Data source: LINK Nantucket, Nantucket Listing Service

The
Nantucket Real Estate Report
!"#$ &"'($ ()*$ )+,-*$ ."//* +-( &'0+) weie the 1+*2 3.
34) 5,602 on Nantucket this }uly. But, when it came to piopeity
sales, the maiket continueu to be waim, sunny anu biight....
With S1 closings, 22 accepteu offeis anu 4S piice aujustments,
}uly was buisting with activity, even though uollai volume uuiing
the month was significantly lowei than what was expeiienceu in
}une. In total, ovei $S6.SN in ieal estate changeu hanus, anothei
28 piopeities, totaling almost $49.4N, went unuei agieement anu
ovei $88.8N in piopeities hau accepteu offeis last month.
While }uly's sales volume may have fallen 126% shoit of }une's
iecoiu bieaking volume anu 6% below }uly 2u12's volume, moie
piopeities weie actually solu in }uly than in any othei }uly since
2uu6. The volume uiffeience is uue to a lack of highei-piiceu sales
(theie weie no sales foi moie than $S.2N) anu because S4% of
the sales uuiing the month weie foi less than $1N.
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July 2013
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Dollar Volume and Number of Properties Sold By Month
(compared to previous year)
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}uly's uollai volume of $S6.SN may not have come close to }une's peifoimance in eithei volume oi numbei
of piopeities solu, but }uly hasn't ieally been a stiong month since 2uuS when S8 piopeities solu foi a total
of $81.SN. But that uoesn't mean theie isn't ieason to celebiate.
With S1 closings foi the month, yeai to uate sales finally suipasseu 2u12 YTB numbeis, even if it was by
only one piopeity - 2u4 to 2uS. Inteiestingly, not since 2uu7 have we hau this many piopeities solu uuiing
the }anuaiy thiough }uly peiiou.
As in pievious months this yeai, piopeities selling foi less than $1N maue up moie than Su% of }uly's sales
tiansactions (S4.8% - 17 sales) yet contiibuteu to only Su.S% of the sales volume. This segment of the
maiket now iepiesents 6S.46% of the tiansactions yeai to uate anu 27.6S% of the uollai volume.
L3&8 (30+;M
Last month's 6 lanu closings totaleu $4.6N (making up 19.SS% of the tiansactions anu 12.S7% of total sales
volume), compaieu to S lanu sales totaling $4.96N in }une (making up 6.98% of tiansactions anu 6.u2% of
the month's sales volume).
The laigest paicel solu uuiing the month was 6.8 acies on Cato Lane to the Nantucket Lanu Bank foi $1.2N.
This one tiansaction maue up 26.2% of the lanu tiansactions foi the month anu S.S% of the total sales
volume (theie was also a two-lot paicel, totaling less than 12,uuu sq. ft., solu in 'Sconset foi the same uollai
amount).
Theie aie 7S lanu-paicels cuiiently on-maiket with 6 of them laigei than S acies. The laigest paicel
cuiiently listeu is still the 21 acie paicel in Shimmo. 0thei lanu paicels cuiiently available:
!
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No commeicial piopeities solu in }uly, though theie weie two accepteu offeis uuiing the month.
Theie aie 12 commeicial piopeities listeu foi sale (2 of which have 2 units each being offeieu sepaiately oi
togethei). 0nly two of these commeicial piopeities have been on-maiket less than 6u uays - 17 Bioau Stieet
anu 44 Centei Stieet.
The
Nantucket Real Estate Report
Residential Sales:
With almost 8u.7% of the activity (84% in }une) anu 87.4% of the
uollai volume (88.S% in }une), iesiuential piopeities continueu to
enjoy the top spot in Nantucket ieal estate sales. }uly's iesiuential
sales involveu 2S piopeities totaling ovei $S1.9N with 67.7% of
the month's tiansactions (21 sales) involving single-family
piopeities iepiesenting 81% ($29.SN) of total sales volume foi
the month.
At month-enu theie weie S8S single-family piopeities listeu foi
sale (up fiom S17 at the enu of }une). Baseu on sales activity this
fiist seven months, theie is moie than a 17-month supply of
inventoiy cuiiently on-maiket. Baseu on }uly's sales activity, the
single-family inventoiy incieases to ovei an 18-month supply.
With S sales totaling almost $1.6N, conuos anu co-op maue up
anothei 9.7% of }uly's sales activity anu 4.4S% of the uollai
volume. Yeai to uate, Conuo anu co-op sales aie fai aheau of
2u12's sales (S1 sales veisus 22 in 2u12) anu 1S.6% highei in
total uollai volume ($1SN veisus $1S.2N in 2u12). Cuiiently,
theie is about a S
!
? -month supply of conuo anu co-op inventoiy
on-maiket (2S listings). Piices iange fiom $16SK foi a stuuio unit
on 0lu South Roau to $2.6SN foi a 4 beuioom4 bath conuo on
Still Bock.
Days On-Market:
0n aveiage, the 2S iesiuential piopeities solu thiough a ieal
estate fiim weie on-maiket 241 uays with none of the piopeities
being on-maiket moie than 2 yeais.
Residential Pricing:
Theie weie S6 piice ieuuctions uuiing the month anu 16
accepteu offeis (the highest level since 2uu8) compaieu to SS
ieuuctions anu 16 accepteu offeis in }uly 2u12. The S6 piice
ieuuctions iesulteu in an aveiage uiop of 11.9% off oiiginal
piicing.
0n aveiage, iesiuential piopeities closeu at 91.2% of final asking
piice, 88.9% of oiiginal asking piice anu 1u7% of theii assesseu
valuation in }uly (foi the 2S piopeities with a cuiient assesseu
valuation).
Residential Sales
LEE REAL ESTATE
A higher level of Service
Residential Sales
Price Range Total $ Volume
< $750K $4,627,000
$751K - $999K $4,250,000
$1M - $1.499M $4,440,000
$1.5M - $1.999M $6,600,000
$2M - $2.499M $0
$2.5M - $2.999M $2,800,000
$3M - $3.499M $9,200,000
$3.5M - $3.999M $0
> $4M $0
Total $31,917,000
YTD Activity:
The fiist seven months have piouuceu some inteiesting iesults.
Buiing the fiist half of 2u1S, sales consistently tiaileu 2u12 in
both tiansactions anu uollai volume. At the enu of }une we weie
shoit of 2u12's pace by S tiansactions anu $S8N in volume
(-14%) but still well aheau of 2u11 levels in both aieas.
At the enu of }uly the
gap naiioweu with
2u1S havi ng one
moie t iansact i on
than in 2u12 anu
2u1S volume falling
even fuithei behinu
2u12 volume enuing
$4uN, oi -12.9S%,
below last yeai.
While the numbei of
tiansactions aie compaiable to what was expeiienceu in 2u12,
sluggish sales foi piopeities piiceu between $2N anu $SN is the
main ieason foi the shoitfall in uollai volume in 2u1S. With yeai
to uate sales in this piice iange now stanuing at 21 tiansactions
(1u.S% of YTB tiansactions) vs. 4u sales in 2u12 (19.7%) anu 27
sales (17.6%) in 2u11, this paiticulai segment of the maiket
iemains paiticulaily weak.
If the thiee sales ovei $1uN occuiiing this yeai (totaling $4S.2N)
weie excluueu, yeai to uate volume woulu be the lowest since
2uu9 while tiansaction activity woulu only be two shoit of what
was solu in 2u12 anu still well above pievious yeais levels.
Availability:
0n }uly S1
;)
, theie weie Su2 piopeities listeu foi sale, 421 of
which weie iesiuential; compaieu to 44S piopeities listeu at the
enu of }une (S72 iesiuential). Aveiage time on-maiket foi these
piopeities was 2S2 uays (181 uays with the 22 piopeities on-
maiket moie than S yeais omitteu). 0f the 14u piopeities biought
to maiket in }uly, ovei 41.4% (S8 listings) weie pievious listings
biought back on-maiket.
58 Main Street
Nantucket, MA 02554
Telephone: 508.325.5800 | Fax: 508.228.6128
www.leerealestate.com
LEE REAL ESTATE
A higher level of service
Bottom-line:
The fiist question askeu, aftei someone
uiscoveis you aie involveu in ieal estate,
is: "Bow's the maiket." Anu each time I
am askeu, I have to caiefully consiuei
what I am about to say. Aftei all, how
woulu you uesciibe a maiket wheie:
- out of the Suu piopeities cuiiently on-
maiket, at least 11u have been on-
maiket foi moie than a yeai with 41 of
them on longei than 2 yeais.
- of 14u piopeities biought to maiket in
}uly, ovei 41% have been heie befoie.
- 1S8 sales (68%) weie foi less than
$1N (compaieu to 1uS in 2u12, 92 in
2u11 anu 76 in 2u1u).
- piopeity sales between $2N & $SN aie
half what they weie a yeai ago.
- piopeity sales above $SN aie at theii
lowest level since 2uu4 (S sales YTB).
- piopeities solu within the fiist 9u uays
on-maiket, solu foi 96% of oiiginal
ask, while piopeities on-maiket 91
uays to 1 yeai solu foi 8S% of ask, 71%
foi those on-maiket between 1 yeai
anu 2 yeais anu 68% foi those on-
maiket foi moie than 2 yeais.
So this is my iesponse touay:
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7+- 78-'+9
www.leerealestate.com
Land Selling Price
% of Final
Asking
Price
% of
Original
Price
Lot size
(sq. ft.)
Price per
sq. ft.
Days On
Market
4 Cato Lane $305,000 92.71% 92.71% 5,227 $58.35 58
25 South Shore Road - Portion $497,000 95.76% 76.58% 40,075 $12.40 251
32 Somerset Lane $640,000 85.91% 85.91% 42,253 $15.15 34
8 Hydrangea Lane $745,000 93.71% 93.71% 4,792 $155.48 5 $36.75 Median per sq. ft. cost
13 & 15 Burnell Street $1,200,000 93.39% 93.39% 12,415 $96.66 56 $57.01 Avg per sq. ft. cost
40 - 46 Cato Lane $1,200,000 100.00% 100.00% 296,208 $4.05 N/A*
Total Land Sales $4,587,000 92.2% 89.06% (sold through a real estate firm)
Residential Properties Selling Price
% of Final
Asking
Price
% of
Original
Price
Price
per sq. ft
(living area)
Lot size
(sq. ft.)
Days On
Market
Living Area
Sq. Ft. Beds Baths
95 Orange Street # #2 $445,000 90.82% 90.82% $1,202.70 Condo 57 370 1 1
71B Hinsdale Road # B $450,000 94.74% 92.02% $285.53 Condo 429 1,576 2 3
270 Madaket Road $525,000 97.51% 95.63% $131.25 3,999 262 4,000 3 2
1 Kinikinnik Way $545,000 91.60% 91.60% $388.18 6,098 104 1,404 3 2
82 Union Street $605,000 94.68% 94.68% $458.68 3,049 287 1,319 2 2
11 Gray Avenue $650,000 100.00% 100.00% $417.74 60,984 N/A* 1,556 3 2
61 Cato Lane $685,000 98.00% 98.00% $169.55 23,087 41 4,040 5 3
7 Autopscot Circle $722,000 100.00% 100.00% $451.81 Co-op 2 1,598 2 2
1 Sconset Avenue $750,000 100.67% 100.67% $478.32 10,454 5 1,568 4 2
8 Perry Lane $825,000 92.18% 92.18% $358.70 9,583 360 2,300 4 3.5
17 Goldfinch Drive $850,000 94.97% 94.97% $367.01 5,663 140 2,316 4 2.5
47B Fairgrounds Road $900,000 90.18% 72.06% $228.83 20,909 559 3,933 6 5
12 Sconset Avenue $925,000 92.96% 92.96% $744.77 17,424 390 1,242 3 1.5
3 South Cambridge Street $1,000,000 83.68% 77.22% $533.62 63,598 200 1,874 3 3.5
4 Heath Lane $1,025,000 97.62% 97.62% $573.27 25,700 259 1,788 4 3.5
7 Wigwam Road $1,045,000 87.45% 86.01% $430.04 50,530 423 2,430 3 3
15 King Street $1,370,000 91.39% 76.32% $854.65 7,841 686 1,603 3 3
21 Wanoma Way $1,500,000 93.81% 83.57% $1,050.42 17,860 336 1,428 3 2
7 New Mill Street $1,550,000 88.57% 88.57% $678.93 4,922 647 2,283 4 4
40 Madequecham Valley Road $1,600,000 92.75% 92.75% $1,065.96 250,034 78 1,501 2 1
2 Hamblin Road $1,950,000 82.98% 82.98% $701.94 11,761 248 2,778 5 3.5
77 Polpis Road $2,800,000 100.00% 100.00% $694.10 85,813 N/A* 4,034 5 4
18 East Tristram Avenue $3,000,000 75.09% 75.09% $1,034.48 17,860 0 2,900 4 4.5
15 Brewster Road $3,000,000 92.31% 92.31% $1,637.55 174,240 4 1,832 3 2
4 Capaum Road $3,200,000 98.46% 98.46% $2,244.04 11,326 16 1,426 3 2
Total Residential Sales $31,917,000 91.2% 88.9%
Average: $1,276,680 $687.28 35,309 221 2,124 3 3
Median Of All Residential: $925,000 92.96% 92.31% $533.62 17,642 1,788
*Unknown - Not Sold Through A Real Estate Firm
Properties Sold In July 2013
(excluding foreclosures)