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Market Observations

Great Point Properties Market Update

Posted: October 19, 2017 by Edward Sanford

With nine months of Nantucket real estate sales recorded, 2017 is headed for a $1 billion dollar sales year. This dollar volume is being carried on the back of house sales, notably on sales between $2,000,000 and $10,000,000. Transactions and dollar volume are up a healthy 17% in this price range. The large decline is in house sales below $1,000,000. As noted in prior reports, this is not a surprise as the inventory of houses listed below $1,000,000 (including condominiums) is at an all time low. It will not be surprising to see in the near future that there will be no houses listed for sale under $1,000,000. As of September 30th, there were only 16 listed below $1,000,000. This compares to 26 properties listed over $10,000,000.

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Quick Stats as of October 31, 2017

vs. 2016 Year to Date

  • Avg. Sale Price: $2,338,714 10.5
  • Median Sale Price: $1,550,000 12.7
  • Avg. Sale to Assessed: 126% 0
  • Avg. Sale to Original Ask: 93% 1.1
  • Avg. Sale to Last Ask: 95% -1
  • Avg. Days on Market: 187 -6.5
  • Total Houses Sold: 336 0.3
  • Total dollar sales: $785,807,849 10.9
  • Avg. Sale Price: $827,376 -25.6
  • Median Sale Price: $680,000 -20.6
  • Avg. Sale to Assessed: 140% 12.9
  • Avg. Sale to Original Ask: 93% -3.1
  • Avg. Sale to Last Ask: 95% -2.1
  • Avg. Days on Market: 330 28.4
  • Total Land Sold: 51 -8.9
  • Total dollar sales: $42,196,185 -32.2

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