Great Point Properties Market News

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All Sales YTD

 

THE TREND CONTINUES

As we noted in last month's report, Nantucket real estate sales continue to move in a very positive direction. September 2012 closings were slightly above 2011 numbers. In every price range listed below, the numbers are ahead of 2011. Great Point Properties expects that trend to continue. Total Nantucket real estate sales are pointing above $700,000,000 on 412 transactions. These are excellent numbers indeed.

Great Point Properties -  Nantucket House Market Report

WHY?

Although 2012 started out with Nantucket real estate sales moving ahead of 2011, by mid-July it was clear that we were seeing a change in buyer attitude. For several years, reluctance was the dominant characteristic of buyers. The wait and see attitude prevailed. Great Point Properties saw the bottom occur in the summer of 2009. From that point, Nantucket real estate sales began to return to a more normal level of activity. Still, buyers were hesitant and content to wait. The summer of 2012 could very well be the end of that attitude. We would be remiss to suggest specific reasons for this change of heart as there are numerous reasons and each buyer is motivated differently. Nevertheless, the macro-trend is towards a more positive buying attitude. This will bode well for sellers overtime.

Great Point Properties -  Nantucket House Market stats

As we head toward the softer winter sales season, sellers are still adjusting prices downward, albeit at as lower pace than in previous years. We still see the current state of the Nantucket real estate market as a great time to purchase as sellers are unable to price properties higher. Yet, with this continued pace of sales that will change. A year from now the Nantucket real estate market could be seeing a different dynamic altogether.

GPP