THE

NANTUCKET REAL ESTATE REPORT

March 2015

At A Glance...

In like a lion, out like a lion at least that is what we

experienced on Nantucket in March - where both weather and
real estate activity never stopped roaring. Even with wind, rain,
snow and fog slowing island life to a fast crawl, buyers still
seemed to ?ind their way to the island spending a record-breaking
$64 million on real estate.

Dollar Volume & Number Of Transactions

(For Same 3-Month Period Ending March 31)

129

99

92

86

$212M $187M

$201M
$118M

$107M
2011

93

2012

2013

2014

Properties Sold

2015

$ Volume

10.1% decline in sales and

26.4% reduction in dollar volume (vs. same 90 day period last year).

Number Of Residen5al Proper5es Sold Last Month

0
> $4M

$3.5 - $4M

2
$2 - $2.5M

0
$1.5 - $2M

$ - $1.5M

$750K - $1M

< $750K

$3 - $3.5M

$2.5 - $3M

With two fewer transactions than in March 2014, last months

dollar volume ?inished $14.75M higher (29.3%) than last year.
And while average sale prices increased a whopping 135.2% over
a year ago, with the $27M commercial sale included, average
prices were still 6.2% higher with it excluded. In addition, average
residential property prices increased an encouraging 14.7% over
last year ($1.69M versus $1.47M).
Dollar volume for the last 90 days was 11.8% lower than last year
with 6 fewer transactions (-6.1%). This places Q1 2015 tied for
third place in the number of properties sold and third in total
dollar volume when compared to the last ?ive 1st Quarters.
Even without the $27M commercial sale last month, March
2015 would have been better than average with over $38
million in sales. While maybe not as good as 2014, March 2015
will still be known for being the 2nd busiest March since 2010.
YTD Dollar Volume & Number Of Properties Sold

57% of sales were under $1M

$174M

$187M

$94M
$74M

$72M

103

92

78
62

59

Number of Sales

15
20

14
20

13
20

12
20

Marchs residential closings and accepted offers

were at their lowest level in 4 years even with more
price reductions than seen in last 2 years.

11

Accepted Offers

20

Price Reductions
Number of Closings

$ Volume

March 2015 Ac,vity Compared to March 2014 Ac,vity

Land
Commercial
MulJ-Family
Condos & Co-op
Single-Family
Total Sales

2015
2014
% Of Change From Last Year
Number Sold $ Volume Sold Number Sold $ Volume Sold
Number
$ Volume
Sold
13
$9,435,000
4
$5,280,000
225.0%
78.7%
4
$30,600,000
3
$5,544,999
33.3%
451.8%
1
$785,000
1
$500,000
0.0%
57.0%
1
$500,000
3
$1,472,499
-66.7%
-66.0%
13
$24,028,809
23
$37,745,065
-43.5%
-36.3%
32
$65,348,809
34
$50,542,563
29.3%
-5.9%
Data Source: LINK Nantucket, Nantucket Lis5ng Service

Residential Sales:

Dollar Volume & Number Of Properties Sold In March

Number
& Volume Of Properties Sold Last Month By Type

$51M

Number of Sales

15

32

20

14

34

20

20

$17M
25
13

31

20

27

12

$31M

20

31

$34M

11

$39M

10

Marchs $1,687,587 average sale price was 36.4% less than

February 2015s average of $2,656,026 but 14.7% higher than
the $1,471,021 average seen last March.

$65M

20

Last months 15 residential sales were signi?icantly lower than

the 27 sales seen in March 2014 (-44.4%) with the resulting
dollar volume declining more than $14.4M (-36.3%) from a year
ago. Unlike the 1 sale over $4M last March, there were 3 sales
over the $4M mark last month.

$ Volume

Bottom-line:
The more things change the more they
stay the same - or so it may seem when it
comes to Nantucket real estate.

Land
Multi-Family
Single-Family

Land Sales:

Commercial
Condos & Co-op

Marchs 13 land sales were 9 transactions (225%) ahead of last

years 4 sales yet yielded only $4.15M more in dollar volume
(14.7.%). Not surprisingly, last months $726K average sale
price was $594K lower (-45%) than last year with the average
parcel size considerably smaller - .75 acres (.38 acres if you
exclude the 5 acre Girl Scout tract) versus 1.42 acres in 2014.
The 54 land parcels currently on-market represent about an 8-
month supply of inventory (based on last 6 months activity).

Commercial Sales:
Four commercially zoned properties sold last month, two of
which also had living quarters. Nine commercial properties
remain on-market - 4 of which are in the core commercial
district. The $27M paid for 6 Sun Island Road was the highest
amount paid for one commercial property in Nantucket history.

Availability:
There were 283 properties (223 residential) on-market at
month-end versus 265 listings (216 residential) at the end of
February and 283 (229 residential) at the end of March 2014. Of
the 46 properties brought to market in March, 19 (39.6%) were
previously listed with an average time on-market of 573 days.
Average days on-market for current listings is 311 days or 241
days if the 12 on-market more than 3 years are excluded.

A year ago there were 283 properties on-

market and at the end of March 2015
there were still 283 properties listed for
sale - thats after 508 properties (and over
$1 billion) changed hands this past year.
Of the 508 sales, 381 (75%) of them,
totaling more than $799 million (79.5%)
in dollar volume, were facilitated through
a real estate ?irm. Sale prices for these
properties averaged 89.9% of original
asking price and 93% of ?inal asking price.
During this same time period in
2013-2014, the 511 properties sold
totaled almost $847 million in dollar
volume. Of these sales, real estate ?irms
were involved in 403 of them (78.9%)
totaling $693 million (81.9%) in dollar
volume. Sale prices for these properties
averaged 87.1% of original asking price
and 91.3% of ?inal asking price.
While last months numbers wouldnt be
as impressive without the $27 million
dollar commercial sale, there is still solid
improvement in the marketplace with
plenty of inventory to choose from at
prices that are becoming more realistic.
Dan Dunlap, Broker & Market Analyst

10 South Beach Street | Nantucket, MA 02554 | 508.325.5800 | leerealestate.com

Properties Sold In March 2015

(excluding foreclosures)

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

6 Jackson Street # 2

$500,000

84.7%

80.0%

958

Condo

509

522

35 Miacomet Avenue

$576,976

112.9%

112.9%

$343.44

8,276

25

1,680

2.5

48A Skyline Drive

$590,000

94.4%

94.4%

$347.88

80,150

1,696

88 Surfside Road

$600,000

N/A*

N/A*

$388.60

16,553

N/A*

1,544

353 Madaket Road

$603,500

83.9%

71.0%

$446.38

54,886

551

1,352

16 Cato Lane

$785,000

98.7%

98.7%

$333.76

6,830

61

2,352

2.5

58 Pleasant Street

$850,000

95.0%

95.0%

$481.04

5,227

248

1,767

18 Sesapana Road

$975,000

83.0%

75.3%

$382.80

32,914

159

2,547

3 Rosaly Lane

$1,133,333

N/A*

N/A*

$536.36

10,019

N/A*

2,113

40 Long Pond Drive

$1,485,000

99.3%

99.3%

$742.50

20,473

98

2,000

71 Lovers Lane

$2,215,000

113.6%

113.6%

$709.03

14,985

3,124

3.5

56 West Chester Street

$2,400,000

90.6%

87.3%

$1,123.07

17,860

172

2,137

34 Pocomo Road

$4,100,000

87.3%

87.3%

$890.53

126,324

106

4,604

5.5

15 North Liberty Street

$4,100,000

93.2%

93.2%

$1,023.21

5,009

110

4,007

4.5

$4,400,000

88.1%

88.1%

$1,261.11

15,246

157

3,489

4.5

94.2%
93.2%

92.0%
93.2%

$664.50
$536.36

29,625
15,899

170
110

2,329
2,113

4
4

3
3

2 Franklin Street
Total Residential Sales

$25,313,809

Average:
Median Of All Residential Sales:

Commercial Properties

$1,687,587
$975,000

Selling Price

% of Final
Asking
Price**

% of
Original
Price**

Price
per sq. ft
(living area)

2 Bartlett Road

$1,100,000

100.0%

100.0%

23,522

130 Old South Road

$1,250,000

125.6%

104.2%

51 Nobadeer Farm Road

$1,250,000

125.6%

104.2%

$27,000,000

N/A*

N/A*

6 Sun Island Road

Total Commercial Sales

Lot size
(sq. ft.)

Days On
Market

Living Area
Sq. Ft.

Beds

Baths

$46.76

119

1540

60,984

$20.50

881

2176

6,534

$191.31

881

504

74,052

$364.61

N/A*

97645

627
881

25,466
1,858

2
2

1
1

$30,600,000

Average:
Median Of All Residential Sales:

$7,650,000
$1,250,000

N/A* - Not Sold Through A Real Estate Firm

117.1%
125.6%

102.8% $41,273.10
104.2% $42,253.20

156
119

** Excludes Properties Not Sold Through A Real Estate Firm

Properties Sold In March 2015

(excluding foreclosures)

Land Parcels

Selling Price

% of Final
Asking
Price**

% of
Original
Price**

Lot size
(sq. ft.)

Price per
sq. ft.

Days On
Market

20 Tomahawk Road

$260,000

N/A*

N/A*

4,792

$54.26

13B Greglen Avenue

$300,000

N/A*

N/A*

11,273

$26.61

13A Greglen Avenue

$300,000

N/A*

N/A*

11,273

$26.61

11B Greglen Avenue

$300,000

N/A*

N/A*

11,273

$26.61

10 Trotters Lane

$405,000

95.3%

95.3%

10,006

$40.48

2
26

6 Marble Way (Portion) Lot 2

$570,000

95.8%

95.8%

15,246

$37.39

42 Union Street Lot A

$600,000

N/A*

N/A*

2,875

$208.70

19 & 21 Tomahawk Road

$625,000

N/A*

N/A*

15,682

$39.86

42 Union Street Lot B

$750,000

N/A*

N/A*

2,875

$260.87

55 Dukes Road

$800,000

N/A*

N/A*

38,947

$20.54

57 Dukes Road

$800,000

N/A*

N/A*

30,405

$26.31

45 Polpis Road

$1,750,000

N/A*

N/A*

226,512

$7.73

4 Old Westmoor Farm Road

Total Land Sales

$1,975,000
$9,435,000

80.6%

80.6%

44,431

$44.45

135

$725,769
$600,000

90.6%
95.3%

90.6%
95.3%

32,738
11,273

$63.11
$37.39

54
26

Average:
Median Of All Land Sales:

N/A* - Not Sold Through A Real Estate Firm

** Excludes Properties Not Sold Through A Real Estate Firm