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The Nantucket Real Estate Report

Significant increase in closings and accepted offers over last March.

March 2014

It was all lion all the way and the lamb simply didn’t show itself this past March on Nantucket. While our weather was filled with snow, rain and wind, island real estate activity roared on…it was a beastly month indeed. With 33 closings, 18 accepted offers and 11 price adjustments, more than $50M in real estate changed hands, another $20M went under agreement and $19M in properties had accepted offers in March. This was particularly good news since March has averaged 28 transactions and $32.5M in volume these past 6 years. A 36% increase in transactions and 203% increase in dollar volume over March 2013’s sales, made last month the third month in a row real estate activity on Nantucket surpassed that experienced in 2013 and making it the busiest March since 2007 when 37 sales resulted in over $72M in volume. March’s impressive results pushed sales transactions 74.6% higher and dollar volume 142% higher than was experienced during the same 90 day period last year. Last month’s solid performance continued to be a welcome relief in what is traditionally viewed as a slow time in island real estate.

Three months of solid sales now puts 2014 74.6% ahead of 2013 in sales and 142%

ahead in dollar volume for this time period.

44% of transactions were under $1M.

At A Glance...

Data source: LINK Nantucket, Nantucket Listing Service

Properties Sold $ Volume Sold

Properties Sold $ Volume Sold

# Properties Sold $ Volume Sold

Land 4 $5,280,000 9 $4,724,600 -55.56% 11.76%Commercial 3 $5,544,999 0 $0 0.00% 0.00%Multi-Family 1 $500,000 0 $0 0.00% 0.00%Condos & Co-op 3 $1,472,499 4 $1,351,000 -25.00% 8.99%Single-Family 23 $37,745,065 12 $10,611,000 91.67% 255.72%

34 $50,542,563 25 $16,686,600 36.00% 202.89%

20132014 % Of Change From Last Year

March 2014 Activity Compared to March 2013 Activity

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

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The Nantucket Real Estate Report

!www.leerealestate.com

Bottom-­line:  Based  on  Q1  2014  activity,  the  prospects  for   a   banner   real   estate   year   on  Nantucket   have   just   been   kicked   up   a  notch.  With   280   properties   currently   for   sale,  compared   to   332   listed   for   sale   a   year  ago,   inventory   is   deDinitely   down.   In   the  last   6  months   238   properties  were   sold  on-­‐island   -­‐   165   of   these   were   single-­‐family  properties  selling  for:  • 86.6%  of  their  original  asking  price  (for  146  sold  through  a  real  estate  Dirm)  

• 90.6%  of  their  most  recent  asking  price  (for   146   sold   through   a   real   estate  Dirm)  

• 121%   of   their   Assessed   Valuation   (for  154  with  Assessed  Valuations)  

• Averaged   192   days   on-­‐market   (170  days   if   the   2   properties   on-­‐market   for  more  than  3  years  are  excluded)  

Not   since   2006   have   we   had   more  properties   sell   or   more   dollars   change  hands  in  the  1st  Quarter,  than  what  we’ve  seen   this   year.   No   wonder   inventory   is  down…buyers  are  buying  and  owners  are  selling.  If  you’ve  been  thinking  of  selling,  now   would   be   a   good   time   to   make   a  move.  

Dan  Dunlap  

Residential Sales: March’s   27   residential   sales   were   higher   than   the   23   sold   in  February  but  totaled  $10.6M  (21.2%)  less  in  total  dollar  volume.    The  biggest  difference,  1  residential  property  sold  for  $4.7M  in  March   compared   to  3  properties,   totaling  almost  $19M,   selling  in   February.   As   seen   before,   the   most   active   segment   was   for  properties   selling   for   less   than   $1M   with   44%   of   the   activity.    Condo   and   Multi-­‐family   sales   made   up   14.8%   of   residential  closings  yet  less  than  5%  of  the  dollar  volume.    

Land Sales: Land  sales  remained  fairly  strong  totaling  over  $5.2M  in  volume  in   5   transactions   (making   up   11.6%   of   total   transactions   and  10.4%   of   total   sales   volume)   but   was   1   transaction   less   than  February  sales  and  almost  34%  lower  in  dollar  volume.  With  49  properties   currently   on-­‐market,   inventory   has   deDinitely  dropped  with  8  properties  pulled  off-­‐market  in  the  last  90  days.  There   is   currently  about  a  41/2  month  supply  of   land  available  (based  on  activity  seen  in  the  last  90  days).    

Commercial  Sales:  

3   commercial   property   sales   totaling   over   $5.5M   closed   in  March.   With   24   commercial   properties   selling   in   the   last   12  months   (10   in   the   last   6   months)   and   2   currently   under  agreement,   only   4   commercial   properties   remain   on-­‐market   -­‐  none  of  which  are  in  the  core  commercial  district.    

Availability: On  March  31st,  there  were  283  listings  on-­‐market,  229  of  which  were   residential;   compared   to   295   listings   at   the   end   of  February   (226   residential).   Of   the   34   properties   brought   to  market  in  March  32.3%  (11  listings)  were  previously  listed  and  averaged  414  days  on-­‐market  before  being  taken  off-­‐market.

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Land Parcels Selling Price

% of Final Asking Price**

% of Original Price**

Lot size (sq. ft.)

Price per sq. ft.

Days On Market

1 Sun Island Road $280,000 93.65% 93.65% 4,792 $58.44 123

2 Brooks Farm Road $1,300,000 96.30% 96.30% 10,890 $119.38 119

14 Bishops Rise $1,400,000 82.60% 77.78% 82,764 $16.92 190

94 Tom Nevers Road $2,300,000 *N/A *N/A 149,411 $15.39 *N/ATotal Land Sales $5,280,000

Average: $1,320,000 90.85% 89.24% 61,964 $52.53 144Median Of All Land Sales: $1,350,000 93.65% 93.65% 46,827 $37.68 123

Commercial Properties Selling Price

% of Final Asking Price**

% of Original Price**

Price per sq. ft (space)

Space (sq. ft.)

Days On Market

86 1/2 Somerset Road $395,000 101.28% 101.28% $263.33 1,500 14

58 Main Street # D $1,350,000 *N/A *N/A $1,739.69 776 *N/A

2 South Beach Street $3,800,000 *N/A *N/A $637.80 5,958 *N/ATotal Commercial Sales $5,545,000

Average: $1,848,333 101.28% 101.28% 880 2,745 14

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

8B Boynton Lane # 2 $300,000 N/A* N/A* $235.48 Condo N/A* 1,274 2 2.5

42 Nobadeer Farm Rd # C $449,000 100.00% 100.00% $320.71 Condo 263 1,400 2 2.5

1 Evergreen Way $452,670 N/A* N/A* $808.34 80,150 N/A* 560 2 1

14 Woodland Drive $475,001 100.00% 87.16% $621.73 20,038 129 764 2 1

3 Hooper Farm Road $500,000 N/A* N/A* $217.01 4,792 N/A* 2,304 5 4

4 Cartwright Place $549,000 95.48% 92.27% $421.01 10,019 202 1,304 3 2

3 Appleton Road $630,000 97.07% 97.07% $489.13 10,019 27 1,288 3 2

42 Skyline Drive (portion of) $635,000 101.60% 101.60% Unknown 82,328 75 Unknown 3 2

8 Prospect Street $710,000 89.31% 83.53% $910.26 6,970 329 780 1 1

1 Mamack Lane $723,500 96.60% 96.60% $384.43 Condo 114 1,882 2 2

68 Washington Avenue $769,000 100.00% 85.92% $625.20 20,038 115 1,230 3 3

5 Todd Circle $950,000 95.48% 82.61% $359.03 21,780 200 2,646 5 4

48 Hummock Pond Road $1,075,000 91.49% 91.49% $832.04 20,038 244 1,292 3 2

8 Howard Court $1,100,000 92.05% 78.85% $1,023.26 2,831 156 1,075 2 2

24 Union Street $1,125,001 102.74% 91.84% $554.73 2,614 133 2,028 3 3

50 Wauwinet Road $1,200,000 80.00% 69.57% $500.00 130,680 225 2,400 3 2.5

16 Lyons Lane $1,365,000 91.30% 91.30% $525.61 39,204 111 2,597 3 3

21 New Street $1,625,000 90.28% 90.28% $936.60 8,276 791 1,735 4 2.5

24 West Sankaty Lot 1 & 2 $1,625,000 75.76% 75.76% $934.45 11,413 0 1,739 4 2

4 Swain Street $1,720,000 91.73% 88.89% $841.90 9,148 270 2,043 4 3

36 Union Street $1,920,500 96.27% 96.27% $871.77 4,356 37 2,203 5 3.5

97 Hummock Pond Road $2,150,000 93.68% 67.19% $373.85 32,234 1233 5,751 6 5.5

20 Gingy Lane $2,640,000 88.44% 88.44% $586.67 16,117 150 4,500 5 5.5

53 Center Street $2,800,000 94.92% 94.92% $743.10 6,098 4 3,768 5 3.5

5 Folger Lane $3,578,893 N/A* N/A* $721.84 6,098 N/A* 4,958 6 5.5

25 Hinckley Lane $3,950,000 96.46% 89.87% $1,426.51 31,363 285 2,769 4 3.5

66 Cliff Road $4,700,000 N/A* N/A* $940.00 8,712 N/A* 5,000 6 6.5

Total Residential Sales $39,717,565

Average: $1,471,021 93.67% 88.25% $661.72 24,388 232 2,280 4 3Median Of All Residential Sales: $1,100,000 95.20% 90.08% $623.47 10,716 153 1,955 3 2.5

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

Properties Sold In March 2014 (excluding foreclosures)