has sustained momentum. Year to date we have seen 17 transactions close for $10M+, compared to 12 in 2022, a 41.6% increase. Great Point Properties is proud to have participated in 6 of the 17 $10m + transactions.
*Market data and analysis provided by GPP agent Ethan Ulmer*
SALES AS OF OCTOBER 31 HOUSE SALES AS OF OCTOBER 31 LAND SALES AS OF OCTOBER 31
THE CURRENT MARKET AT A GLANCE
$6.1M
AVERAGE ASKING PRICE OF AVAILABLE HOMES
163
AVERAGE DAYS ON MARKET OF AVAILABLE PROPERTIES
128
AVERAGE DAYS ON MARKET OF PENDING PROPERTIES
14 LYON STREET | $4,795,000
190 AVAILABLE PROPERTIES
49
NUMBER OF PENDING SALES
