THE

NANTUCKET REAL ESTATE REPORT

June 2015

At A Glance...

Junuary described more than the /ickle weather experienced

last month on Nantucket, it is also re/lective of the continuing chill

felt in Nantuckets real estate market. Still struggling to /ind the
momentum enjoyed last year, this Junes activity was simply a
continuation of what has been going on since January 2015 -
fewer sales resulting in lower total dollar volume.

Dollar Volume & Number Of Transactions

(For Same 3-Month Period Ending June 30)

95

$148M

2011

122

116

100

92

$177M $163M

2012

$210M
$155M

2013

2014

Properties Sold

2015

$ Volume

24.6% decline in sales and

26% reduction in dollar volume (vs. same 90 day period last year).

Number Of Residen5al Proper5es Sold Last Month

$3 - $3.5M

$3.5 - $4M

> $4M

3
$2 - $2.5M

$1.5 - $2M

$ - $1.5M

$750K - $1M

< $750K

$2.5 - $3M

69% of sales were under $1.5M

With eight fewer transactions than in June 2014, last months

dollar volume /inished $22.4M lower (-23.6%) than last year with
average residential sale prices increasing $73K (3.4%) from a
year ago. However, without the $26M sale of 3 Hulbert Avenue,
average residential prices would have fallen $740K (-34.6%)
below last Junes $2,139,121 average (where 4 properties selling
for more than $5M totaled 39.6M versus 1 property this year) .
Sales activity for the last 90 days /inished 26.2% lower in dollar
volume when compared to this time period last year, with 30
fewer transactions (-24.6%). While improving slightly from last
month, both sales and dollar volume continue to trail 2014s
activity in virtually every category.
While hopes of another 2014 may be overly optimistic,
Nantuckets real estate market is very much alive and well. We
continue to see properly priced, quality properties still in
demand and selling - just not in the quantities weve grown
accustomed to.
YTD Dollar Volume & Number Of Properties Sold

$384M

$340M
$272M
$235M

$222M

225
157

184

175

Number of Sales

15
20

14
20

13
20

12
20

Residential closings were at their lowest level in 3

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

178

$ Volume

June 2015 Ac,vity Compared to June 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
$1,680,000
4
$9,730,000
0.0%
-82.7%
0
$0
2
$3,824,000
-100.0%
-100.0%
2
$1,595,000
2
$1,890,500
0.0%
-15.6%
3
$1,825,000
8
$21,529,600
-62.5%
-91.5%
27
$67,367,500
28
$57,866,508
-3.6%
16.4%
36
$72,467,500
44
$94,840,608
-23.6%
-18.2%
Data Source: LINK Nantucket, Nantucket Lis5ng Service

Residential Sales:

Dollar Volume & Number Of Properties Sold In June

Number
& Volume Of Properties Sold Last Month By Type

$82M

$72M

$95M
$72M

$51M

Number of Sales

15

36

20

44

14

13

43

20

20

11

12

33

20

35
20

31
10

Junes $2,212,109 average sale price was 4.7% higher than May
2015s average of $2,113,174 and 3.4% higher than the
$2,139,121 average seen last June

$66M

20

Last months 32 residential sales were again lower than the 38

sales seen in June 2014 (-15.8%) as dollar volume declined
almost $10.5M (-12.9%) from a year ago. There was only 1 sale
over $5M last month versus 4 sales exceeding this amount last
June - dollar volume was $13.6M (34.4%) lower than in 2014.

$ Volume

Bottom-line:
Making Hay

Land
Multi-Family
Single-Family

Land Sales:

Commercial
Condos & Co-op

Junes 4 land sales may have equaled the number of transactions

seen last year but dollar volume was $7M less (-82.7%). Not
surprisingly, Junes $420K average sale price was $2.01M lower
(-83%) than last year with the average parcel size considerably
smaller - .36 acres versus 5.45 acres in 2014 (.28 acres if the 21
acre Gardner Road property, now known as Pippen's Way, is
excluded). There are currently 86 land parcels on-market versus
78 a month ago.

Commercial Sales:
No commercially zoned properties sold last month and there are
no commercial sales currently pending. Thirteen commercial
properties remain on-market - 7 of which are in the core
commercial district.

Availability:
There were 434 properties (342 residential) on-market at
month-end versus 366 listings (286 residential) at the end of
May and 360 (288 residential) at the end of June 2014. Of the
130 properties brought to market in June, only 32 (24.6%) were
previously listed with an average time on-market of 301 days.
Average days on-market for listings at the end of June was 232
days or 180 days if the 12 on-market more than 3 years are
excluded.

The old saying youve got to make hay

when the sun shines is as true on
Nantucket as in Iowa; it simply involves a
more expensive commodity - real estate.
With a 18.6% increase in listings since
May 31st and 20.6% increase over June
30, 2014, the sun is shining brightly and
buying opportunities are becoming even
more plentiful.
At month-end, there were 33 sales
transactions in process at a combined
asking price of $51.4M. These properties
averaged 201 days on market (139 days if
the 2 properties on market for more than
3 years are excluded) and this doesnt
include the 21 properties receiving
accepted offers in June totaling $33.5M.
These properties averaged only 80 days
on-market with 9 of these (43%) on-
market less than 15 days. This isnt new,
properly priced properties sell faster and
at a higher percentage of ask than those
that arent
While Nantuckets market performance
hasnt been as energetic as what we saw
during the /irst 6 months of 2014, dont
despair; we still have plenty of time to
catch up and a fresh batch of quality
inventory to do it with.
Dan Dunlap, Broker & Market Analyst

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

Properties Sold In June 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

5 Mary Ann Drive # B

$500,000

96.3%

87.9%

339

Condo

158

1,477

6A Witherspoon Drive # A

$575,000

102.5%

102.5%

$401.82

Condo

80

1,431

2.5

5 First Way

$590,000

84.9%

81.4%

$342.62

14,375

196

1,722

10 Bartlett Road

$651,000

95.0%

91.7%

$346.09

6,098

241

1,881

3.5

1 Clara Drive

$652,500

N/A*

N/A*

$443.88

17,990

N/A*

1,470

6 Yompasham Lane # A

$750,000

96.8%

96.8%

$615.76

Condo

21

1,218

2.5

26A Daffodil Lane # 2

$787,500

99.1%

99.1%

$412.09

7,566

28

1,911

13 Cedar Circle

$795,000

N/A*

N/A*

$343.26

10,019

N/A*

2,316

25 Broadway

$800,000

89.4%

86.5%

$420.61

1,307

203

1,902

18 Arlington Street

$840,000

98.9%

98.9%

$438.41

7,841

61

1,916

44 Miacomet Avenue

$885,000

95.7%

90.8%

$465.79

23,087

222

1,900

10 Derrymore Road

$905,000

95.4%

95.4%

$983.70

3,999

78

920

12 Boynton Lane

$930,000

N/A*

N/A*

$397.44

13,939

N/A*

2,340

3.5

52 Meadow View Drive

$970,000

97.1%

84.3%

$498.97

20,038

396

1,944

2.5

5 Yompasham Lane

$1,125,000

94.1%

94.1%

$463.54

12,611

29

2,427

13 Sandpiper Way

$1,195,000

92.3%

92.3%

$797.73

20,473

282

1,498

92 Goldfinch Drive

$1,310,000

95.7%

113.9%

N/A*

5,227

322

N/A*

4.5

17 Ames Avenue

$1,350,000

96.8%

90.3%

$1,250.00

15,181

228

1,080

1.5

34 King Street

$1,360,000

97.2%

97.2%

$895.92

5,428

26

1,518

51 Tom Nevers Road

$1,410,000

94.3%

94.3%

$537.35

52,272

14

2,624

3.5

10 Swift Rock Road

$1,465,000

98.0%

83.8%

$906.00

43,560

912

1,617

97 Tom Nevers Road

$1,475,000

92.5%

92.5%

$526.03

47,916

548

2,804

3.5

17 Meadow View Drive

$1,575,000

94.0%

94.0%

$500.95

20,038

34

3,144

4.5

29 Lily Street

$1,769,000

96.9%

96.9%

$907.64

3,546

22

1,949

2.5

6 Plainfield Road

$2,175,000

84.5%

79.8%

$654.33

21,305

280

3,324

4.5

36 Main Street

$2,200,000

81.8%

74.3%

$1,779.94

27,007

540

1,236

57 Washington Street

$2,385,000

86.7%

86.7%

$985.54

12,972

216

2,420

26 Old Tom Nevers Road

$2,650,000

91.9%

91.9%

$892.86

45,002

40

2,968

3.5

14 Vestal Street

$3,100,000

88.7%

79.6%

$775.00

5,075

518

4,000

5.5

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

** Excludes Properties Not Sold Through A Real Estate Firm

Properties Sold In June 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

17 Walsh Street

$3,237,500

94.5%

94.5%

$1,184.16

5,271

28

2,734

3.5

2 Nonantum Avenue

$3,875,000

98.1%

98.1%

$1,079.39

30,091

28

3,590

4.5

3 Hulbert Avenue

$26,500,000

93.0%

93.0%

$3,257.13

30,928

48

8,136

8.5

Total Residential Sales

$70,787,500

93.9%
95.0%

91.8%
92.5%

$769.11
$537.35

18,281
14,375

200
158

2,304
1,916

4
4

3
2.75

Average:
Median Of All Residential Sales:

Land Parcels

$2,212,109
$1,252,500

Selling Price

% of Final
Asking
Price**

% of
Original
Price**

Lot size
(sq. ft.)

Price per
sq. ft.

Days On
Market

18 Tomahawk Road

$265,000

N/A*

N/A*

5,227

$50.70

N/A*

18 Sleepy Hollow Road

$350,000

88.6%

88.6%

11,326

$30.90

371

6 Marble Way (Portion) Lot 1

$515,000

86.6%

86.6%

15,216

$33.85

135

$550,000
$1,680,000

88.0%

88.0%

30,928

$17.78

274

$420,000
$432,500

87.7%
88.0%

87.7%
88.0%

15,674
13,271

$33.31
$32.38

260
274

50 Lovers Lane
Total Land Sales

Average:
Median Of All Land Sales:

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

** Excludes Properties Not Sold Through A Real Estate Firm