Great Point Properties News
Shedding some Light on the Nantucket Real Estate Market
Posted April 3, 2009

The real estate market on Nantucket has slowed significantly.  The volume of transactions is down year to date roughly 40% and the dollar volume that those sales represent is down approximately 65%.  There continues to be stand off sorts between Nantucket Real Estate Buyers and Sellers and neither side seems prepared to blink. The vast majority of Sellers are unwilling to lower their prices to a level that Buyers find enticing. The vast majority of Buyers are unwilling to step into the arena in hopes that prices will spike down and the few buyers that have stepped into the ring have been seeking greater levels of negotiation with properties trading at close to 80% of their list price.

It is Great Point Properties position that we are at, or at least near, the bottom of this economic turmoil but still the active Buyers of Nantucket Real Estate are looking for either a level of uniqueness or value that can only be obtained through location or price. The location of the home on Nantucket is unalterable but the pricing is in the seller’s control. Thus establishing a true Opinion of Value in this economic climate is imperative for anyone considering selling. There are currently 530+ properties listed for sale and we are anticipating seeing 700+ properties listed by this summer. Swelling inventory and a diminishing demand has made for a very difficult real estate market for sellers.  Pricing a home correctly is one of the most important factors in ensuring the home sells in a timely manner.  If the listing price is too high the seller risks achieving their maximum sales price by “chasing the market down”. 

Great Point Properties will provide Nantucket Homeowners considering selling with an unbiased, unfiltered Opinion of Value that reflects a property’s true value in this Market. In order to sell now sellers need to “Market to the Market” and we have the skills, knowledge and integrity to work for you.

For Buyers, Great Point Properties provides the essential insight into current market trends and knowledge of inventory that will prove paramount to making a person’s buying experience on Nantucket a success.

Nantucket Rental bookings have been slow year to date. However, Great Point Properties has seen a marked increase in the volume of inquiries and bookings from our 600+ rental properties in the past few weeks and are anticipating an even larger spike in activity as the rental season approaches. We do attribute much of this increase to our significant web campaigns. However, rental homeowners need to be cognizant of the fact that in this economic climate more homes are available for rent on Nantucket than ever before.

We look forward to being your guide be it buying selling or renting on Nantucket.

Edward Sanford, Bill Liddle, Greg Mckechnie and your friends at Great Point Properties