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.

May 2015

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. 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.

22% decline in sales and 12% reduction in dollar volume - (vs. same 90 day period last year).

30% of sales were over $2M

At A Glance...

May 2015 Ac+vity Compared to May 2014 Ac+vity2015 2014 % Of Change From Last Year

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

$ VolumeLand 4 $2,370,000 11 $18,212,689 -63.6% -87.0%Commercial 1 $270,000 1 $725,000 0.0% -62.8%MulK-Family 1 $970,000 1 $695,000 0.0% 39.6%Condos & Co-op 3 $1,749,000 3 $1,650,000 0.0% 6.0%Single-Family 22 $52,223,525 26 $43,735,510 -15.4% 19.4%Total Sales 31 $57,582,525 42 $65,018,199 -26.2% -11.4%

Data Source: LINK Nantucket, Nantucket Lis5ng Service

YTD Dollar Volume & Number Of Properties Sold

2011

2012

2013

2014

2015

Number of Sales $ Volume

$268M$289M

$152M

$221M

$150M

148181

132145122122145 132

181148

Dollar Volume & Number Of Transactions (For Same 3-Month Period Ending May 31)

2011 2012 2013 2014 2015Properties Sold $ Volume

$146M$166M$97M

$158M$110M

87112

98988787

98 98112

87

THE NANTUCKET REAL ESTATE REPORT

Number Of Residen5al Proper5es Sold Last Month

< $7

50K

$750

K - $

1M

$ - $

1.5M

$1.5 - $2

M

$2 - $2

.5M

$2.5 - $3

M

$3 - $3

.5M

$3.5 - $4

M

> $4

M

311

3344

7

Price Reductions Accepted OffersNumber of Closings

Dan Dunlap, Broker & Market Analyst

Bottom-line: Price, Price, Price & Location 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

Residential Sales: 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. 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.

Land Sales: 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.

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

Dollar Volume & Number Of Properties Sold In May

2010

2011

2012

2013

2014

2015

Number of Sales $ Volume

$58M$65M

$53M

$81M

$37M$44M

31423841302525 30

41 38 42 31

Number & Volume Of Properties Sold Last Month By Type

Land CommercialMulti-Family Condos & Co-opSingle-Family

Properties Sold In May 2015(excluding foreclosures)

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

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 2 3

5 Jeans Way # $500,000 N/A* N/A* $600.96 5,663 N/A* 832 2 1

4B Witherspoon # 591-2 $620,000 94.1% 94.1% $379.90 Condo 0 1,632 3 2.5

6B Witherspoon Drive # B $659,000 100.0% 88.0% $431.85 Condo 243 1,526 3 3

42 Essex Road $695,000 95.3% 95.3% $672.15 9199.87 51 1,034 2 3

5 Tashama Lane $700,000 98.6% 96.6% $555.56 6,970 99 1,260 3 2

1 H Street # $720,000 N/A* N/A* $478.41 6098.40 N/A* 1,505 2 1.5

12 Almanack Pond Road $786,000 N/A* N/A* $499.05 32,234 N/A* 1,575 4 1.5

160 Main Street $850,000 94.5% 89.6% $509.59 3,920 347 1,668 3 2

2 Huntington Street $950,000 86.8% 79.5% $562.80 10,019 240 1,688 3 3

38 Macys Lane $970,000 N/A* N/A* $518.16 5,227 N/A* 1,872 6 6

6 C Street $1,175,000 N/A* N/A* $790.18 7,841 N/A* 1,487 2 1

1 Kite Hill Lane $1,200,000 87.3% 87.3% $1,343.78 1,777 210 893 2 2

4 Saratoga Lane $1,350,000 90.3% 85.2% $819.17 5,227 246 1,648 3 2

12 Lyons Lane $1,375,000 93.2% 93.2% $580.66 22,651 289 2,368 4 2

9 Lily Street $1,600,000 94.4% 89.1% $893.85 3,049 671 1,790 3 2

3 Academy Lane $1,800,000 N/A* N/A* $709.78 4,792 N/A* 2,536 5 2

71 Milk Street $1,820,000 96.0% 96.0% $911.82 50,965 27 1,996 3 2

10 Gay Street $2,350,000 94.0% 85.5% $557.93 4486.68 224 4,212 8 9.5

25 Starbuck Road $2,427,500 91.6% 91.6% $1,298.82 34,848 259 1,869 3 3.5

31 Woodbury Lane $2,461,150 91.2% 91.2% $829.23 10454.40 157 2,968 5 4.5

15 Quidnet Road $3,450,000 87.3% 81.2% $554.48 140,699 261 6,222 7 6.5

13 Hedgebury Lane $3,815,000 95.5% 99.1% $855.38 19,998 84 4,460 6 6.5

105 Low Beach Road $5,320,000 88.7% 88.7% $1,259.47 307,969 34 4,224 5 5

1 Indian Avenue $6,528,875 90.7% 77.8% $1,359.33 11,456 319 4,803 6 6.5

47 Cliff Road - Lot 1 $10,350,000 86.3% 86.3% $3,421.49 20,909 86 3,025 8 5.5

Total Residential Sales $54,942,525

Average: $2,113,174 92.4% 89.2% $835.39 31,585 202 2,328 4 3Median Of All Residential Sales: $1,275,000 93.2% 89.1% $636.55 9,200 224 1,739 3 2.75

Properties Sold In May 2015(excluding foreclosures)

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

Commercial 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

9 Essex Road # A $270,000 91.5% 91.5% 357 Condo 161 756 1 1

Total Commercial Sales $270,000

Average: $270,000 91.5% 91.5% $357.14 N/A 161 756 1 1Median Of All Residential Sales: $270,000 91.5% 91.5% $357.14 N/A 161 756 1 1

Land Parcels Selling Price

% of Final Asking Price**

% of Original Price**

Lot size (sq. ft.)

Price per sq. ft.

Days On Market

16 Sleepy Hollow Road $335,000 89.3% 89.3% 10,019 $33.44 440

71 Goldfinch Drive $460,000 96.0% 96.0% 5,868 $78.40 66

19 Amelia Drive $575,000 N/A* N/A* 12,632 $45.52 N/A*

17 Delaney Road $1,000,000 N/A* N/A* 5,227 $191.31 N/A*Total Land Sales $2,370,000

Average: $592,500 92.7% 92.7% 8,436 $87.16 253Median Of All Land Sales: $517,500 92.7% 92.7% 7,943 $61.96 253