Great Point Properties September Market Report

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SEPTEMBER MARKET REPORT

GREAT POINT PROPERTIES 1

SEPTEMBER MARKET REPORT WITH NANTUCKET REAL ESTATE SALES CONTINUING THEIR YEARLONG RETREAT FROM THE PREVIOUS THREE PANDEMIC-FUELED YEARS, ONE NOTABLE STATISTIC STANDS OUT. COMPARING 2023 TO THE PREVIOUS FIVE-YEAR AVERAGES SHOWS A 40% DECLINE IN TRANSACTION VOLUME, YET JUST AN 11% DECLINE IN SALES DOLLAR VOLUME. As we have noted recently, this is a contradictory market reaction. Typically declining sales would indicate slumping demand. What we have seen this year is continued owner reluctance to list properties, despite the historic high prices. That reluctance has created a decline in sales. That said, we are sensing a downturn in buyer demand. This seems a reasonable reaction with the 30-year mortgage rates approaching 8% and the political turmoil that is being manifested by less-than-robust equity markets.

With the approaching 2024 presidential election, there is a definite cloud of uncertainty hanging over the future. Buyer reluctance may well start defining the market. Stay tuned!!

HOUSE SALES AS OF SEPTEMBER 30

LAND SALES AS OF SEPTEMBER 30

COMMERCIAL SALES AS OF SEPTEMBER 30

GREAT POINT PROPERTIES 2

SEPTEMBER MARKET REPORT ALL SALES AS OF SEPTEMBER 30

THE CURRENT MARKET AT A GLANCE

$6M

AVERAGE ASKING PRICE OF

121

AVERAGE DAYS ON MARKET

38

AVAILABLE HOMES

OF AVAILABLE PROPERTIES

PENDING SALES

58

AVERAGE DAYS ON MARKET

139

OF PENDING PROPERTIES

HOMES FOR SALE

NUMBER OF

SINGLE-FAMILY

GREAT POINT PROPERTIES 3

GPP FEATURED LISTING 45 WEST CHESTER STREET | $3,200,000

SEPTEMBER PHOTO OF THE MONTH

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GREAT POINT PROPERTIES 4