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THE

NANTUCKET REAL ESTATE REPORT


November 2014

At A Glance...

Thankfulness for family and friends was a common


sentiment expressed on Nantucket on November. While the
island was 9illed with excitement during the 9inal week of
November when hundreds bravely jumped in the chilling water at
Childrens Beach for the Atheneums Annual Turkey Plunge,
several buyers and sellers took a plunge of a different kind.

188

171

166

$271M

$299M

2012

2013

102

Properties Sold

2014
$ Volume

13.3% increase in sales and


30% increase in dollar volume (vs. same 90 day period last year).

Number Of Residen5al Proper5es Sold Last Month

11

$2.5 - $3M

$3 - $3.5M

$3.5 - $4M

> $4M

6
$2 - $2.5M

40.5% of sales were under $1M

Dollar Volume and Number of Proper/es Sold By Month


(compared to previous year)
$160M

180

$120M

135

$80M

90

$40M

45

$0M

$ Volume in 2013

$ Volume in 2014

Number Sold '13

Oc

be
r
No
ve
m

to
be
r

be
r
Se
pt
em

Au
gu
st

Ju
ly

Ju
ne

ay
M

nu
ar
Ja

Novembers residential closings were again strong


with fewer price reductions. Accepted offers during
the month were at their lowest level in 5 years

Ap
ril

Accepted Offers
y

Price Reductions
Number of Closings

With almost $137M in property sales still in process, the $1B


dollar mark in sales volume for the year continues to be a
realistically achievable goal.

ar
ch

4
$1.5 - $2M

$750K - $1M

< $750K

$ - $1.5M

Sales during the last 90 days are again ahead of last years activity
(during the same time period) by 22 transactions (13.3%) with
dollar volume up more than $90M (30%).

2011

With 4 more transactions than in November 2013, last months


sales increase represented a 27.7% increase in dollar volume over
last year. Contributing to this months increased dollar volume
was 1 sale over $4M ($14.25M) making up 19.5% of the total
dollar volume for the month. In total, last months 40 transactions
totaled over $73M in sales. Accepted offers were at their lowest
level in 5 years with only 8 properties, totaling $8.5M in asking
price, receiving accepted offers.

Fe
br
ua
ry

$188M

$389M

Number Sold '14

November 2014 Ac/vity Compared to November 2013 Ac/vity


Land
Commercial
MulK-Family
Condos & Co-op
Single-Family
Total Sales

2014
2013
% Of Change From Last Year
Number Sold $ Volume Sold Number Sold $ Volume Sold
Number
$ Volume
Sold
3
$3,909,999
9
$8,315,001
-66.7%
-53.0%
0
$0
0
$0
1
$690,000
0
$0
1
$1,255,000
5
$2,411,500
-80.0%
-48.0%
35
$67,163,775
22
$46,456,256
59.1%
44.6%
40
$73,018,774
36
$57,182,757
27.7%
11.1%
Data Source: LINK Nantucket, Nantucket Lis5ng Service

Number Of Properties Sold

Dollar Volume & Number Of Transactions


(For Same 3-Month Period Ending November 30)

Residential Sales:

YTD Dollar Volume & Number Of Properties Sold

$894M
$610M

$683M

$674M

410

422

$481M

Number of Sales

14
20

13

12
20

20

11

10

307

484

20

323

20

Novembers 37 residential sales were higher than the 27


residential sales in November 2013 resulting in a $20.2M
(41.4%) increase in dollar volume and a 37% increase in
transactions. Contributing to the months dollar volume was the
sale of 17 Lincoln Avenue for $14.25M. Without this sale, the
dollar volume for residential sales would still have been 12%
higher than last year. Average sale prices increased slightly
(primarily due to the 17 Lincoln Ave. sale) from $1,809,917 in
November 2013 to $1,867,805 (3.2%) for November 2014.

$ Volume

Number
& Volume Of Properties Sold Last Month By Type

Bottom-line:
As we enjoy all that the holiday season has to
offer we begin to re9lect on what has been
accomplished and what still needs to be done
before year-end. Thats certainly true in real
estate - especially on Nantucket.
Land
Multi-Family
Single-Family

Land Sales:

Commercial
Condos & Co-op

Number of Properties Sold

Dollar Volume

$1,200M

No commercial properties sold and there were no accepted


offers for commercial properties last month. There are 4
commercial property sales pending representing a little more
than $5M in asking price. 15 commercial properties remain on-
market - 9 of which are in the core commercial district
(including the 4 Center Street properties listed through an off-
island 9irm).

Availability:
There were 353 properties (280 residential) on-market at
month-end versus 355 listings at the end of October (283
residential) and 419 (343 residential) at the end of November
2013. Of the 34 properties brought to market in November, 8
(23.5%) were previously listed with an average time on-market
of 266 days; a signi9icant drop from last years level .

$600M

14
20

10

12
20

20

06

08
20

20

04
20

00

02
20

20

98
19

19

96

$300M

94

Commercial Sales:

$900M

19

Novembers 3 land sales were 6 transactions behind last years


sales and fell more than $4.4M behind in dollar volume (-53%).
While the $1.061M average land sale was considerably less than
the $1.56M average seen last October, a decline in parcel size
was the reason, dropping from 1.26 acres to .61 acres. The 62
parcels of land currently on-market represent about a 9-month
supply of inventory on-hand (based on last 6 months activity).

In terms of dollar volume and transactions,


2014 is a winner. Not since 2005 have we had
this level of sales activity resulting in 484
people/families becoming property owners.
Interestingly, 12 fewer properties were
brought to market during the month than last
year (-26%) and the number of previously
listed properties also declined; their average
time on-market dropping from 331 days to
266 days.
While properties listed for sale continue to lag
far behind 2013 levels (-15.8%) there are still
plenty of good buying opportunities available.
Dan Dunlap, Broker & Market Analyst

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

Properties Sold In November 2014


(excluding foreclosures)

Land Parcels

Selling Price

% of Final
Asking
Price**

% of
Original
Price**

Lot size
(sq. ft.)

Price per
sq. ft.

Days On
Market

12 Skyline Drive

$650,000

100.00%

100.00%

74,052

$8.78

886

33 New Sias Street

$885,000

N/A*

N/A*

11,326

$78.14

N/A*

$2,375,000
$3,910,000

95.19%

95.19%

80,150

$29.63

118

$1,303,333
$885,000

97.60%
97.60%

97.60%
97.60%

55,176
74,052

$38.85
$29.63

502
502

10 Bishops Rise
Total Land Sales

Average:
Median Of All Land Sales:

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

55 Union Street

$400,000

N/A*

N/A*

$193.52

Condo

N/A*

2,067

27A Meadow View Drive

$460,000

96.03%

83.64%

$447.47

7,841

215

1,028

21 Goldfinch Drive

$561,750

107.00%

160.50%

$445.83

6,970

204

1,260

1.5

11 Beach Street

$610,000

100.00%

100.00%

$1,276.15

871

54

478

8 Nobadeer Avenue

$625,000

N/A*

N/A*

$814.86

20,038

N/A*

767

19 Hummock Pond Road

$655,025

98.50%

98.50%

$756.38

21,780

866

30 Appleton Road

$690,000

92.12%

92.12%

unknown

14,810

92

unknown

11 Wigwam Road

$700,000

N/A*

N/A*

$466.67

50,530

N/A*

1,500

2.5

61 Hooper Farm Road

$725,000

N/A*

N/A*

$193.85

20,038

N/A*

3,740

3.5

13 Bartlett Road #

$730,000

N/A*

N/A*

$242.77

20,909

N/A*

3,007

11 Pine Tree Road

$733,000

97.86%

97.86%

$283.34

7,405

29

2,587

3.5

6 West Dover Street

$750,000

N/A*

N/A*

$330.40

6,098

N/A*

2,270

33 West Sankaty Road

$865,000

96.65%

96.65%

$693.11

5,053

24

1,248

20 Atlantic Avenue

$882,500

98.60%

98.60%

$324.93

11,326

2,716

4.5

$900,000

100.56%

100.56%

$858.78

5,663

24

1,048

$1,000,000

90.91%

90.91%

$667.11

24,829

37

1,499

13 West Dover Street


66 Starbuck Road

286 Polpis Road

$1,225,000

94.23%

73.13%

$698.80

92,783

144

1,753

37 Autopscot Circle

$1,255,000

89.96%

86.55%

$469.69

7,841

170

2,672

3.5
2.5

13 Hendersons Drive

$1,265,000

92.00%

92.00%

$687.13

19,166

91

1,841

12 Hawthorne Lane

$1,275,000

91.40%

80.95%

$374.67

40,075

349

3,403

6 Midland Avenue

$1,567,500

92.48%

82.72%

$646.66

23,958

124

2,424

2.5

12 North Water Street

$1,572,000

N/A*

N/A*

$986.20

39,204

N/A*

1,594

9 Finback Lane

$1,765,000

99.44%

99.44%

$906.99

5,227

45

1,946

4.5

61 West Chester Street

$1,985,000

94.52%

86.49%

$635.20

12,632

71

3,125

2.5

3 Joy Street

$2,000,000

87.15%

87.15%

$771.90

11,238

205

2,591

2.5

38 Pleasant Street

$2,050,000

95.35%

74.55%

$602.23

7,405

439

3,404

4.5

5 Hydrangea Lane

$2,075,000

90.41%

90.41%

$791.98

4,792

131

2,620

3.5
6

4 Green Hollow Road

$2,130,000

89.68%

89.68%

$455.52

120,330

97

4,676

23 Sankaty Road

$2,156,000

N/A*

N/A*

$638.44

8,712

N/A*

3,377

61 Millbrook Road

$2,470,000

N/A*

N/A*

$1,988.73

Condo

N/A*

1,242

94 Miacomet Road

$2,575,000

97.17%

97.17%

$472.39

80,150

5,451

6.5

47 Center Street

$2,700,000

85.04%

85.04%

$1,048.14

3,049

23

2,576

3.5
4.5

8 Coon Street

$2,700,000

96.43%

96.43%

$1,025.84

5,227

2,632

12 Coffin Street #

$3,525,000

N/A*

N/A*

$1,064.95

21,344

N/A*

3,310

16 Cathcart Road

$3,586,000

N/A*

N/A*

$1,812.94

42,689

N/A*

1,978

3 Traders Lane
17 Lincoln Avenue
Total Residential Sales

$3,695,000

97.36%

97.36%

$1,368.52

3,049

2,700

5.5

$14,250,000

91.94%

84.07%

$1,974.23

25,700

559

7,218

7.7

94.72%
94.94%

93.17%
91.45%

$761.56
$677.12

22,821
12,632

121
81

2,462
2,500

4
4

3
3

$69,108,775

Average:
Median Of All Residential Sales:

$1,867,805
$1,265,000

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

** Excludes Properties Not Sold Through A Real Estate Firm