Great Point Properties Market News

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A CONTINUATION OF POSITIVE NEWS
The first quarter of 2012 was very solid and also very similar to the first quarter of 2011.  Nantucket real estate sales expanded 33% in transactions and 32% in dollar volume over the same time period of 2011.  Yet there were some striking similarities to 2011.

Nantucket real estate market report chart - March 2012

Notably, Nantucket real estate sales increased in all price segments below $3,000,000.  Above $3,000,000, sales are nearly identical to the 2011 numbers. The trend of a majority of sales activity occurring in the lower end of the market bears a strong resemblance to 2011. 

Nantucket real estate market report table - February 2012

As reported last month, the overall Nantucket real estate sales activity has had its impacts on inventory and pricing.  As of March 31, 2012, inventory for houses, which makes up a large segment of the market, has dropped nearly 25% from 2010 to 2012.  With more properties either under contract or selling, downward pressure on prices is abating. Through March 31, 2010, there had been 99 price reductions.  This year there have been only 59. Great Point Properties has been saying for some time that 2012 represents tremendous buying opportunity.  With soft prices coupling with historically low mortgage rates, buyers are evidently responding.  

This summer could mark the last and best buying opportunity for some time.

GPP