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The Nantucket Real Estate Report

Number of residential properties sold and number of accepted offers were higher this

September than last September

September 2014

Spectacular   September   is   the   best  way   to   describe   not  only   the   weather   and   festivities   on-­‐island   last   month,   but  Nantucket’s  real  estate  activity  as  well.  If  the  <irst  nine  months  are  any   indication,   2014   will   be   a   banner   year   in   Nantucket   real  estate.  With   only   5   more   transactions   than   in   September   2013,   last  month’s   sales   increase   represents   a   56.7%   increase   in   dollar  volume   over   last   year’s   results.   Contributing   to   this  unprecedented   dollar   volume   (not   seen   since   2005)  were   three  residential  sales  over  $10M.  In  total,  almost  $154M  in  real  estate  changed   hands   for   the   64   properties   sold   in   September   while  another   31   properties,   totaling   $80.3M   in   asking   price,   received  accepted  offers.    While  sales  during  the  last  90  days  trail  last  year’s  activity  (during  the  same  time  period)  by  5  transactions  (3.6%),  dollar  volume  is  up  more  than  $34M  (14.2%),  in  spite  of  the  $30.5M  sale  involving  77  land  parcels  in  August  2013.    

With   almost   $210M   in   property   sales   currently   in   process,  Nantucket’s  real  estate  market  continues  to  reach  heights  not  seen  in  almost  a  decade.

3.6% increase in sales and 14.2% increase in dollar volume - when compared to same

90 day period last year.

Only 20% of residential sales were under $1M.

At A Glance...

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September  2014  Ac2vity  Compared  to  September  2013  Ac2vity.2014 .2013  %  Of  Change    From  Last  Year

Number  Sold $  Volume  Sold   Number  Sold $  Volume  Sold   Number  Sold

$  VolumeLand 10 $7,534,500 11 $9,392,504 -­‐9.1% -­‐19.8%Commercial 0 $0 1 $162,500 -­‐100.0% -­‐100.0%MulO-­‐Family 0 $0 1 $860,000 -­‐100.0% -­‐100.0%Condos  &  Co-­‐op 5 $3,738,500 4 $2,250,500 25.0% 66.1%Single-­‐Family 49 $142,334,906 42 $85,353,996 16.7% 66.8%Total  Sales 64 $153,607,906 59 $98,019,500 8.5% 56.7%

Data  Source:  LINK  Nantucket,  Nantucket  LisBng  Service

Dollar  Volume  and  Number  of  Proper2es  Sold  By  Month  (compared to previous year)!

Num

ber O

f Pro

pert

ies

Sold

Number  Of  Residen2al  Proper2es  Sold  Last  Month

<  $7

50K

$750K  -­‐  $

1M

$  -­‐  $

1.5M

$1.5  -­‐  $2M

$2  -­‐  $2.5M

$2.5  -­‐  $3M

$3  -­‐  $3.5M

$3.5  -­‐  $4M

>  $4

M

7

332

7

13

865

Dollar Volume & Number Of Transactions!(For Same 3-Month Period Ending September 30)

2011 2012 2013 2014Properties Sold $ Volume

$273M$239M$212M$141M

135140

1109090

110

140 135

Price Reduction, Accepted Offer & Closing Trends

0

15

30

45

60

2010 2011 2012 2013 2014Price Reductions Accepted OffersNumber of Closings

0

40

80

120

160

$0M

$28M

$55M

$83M

$110M

January

February

March

April

May

June

August

September

September

$ Volume in 2013 $ Volume in 2014 Number Sold '13 Number Sold '14

64

38334442363430

3959

50

31433835

252212

$154M

$64M$55M

$95M

$65M$50M$51M

$61M$63M

3930 34 36 42 44

33 38

64

1222 25

35 38 4331

5059

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!www.leerealestate.com

Bottom-­line:  With  360  transactions  completed  year-­‐to-­‐date  totaling  over  $670M,  there  is  a  lot  to  be  happy  about   if  you  have  been   involved   in  Nantucket  real   estate   this   year…either   as   a   buyer,   seller  or  broker.    

Not   since   2006   have   we   seen   this   level   of  dollar   volume   or   since   2005   this   many  properties   sold   year-­‐to-­‐date.   Contributing   to  this   year’s   success   is   having   the   best   3rd  Quarter   since   2007   in   dollar   volume,   even  though  more  properties  were  actually  sold   in  2013.  

Inventory   at   month-­‐end   was   23.6%   lower  than   at   this   time   last   year   and   12.9%   lower  than  in  August.  This  translates  into  133  fewer  properties   available   for   purchase   than   a   year  ago   (93   fewer   residential   properties)   and   54  fewer   properties   than   in   August   (43   fewer  residential).    

Based   on   this   year’s   activity,   there   is   a   12-­‐month  supply  of  inventory  currently  available  for   sale   (9-­‐month   supply   of   residential  properties)  compared  to  131/2  month  supply  a  year   ago   (12-­‐month   supply   of   residential  properties).  

Properties  are  still  selling,  as  evidenced  by  the  6   accepted   offers   and   24   sales   occurring  during   the   <irst   13   days   of   October.   If   you’re  thinking  of  selling,  you  have  good  reason  to  be  optimistic  -­‐  as  long  as  it  is  priced  properly.  

Dan  Dunlap  

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Residential  Sales:  September’s   54   residential   sales   were   higher   than   the   47  residential   sales   in   September   2013   resulting   in   a   $57.6M  (65%)   increase   in   dollar   volume   and   almost   15%   increase   in  transactions.     Not   only   were   both   transactions   and   dollar  volume  higher   this   past   September   than   last   year,   but   average  sale   prices   increased   from   $1,882,223   in   September   2013   to  $2,705,063(43.7%)  for  September  2014.  

   

!!!!!Land  Sales:  

September’s   10   land   sales  were   only   1   transaction   shy   of   last  year   but   more   than   $1.8M   behind   in   dollar   volume   (19.8%).  Interestingly,   if   the   1   land   parcel   selling   for  more   than   $4M   is  excluded,   the   average   price   for   the   remaining   9   properties  would  have  been  $379K  

There  are  currently  65  parcels  of  land  on-­‐market,  which  is  about  an  8-­‐month  supply  of  inventory  (based  on  last  6  months).    

Commercial  Sales:  

There  were  no  commercial  property  sales  or  any  accepted  offers  in  September   though  there  are  2  pending  sales  still   in  process.  Currently   there  are  13  commercial  properties  on-­‐market   -­‐  8  of  which   are   in   the   core   commercial   district   (including   the   4  Center  Street  properties  listed  through  an  off-­‐island  <irm).  

Availability:  There   were   366   properties   (292   residential)   on-­‐market   at  month-­‐end   versus   420   listings   at   the   end   of   August   (335  residential)  and  479  (385  residential)  at   the  end  of  September  2013.  Of  the  48  properties  brought  to  market  in  September,  11  (22.9%)  were  previously  listed  with  an  average  time  on-­‐market  of  588  days  .

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The Nantucket Real Estate Report

YTD Dollar Volume & Number Of Properties Sold!

2010

2011

2012

2013

2014

Number of Sales $ Volume

$657M

$473M$483M

$363M$449M

360315288247233233 247 288 315 360

Land CommercialMulti-Family Condos & Co-opSingle-Family

Number & Volume Of Properties Sold Last Month By Type

Land Parcels Selling Price

% of Final Asking Price**

% of Original Price**

Lot size (sq. ft.)

Price per sq. ft.

Days On Market

4 Flint Road $215,000 N/A* N/A* 5,227 $41.13 N/A*

9 Spearhead Road $225,000 N/A* N/A* 5,227 $43.04 N/A*

11 Spearhead Road $225,000 N/A* N/A* 5,227 $43.04 N/A*

12 Tomahawk Road $260,000 N/A* N/A* 5,227 $49.74 N/A*

10 Alexandia Drive $287,500 96.15% 90.13% 11,761 $24.44 525

3 Friendship Lane $390,000 97.74% 97.74% 20,038 $19.46 65

9 Cachalot Lane $425,000 89.47% 89.47% 24,829 $17.12 15

1 Long Pond Drive $550,000 92.44% 92.44% 20,038 $27.45 6

21 Pilgrim Road $832,000 92.96% 92.96% 6,098 $136.43 329

4 Capaum Road $4,125,000 98.21% 100.73% 11,326 $364.22 206Total Land Sales $7,534,500

Average: $753,450 94.50% 93.91% 11,500 $76.61 191Median Of All Land Sales: $338,750 94.56% 92.70% 8,712 $42.09 136

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 Boynton Lane $352,000 88.22% 88.22% $368.59 Condo 117 955 2 1

31 South Cambridge Street $415,000 N/A* N/A* $303.36 8,712 N/A* 1,368 3 2.5

58 Arkansas Avenue $420,000 98.82% 98.82% $291.67 6,098 57 1,440 4 2.5

26 Arkansas Avenue $475,000 100.00% 100.00% $371.09 3,485 31 1,280 3 2

1 Joy Street $725,000 91.89% 91.89% $794.96 3,049 180 912 3 1

26B Bluebird Lane # 2 $750,000 94.34% 94.34% $403.23 Condo 150 1,860 3 2.5

2 King Street $800,000 91.43% 82.90% $927.00 2,614 401 863 4 2

21 Meadow View Drive $865,000 N/A* N/A* $462.07 20,038 N/A* 1,872 3 2.5

28 Shell Street $867,772 72.62% 72.62% $583.97 5,663 69 1,486 3 1.5

80 Goldfinch Drive $925,000 N/A* N/A* $348.53 5,227 N/A* 2,654 4 4.5

4 Kelley Road $950,000 N/A* N/A* $761.22 27,007 N/A* 1,248 2 2

103C Orange Street $1,051,500 96.03% 96.03% $1,336.09 Condo 7 787 2 1.5

6 Fayette Street $1,080,000 90.83% 90.83% $547.67 6,970 56 1,972 3 3

39 Washaman Avenue $1,170,000 97.54% 97.54% $549.81 5,663 28 2,128 3 3

37 Long Pond Drive $1,207,500 93.24% 89.51% $372.00 43,996 520 3,246 4 2.5

2 North Beach Street $1,217,500 97.79% 85.44% $908.58 6,098 1105 1,340 3 2

3 Gladlands Avenue $1,300,000 96.30% 96.30% $564.24 80,150 27 2,304 3 3

27 Liberty Street $1,400,000 93.65% 87.50% $769.23 2,178 392 1,820 3 3

23 Pond View Drive $1,497,500 93.89% 93.89% $673.34 91,476 172 2,224 3 3

42 Baxter Road $1,550,000 N/A* N/A* $682.82 11,326 N/A* 2,270 4 3

33B Washington Street $1,633,125 90.98% 90.98% $963.50 7,841 79 1,695 3 2

153 Polpis Road $1,650,000 91.92% 82.71% $640.53 76,230 444 2,576 4 3

8 R Back Street $1,650,000 97.35% 97.35% $593.31 10,019 75 2,781 3 2

3 New Street $1,650,000 N/A* N/A* $697.08 5,227 N/A* 2,367 4 2.5

9 Union Street $1,700,000 97.14% 89.71% $674.87 3,485 250 2,519 5 4

3 Chatham Road $1,720,000 95.82% 95.82% $542.24 9,148 54 3,172 4 4.5

64 West Chester Street $1,740,000 N/A* N/A* $827.00 23,958 N/A* 2,104 3 2

16 East Lincoln Avenue $1,850,000 92.73% 92.73% $1,170.89 5,227 276 1,580 3 2.5

62 West Chester Street $1,850,000 94.87% 94.87% $892.43 23,958 356 2,073 4 2.5

36 Burnell Street $1,875,000 93.80% 110.62% $972.51 29,185 38 1,928 3 2.5

129 Wauwinet Road $1,950,000 N/A* N/A* $1,779.20 27,007 N/A* 1,096 2 1

50 West Chester Street $1,989,000 94.71% 94.71% $671.05 7,841 23 2,964 4 3.5

16 North Beach Street $2,112,500 92.05% 78.24% $1,037.57 9,148 1827 2,036 4 4.5

7 Alliance Lane $2,150,000 100.00% 100.00% $680.16 121,968 69 3,161 3 2.5

22 New Lane $2,200,000 97.78% 97.78% $718.02 5,227 186 3,064 4 4.5

14 Darling Street $2,200,000 91.86% 91.86% $1,257.14 2,352 405 1,750 3 3.5

28 Pine Street $2,305,000 98.09% 98.09% $730.12 6,042 86 3,157 4 4.5

3 Sunset Ridge Lane $2,440,000 93.85% 93.85% $703.17 7,405 5 3,470 4 3.5

3 North Gully Road $2,450,000 89.09% 89.09% $1,633.33 5,227 12 1,500 2 2.5

21 Madaket Road $2,750,000 98.39% 84.62% $1,072.12 16,117 209 2,565 4 3.5

12 Black Fish Lane $2,875,000 95.99% 95.99% $1,039.41 20,038 5 2,766 4 4.5

15 North Pasture Lane $3,075,000 90.57% 90.57% $971.87 122,404 192 3,164 4 5

9 Pilgrim Court $3,150,000 87.62% 87.62% $769.23 8,233 102 4,095 5 5.5

35 North Beach Street $3,325,000 97.94% 89.99% $869.51 17,424 376 3,824 5 3.5

323 Polpis Road $3,800,000 95.12% 86.46% $439.31 128,502 384 8,650 5 5.5

94 Cliff Road $3,890,000 86.54% 86.54% $682.46 30,492 71 5,700 5 5.5

12 Brant Point Road $3,900,000 92.97% 86.76% $1,218.75 27,443 1044 3,200 6 4.5

5 Folger Lane $4,000,000 N/A* N/A* $806.78 6,098 N/A* 4,958 6 5.5

73A Squam Road # 1 $4,300,000 86.87% 78.18% $1,981.57 0 480 2,170 4 2

24 Walsh Street $4,450,000 95.19% 95.19% $1,917.28 4,356 20 2,321 5 5.5

9 Head of the Plains $7,525,000 96.78% 96.78% $1,008.71 112,820 1 7,460 6 7.5

13 Washing Pond Road $10,000,000 N/A* N/A* $1,673.64 84,506 N/A* 5,975 5 8.5

250 Polpis Road $12,000,000 87.27% 81.36% $1,402.20 435,600 781 8,558 6 6.5

33 Squam Road $20,900,000 91.07% 91.07% $2,874.43 174,240 70 7,271 7 10.5

Total Residential Sales $146,073,397

Average: $2,705,063 93.43% 91.26% $887.61 37,343 255 2,809 4 4Median Of All Residential Sales: $1,795,000 93.87% 91.46% $765.22 9,148 110 2,287 4 3

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

Properties Sold In September 2014 (excluding foreclosures)

AreaTotal  Num

Avg  DOM

AVG  Asking  Price

Brant  Point 4 112 $3,356,000 $2,287,000 4 50.0% 0 12 521 $2,893,333 $2,733,750 $2,586,667 94.3% 2.3

Cisco 3 242 $1,079,667 $1,099,000 1 25.0% 0 3 115 $2,998,333 $2,998,333 $2,766,667 86.7% 6.8

Cliff 19 230 $6,374,158 $4,450,000 9 32.1% 4 20 166 $5,108,945 $4,888,195 $4,649,195 93.4% 5.9

Dionis 8 304 $6,315,500 $4,722,500 0 0.0% 1 3 77 $3,680,000 $3,680,000 $3,358,333 91.3% 24.0

Hummock  Pond 4 245 $1,476,000 $1,272,500 1 20.0% 0 4 370 $1,706,000 $1,479,750 $1,433,750 96.9% 7.2

Madaket 17 249 $2,593,706 $1,395,000 0 0.0% 3 16 199 $1,485,500 $1,468,625 $1,396,031 94.7% 9.6

Madequecham 5 128 $4,371,000 $4,995,000 1 16.7% 0 3 319 $2,100,000 $2,100,000 $1,958,667 91.3% 11.3

Miacomet 10 172 $1,999,300 $1,267,000 3 23.1% 2 7 104 $1,264,286 $1,209,857 $1,173,214 97.0% 9.0

Mid  Island 19 142 $980,679 $710,000 4 17.4% 5 41 125 $645,640 $641,615 $610,999 93.6% 3.8

Monomoy 12 238 $8,250,000 $7,925,000 1 7.7% 0 4 292 $2,808,750 $2,645,000 $2,512,500 95.0% 21.6

Nashaquisset 1 169 $1,450,000 $1,395,000 1 50.0% 0 3 52 $899,167 $899,167 $881,200 98.0% 2.3

Naushop 7 127 $1,105,286 $1,095,000 1 12.5% 0 8 196 $839,125 $820,750 $796,438 96.6% 7.0

Pocomo 6 150 $3,794,000 $3,510,000 2 25.0% 1 1 908 $7,900,000 $7,900,000 $7,350,000 93.0% 18.0

Polpis 9 220 $8,392,778 $3,965,000 2 18.2% 0 6 450 $5,147,500 $4,880,833 $4,479,167 89.5% 10.1Quaise,  Shimmo  &  Shawkemo

4 635 $7,248,750 $6,570,000 1 20.0% 2 1 362 $4,975,000 $4,975,000 $4,600,000 92.5% 18.0

Quidnet  &  Squam 6 138 $7,999,833 $3,600,000 1 14.3% 0 2 275 $14,225,000 $13,950,000 $12,600,000 90.3% 18.0

Sconset 39 227 $3,600,564 $2,695,000 6 13.3% 5 18 251 $2,276,667 $2,166,278 $1,942,793 88.9% 14.6

South  of  Town 3 82 $1,230,000 $1,150,000 3 50.0% 1 5 191 $801,800 $778,800 $791,000 97.7% 3.4

Surfside 8 189 $3,459,875 $2,295,000 3 27.3% 2 23 112 $1,045,915 $1,034,567 $976,415 94.1% 2.8

Tom  Nevers 17 153 $2,035,176 $1,495,000 4 19.0% 4 13 140 $1,152,269 $1,145,577 $1,076,846 92.2% 9.0

Town 74 370 $3,038,986 $2,395,000 25 25.3% 10 79 191 $2,148,013 $2,102,772 $1,978,667 93.4% 6.4

Wauwinet 8 122 $4,613,500 $4,024,500 1 11.1% 2 4 1063 $2,578,750 $2,160,000 $1,992,500 90.0% 14.4

West  of  Town 8 265 $4,475,625 $2,872,500 4 33.3% 1 11 161 $1,635,455 $1,591,364 $1,550,909 95.2% 4.8

All  ResidenLal 291 213 $3,880,017 $2,395,000 78 43 287 277 $2,104,617 $2,037,764 $1,914,378 92.9% 7.2

TypeTotal  Num

Avg  DOM

AVG  Asking  Price

Land 65 305 $1,582,877 $1,235,000 11 14.5% 12 61 184 $1,479,656 $1,457,115 $1,371,611 92.2% 8.1

Commercial 9 252 $2,224,889 $2,350,000 3 25.0% 1 12 73 $2,161,417 $2,161,417 $2,107,667 88.2% 5.4

Data  Source:  LINK  Nantucket,  compiled  by  Dan  Dunlap

*Sales  through  a  real  estate  firm**  Based  on  last  90  day's  acLvity

Year-­‐To-­‐Date  Real  Estate  AcLvity  On  Nantucket

Pending  Sales

For  Sale

Off-­‐Market  In  The  Last  90  Days Current  Inventory

Sales  1/1/14  -­‐  9/30/14

Avg  Orig  List  Price

Avg  Final  LisLng  Price

Avg  Sale  PriceResidental  ProperLes Median  

Asking  PriceTotal  Num

%  Pending  To  LisLngs

Total  Num

Sale  Price            To  List*

Months**

Land  &  Commercial Median  Asking  Price

Total  Num

%  Pending  To  LisLngs

Total  Num

Total  Num

Avg  DOM*

Avg  Orig  List  Price

Avg  Final  LisLng  Price

Avg  Sale  PriceSale  Price            To  List*

Months**

Total  Num

Avg  DOM*