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THE

NANTUCKET REAL ESTATE REPORT


May 2015

At A Glance...

May %lowers %illed Nantucket with color as our real

estate market begins to blossom. In spite of cool weather


throughout the month, island real estate activity continued to
improve. Compared to previous years, last months 31 sales may
have made it the slowest May since 2011 yet almost $58 million in
real estate changed hands.

Dollar Volume & Number Of Transactions


(For Same 3-Month Period Ending May 31)

98

87

87
$166M $146M

$158M
$110M
2011

112

98

$97M
2012

2013

2014

Properties Sold

2015

$ Volume

22% decline in sales and


12% reduction in dollar volume (vs. same 90 day period last year).

Number Of Residen5al Proper5es Sold Last Month

1
$3.5 - $4M

> $4M

1
$3 - $3.5M

3
$2.5 - $3M

3
$2 - $2.5M

3
$1.5 - $2M

$ - $1.5M

$750K - $1M

< $750K

With eleven fewer transactions than in May 2014, last months


dollar volume Ginished only $7.4M lower (-11.4%) than last year
with average sale prices increasing $309K (20%) from a year ago.
Unlike April, there were 3 sales over $5M in May that made up
38.6% of the months dollar volume.
For the second month in a row, sales activity for the last 90 days
Ginished 12% lower in dollar volume than last year with 20 fewer
transactions (-22%). Dollar volume during this 90-day period fell
slightly from last months numbers with six sales totaling $34.8M
making up 24% of this dollar volume yet accounting for only 6.9%
of the transactions.
Year-to-date sales continue to fall short of 2014 levels in both
number and dollar volume. However, with $87M in sales still
pending in 41 transactions, results experienced thus far dont
necessarily indicate a downturn in the Nantucket real estate
market, only that 2014 was an exceptional year.
YTD Dollar Volume & Number Of Properties Sold

30% of sales were over $2M

$289M

$268M

$221M

$152M

$150M
145
122

148

132

Number of Sales

15
20

14
20

13
20

12
20

Residential closings were at their lowest level in 4


years with the fewest number of price reductions and
2nd highest number of accepted offers in 5 years.

11

Accepted Offers

20

Price Reductions
Number of Closings

181

$ Volume

May 2015 Ac+vity Compared to May 2014 Ac+vity


Land
Commercial
MulK-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
4
$2,370,000
11
$18,212,689
-63.6%
-87.0%
1
$270,000
1
$725,000
0.0%
-62.8%
1
$970,000
1
$695,000
0.0%
39.6%
3
$1,749,000
3
$1,650,000
0.0%
6.0%
22
$52,223,525
26
$43,735,510
-15.4%
19.4%
31
$57,582,525
42
$65,018,199
-11.4%
-26.2%
Data Source: LINK Nantucket, Nantucket Lis5ng Service

Residential Sales:

Dollar Volume & Number Of Properties Sold In May

$53M

$58M

Number of Sales

42

20

15

31
14

38

20

12
20

20

11

30

13

41
25

$65M

$37M

20

$44M

10

Mays $2,113,174 average sale price was 95.9% higher than


April 2015s average of $1,078,941 and 37.6% higher than the
$1,536,017 average seen last May.

$81M

20

Last months 26 residential sales were again lower than the 30


sales seen in May 2014 (-13.3%) while dollar volume increased
almost $8.9M (19.2%) from a year ago. While the 3 sales over
$4M last month were lower than the 4 sales over $4M last May,
their combined dollar volume was $1.4M higher.

$ Volume

Number
& Volume Of Properties Sold Last Month By Type

Bottom-line:
Price, Price, Price & Location

Land
Multi-Family
Single-Family

Land Sales:

Commercial
Condos & Co-op

Mays 4 land sales were a signiGicant 7 transactions (-63.6%)


behind last years 11 sales and yielded $15.8M less in dollar
volume (-87.%). Not surprisingly, Mays $593K average sale
price was $1.06M lower (-64.2%) than last year with the
average parcel size considerably smaller - .19 acres versus 2.76
acres in 2014 (.59 acres if 15+ acre Medouie Creek and 7.85
Hummock Pond properties are excluded). There are currently
78 land parcels on-market versus 63 a month ago.

Commercial Sales:
One commercially zoned property sold last month, a 756 sq. ft
condominium with one bedroom and one bath. Twelve
commercial properties remain on-market , versus 13 last month
- 6 of these are in the core commercial district.

Availability:
There were 366 properties (286 residential) on-market at
month-end versus 332 listings (257 residential) at the end of
April and 364 (291 residential) at the end of May 2014. Of the
89 properties brought to market in May, 34 (38.2%) were
previously listed with an average time on-market of 275 days.
Average days on-market for listings at the end of May was 263
days or 200 days if the 13 on-market more than 3 years are
excluded.

Of the 22 listings sold by a real estate Girm


in May, average time on-market was 205
days (200 days for residential properties).
The 10 properties on-market less than
180 days, sold at 91% of their original
asking price while the other 12 properties
sold for 84% of their original asking price.
Interestingly, 49 properties were brought
to market June 1 through June 13th with 3
of these listings receiving an accepted
offer. 11 previously listed properties were
also brought to market during this time
period with none of them receiving an
accepted offer.
Of the 68 properties within this 13 day
period that either closed or are now in the
sale process, 20 were on-market less than
30 days and another 12 were on market
less than 60 days. Of the 7 properties sold
during this time period (and on-market
less than 60 days), the average sale price
was 92.8% of original asking price.
While Nantuckets real estate activity may
be lower than last year, properly priced
properties are moving quickly. Location
may get buyers interested but price will
drive their level of interest. Properly
priced properties sell
Dan Dunlap, Broker & Market Analyst

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

Properties Sold In May 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

16B Nobadeer Farm Road # 2

$470,000

N/A*

N/A*

326

Condo

N/A*

1,440

5 Jeans Way #

$500,000

N/A*

N/A*

$600.96

5,663

N/A*

832

4B Witherspoon # 591-2

$620,000

94.1%

94.1%

$379.90

Condo

1,632

2.5

6B Witherspoon Drive # B

$659,000

100.0%

88.0%

$431.85

Condo

243

1,526

42 Essex Road

$695,000

95.3%

95.3%

$672.15

9199.87

51

1,034

5 Tashama Lane

$700,000

98.6%

96.6%

$555.56

6,970

99

1,260

1 H Street #

$720,000

N/A*

N/A*

$478.41

6098.40

N/A*

1,505

1.5

12 Almanack Pond Road

$786,000

N/A*

N/A*

$499.05

32,234

N/A*

1,575

1.5

160 Main Street

$850,000

94.5%

89.6%

$509.59

3,920

347

1,668

2 Huntington Street

$950,000

86.8%

79.5%

$562.80

10,019

240

1,688

38 Macys Lane

$970,000

N/A*

N/A*

$518.16

5,227

N/A*

1,872

6 C Street

$1,175,000

N/A*

N/A*

$790.18

7,841

N/A*

1,487

1 Kite Hill Lane

$1,200,000

87.3%

87.3%

$1,343.78

1,777

210

893

4 Saratoga Lane

$1,350,000

90.3%

85.2%

$819.17

5,227

246

1,648

12 Lyons Lane

$1,375,000

93.2%

93.2%

$580.66

22,651

289

2,368

9 Lily Street

$1,600,000

94.4%

89.1%

$893.85

3,049

671

1,790

3 Academy Lane

$1,800,000

N/A*

N/A*

$709.78

4,792

N/A*

2,536

71 Milk Street

$1,820,000

96.0%

96.0%

$911.82

50,965

27

1,996

10 Gay Street

$2,350,000

94.0%

85.5%

$557.93

4486.68

224

4,212

9.5

25 Starbuck Road

$2,427,500

91.6%

91.6%

$1,298.82

34,848

259

1,869

3.5

31 Woodbury Lane

$2,461,150

91.2%

91.2%

$829.23

10454.40

157

2,968

4.5

15 Quidnet Road

$3,450,000

87.3%

81.2%

$554.48

140,699

261

6,222

6.5

13 Hedgebury Lane

$3,815,000

95.5%

99.1%

$855.38

19,998

84

4,460

6.5

105 Low Beach Road

$5,320,000

88.7%

88.7%

$1,259.47

307,969

34

4,224

1 Indian Avenue

$6,528,875

90.7%

77.8%

$1,359.33

11,456

319

4,803

6.5

47 Cliff Road - Lot 1

$10,350,000

86.3%

86.3%

$3,421.49

20,909

86

3,025

5.5

Total Residential Sales

$54,942,525

92.4%
93.2%

89.2%
89.1%

$835.39
$636.55

31,585
9,200

202
224

2,328
1,739

4
3

3
2.75

Average:
Median Of All Residential Sales:

$2,113,174
$1,275,000

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

** Excludes Properties Not Sold Through A Real Estate Firm

Properties Sold In May 2015


(excluding foreclosures)

Commercial Properties

Selling Price

9 Essex Road # A

$270,000

Total Commercial Sales

$270,000

Average:
Median Of All Residential Sales:

Land Parcels

$270,000
$270,000

Selling Price

% of Final
Asking
Price**

% of
Original
Price**

Beds

Baths

Condo

161

756

91.5%
91.5%

91.5%
91.5%

$357.14
$357.14

N/A
N/A

161
161

756
756

1
1

1
1

% of Final
Asking
Price**

% of
Original
Price**
89.3%

71 Goldfinch Drive

$460,000

96.0%

19 Amelia Drive

$575,000

N/A*

$1,000,000
$2,370,000

$592,500
$517,500

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

Living Area
Sq. Ft.

357

89.3%

Average:

Days On
Market

91.5%

$335,000

Median Of All Land Sales:

Lot size
(sq. ft.)

91.5%

16 Sleepy Hollow Road

17 Delaney Road
Total Land Sales

Price
per sq. ft
(living area)

Lot size
(sq. ft.)

Price per
sq. ft.

Days On
Market

10,019

$33.44

96.0%

5,868

$78.40

66

N/A*

12,632

$45.52

N/A*

N/A*

N/A*

5,227

$191.31

N/A*

92.7%
92.7%

92.7%
92.7%

8,436
7,943

$87.16
$61.96

440

253
253

** Excludes Properties Not Sold Through A Real Estate Firm

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