Great Point Properties Market News

Latest News

All Sales YTD

 

IT'S THE SAME OLD SONG (but a good one)

October was an excellent month for closings, as we expected. Looking at the table at the bottom, compared with October 2011, the dollar volume of Nantucket real estate sales was up 87% to $104 million and transactions were up 126%. Prior to October 31, 2012, every price segment except $10 million and over was ahead for 2012. However, with the Great Point Properties sale of 21 Lincoln Avenue for $14,025,000 on November 2, 2012, we are currently up50% for 2012. We know of at least one more sales over $10 million that is scheduled for 2012. Great Point Properties is proud to report that two of those four sales were done through our office.

Great Point Properties -  Nantucket Home Sales Market Report, October 2012

WITHOUT $10 MILLION SALES

Very high-end sales, those over $10 million, tend to skew the market statistics. In 2010 for instance there were eight transactions above that price point, totaling $135.5million. That represented only 2.4% of transactions but over 21% of the dollar sales. Below are two charts analyzing the market over the last four years,excluding the $10 million plus segment. It is easy to see how healthy the Nantucket real estate market is.

Great Point Properties -  Nantucket Homes Sales Transactions, October 2012

From the bottom in 2009, every price segment has grown significantly in transaction and dollar volume. As a result the inventory of property for sale has declined, most noticeably in houses, from 509 for sale October 31, 2009 to 388 on the same date in 2012 - nearly a 25% reduction.

Interestingly, prices have yet to be strongly effected. There were 32 price reductions in October,albeit fewer than in October for the previous 3 years. Yet, it seems reasonable to assume that sooner than later that will stop. Simple market dynamics dictate that prices will stabilize and start to increase if the buying trends continue. For now buyer shave an excellent opportunity to purchase.

GPP