The

November 2013

Nantucket Real Estate Report

At A Glance...

Being thankful

for time spent sharing Nantuckets inexplicable

beauty and charm with family and friends was a common sentiment
expressed by many during the last week of November. It was also the
time of year when hundreds bravely ran, jumped and dove into the
icy-cold waters off Childrens Beach for the Atheneums Annual
Turkey Plunge. While not near as chilling as the Plunge,
Novembers real estate activity definitely cooled from Octobers overheated pace.
With 36 closings, 28 accepted offers and 17 price adjustments, over
$57M in real estate changed hands, another $26M went under
agreement and another $47.4M had accepted offers...the slowest
November since 2008 (when more properties sold but for less dollar
volume).

Property closings were down 39% from

last Novembers activity and
dollar volume was down 60%.

Novembers drop from Octobers fervent pace of 71 sales totaling

over $143M in volume wasnt a complete surprise; after all, it would
have been unrealistic to expect another November like last years 59
sales totaling over $138M after such a busy October. However, had it
not been for a $16.5M sale in Sconset, November 2013 would have
been the lowest dollar volume November since 2002.
Dollar Volume and Number of Properties Sold By Month
(compared to previous year)

Number Of Properties Sold

Property sales under $1M remained active.

Fewer price reductions during the month but

higher level of accepted offers than last year.

November 2013 Activity Compared to November 2012 Activity

Properties2013
$ Volume Sold
Sold
Land
Commercial
Multi-Family
Condos & Co-op
Single-Family

9
0
0
5
22
36

$8,315,001
$0
$0
$2,411,500
$46,456,256
$57,182,757

Properties 2012
%
# Properties
Of Change From Last Year
$ Volume Sold
$ Volume Sold
Sold
Sold
13
0
1
4
41
59

$7,972,003
$0
$466,000
$2,110,000
$84,682,630
$95,230,633

-30.77%
#DIV/0!
0.00%
25.00%
-46.34%
-38.98%

4.30%
#DIV/0!
0.00%
14.29%
-45.14%
-39.95%

Data source: LINK Nantucket, Nantucket Listing Service

The

Nantucket Real Estate Report

Residential Sales:
Novembers 27 residential sales were signi5icantly lower than
the 54 sold in October resulting in a drop of almost 59% in total
dollar volume. Condo sales, which made up 18.5% of residential
closings, only amounted to about 4.9% of dollar volume. As seen
throughout most of 2013, properties selling for less than $1M
remained strong making up over 58% of residential transactions
during the month.

Bottom-line:

Land Sales:
Last months 9 land sales totaling $8.3M (making up 25% of total
transactions and 14.5% of total sales volume) were also lower
than the 15 transactions totaling $23.4M experienced in October.
The 85 land sales totaling almost $110M have been signi5icant
this year (compared to 61 sales totaling $66.3M in 2012) and
inventory has remained fairly consistent with 65 land-parcels
currently on-market. There are currently 4 parcels priced less
than $300K and 4 parcels priced higher than $5M with 16
properties on-market for more than 1 year (5 of which have been
on 3 years or more).

Commercial Sales:
There were no commercial transactions in November.

Availability:
On November 30th, there were 419 listings on-market, 343 of
which were residential; compared to 445 listings at the end of
October (358 residential). Of the 46 properties brought to
market in November, 24% (11 listings) were previous listings
brought back on-market (averaging over 331 days on-market).

LEE REAL ESTATE

A higher level of service

Novembers lack of activity has de5initely

impacted year-to-date results. While 2.5%
ahead of last year in closings, dollar
volume is almost 1.5% lower. This is
primarily due to 233 properties (55.5% of
sales) selling for less than $1M making up
33% of total dollar volume.
While 2013 is still shaping up to be a good
year, with 57 properties still working their
way through the sale process (26 of which
were added in November), we need to sell
(and close) a lot more property within the
next few weeks to match last years level of
success (481 properties for $821M in
volume) by year-end.
2013 has so far been the year of under
$1M sales and land transactions. While
improvement in the $1M to $2.5M range
has occurred, this market segment
remains 25 sales short (16%) of 2012
levels while the number of properties sold
over the $3M mark are the same (46).
As has been said throughout the year -
pricing matters and buyers remain very
price conscious.
Dan Dunlap

58 Main Street
Nantucket, MA 02554

Telephone: 508.325.5800 | Fax: 508.228.6128

www.leerealestate.com

Properties Sold In November 2013

(excluding foreclosures)

Land Parcels

Selling Price

% of Final
Asking
Price**

% of
Original
Price**

Lot size
(sq. ft.)

Price per
sq. ft.

Days On
Market

25 Macys Lane

$195,000

93.30%

93.30%

5,663

$34.44

557

20 Goldfinch Drive

$288,000

64.00%

52.36%

6,534

$44.08

1149

11 Killdeer Lane

$375,000

88.24%

88.24%

5,663

$66.22

82

16 Black Fish Lane

$1,100,000

*N/A

*N/A

20,038

$54.90

*N/A

20 Black Fish Lane

$1,200,000

*N/A

*N/A

37,026

$32.41

*N/A

19 Masaquet Avenue

$1,220,000

*N/A

*N/A

95,832

$12.73

*N/A

1 Brooks Farm Road

$1,225,000

87.81%

87.81%

16,988

$72.11

99

31 Quidnet Road

$1,237,000

82.74%

82.74%

65,340

$18.93

111

91 Cliff Road
Total Land Sales

$1,475,000
$8,315,000

98.66%

92.19%

20,038

$73.61

220

87.7%

84.5%

88.02%

88.02%

30,347
20,038

Average:
Median Of All Land Sales:

Commercial Properties
None

$831,500
$1,200,000

Selling Price
$0

Residential Properties

Selling Price

% of Final
Asking
Price**

% of
Original
Price**

Price
per sq. ft
(space)

#DIV/0!

#DIV/0!

#DIV/0!

% of Final
Asking
Price**

% of
Original
Price**

Price
per sq. ft
(living area)

$45.49
$44.08

Space
(sq. ft.)

370
165.5

Days On
Market

Lot size
(sq. ft.)

Days On
Market

Living Area
Sq. Ft.

Beds

Baths

5B Jefferson Lane

$360,000

90.23%

90.23%

$1,000.00

Condo

68

360

3B Skiff Lane

$416,500

90.56%

84.14%

$270.45

Condo

90

1,540

16 Milestone Road # F

$420,000

*N/A

*N/A

$534.35

Condo

*N/A

786

12 Amelia Drive # E

$575,000

95.99%

89.98%

$358.48

Condo

91

1,604

3A Skiff Lane

$640,000

92.09%

85.34%

$293.04

Condo

73

2,184

60 Arkansas Avenue

$400,000

91.12%

91.12%

$264.90

3,049

98

1,510

2.5

3 Roberts Lane

$600,000

100.17%

100.17%

$460.12

20,473

1,304

9 Ipswich Street

$650,000

93.53%

93.53%

$390.63

7,841

19

1,664

23 Arlington Street

$700,000

96.02%

87.61%

$405.09

16,117

76

1,728

7 Pond Road

$750,000

93.87%

79.03%

$394.53

21,301

468

1,901

14 Pine Crest Drive #

$835,000

*N/A

*N/A

$319.43

47,916

*N/A

2,614

3.5

19 Vesper Lane

$950,000

86.76%

86.76%

$269.27

5,009

161

3,528

3.5

27 Milk Street

$952,500

95.73%

81.06%

$1,066.63

2,614

235

893

8 Towaddy Lane

$1,000,000

83.68%

69.20%

$681.20

8,276

104

1,468

6 Dolphin Court

$1,050,000

*N/A

*N/A

$1,944.44

5,227

*N/A

540

28 Flintlock Road

$1,100,000

92.05%

84.94%

$408.92

50,094

596

2,690

3.5

1 Farmer Street

$1,100,000

*N/A

*N/A

$561.22

2,614

*N/A

1,960

2.5

3 Traders Lane

$1,200,000

75.24%

75.24%

$501.88

3,049

42

2,391

3.5

6 Nonantum Avenue

$1,402,500

93.81%

93.81%

$774.86

11,761

35

1,810

50 North Liberty Street

$1,750,000

87.72%

87.72%

$795.09

9,583

127

2,201

17 West Sankaty Road

$1,800,000

93.51%

93.51%

$824.18

10,629

140

2,184

12 Darling Street

$2,225,000

93.68%

93.68%

$772.57

1,742

2,880

3.5

56 Walsh Street

$2,350,000

95.92%

88.68%

$1,090.49

5,227

37

2,155

3.5

15 Primrose Lane

$2,725,000

90.98%

90.98%

$646.96

87,120

70

4,212

3.5

60 Fair Street

$3,166,250

88.81%

88.81%

$781.79

3,049

160

4,050

5.5

8 Mooers Avenue

$3,250,000

92.99%

92.99%

$1,230.13

5,227

27

2,642

3.5

37 Hulbert Avenue

$16,500,000

97.35%

97.35%

$3,666.67

28,314

48

4,500

4.5

Total Residential Sales

$48,867,750
89.3%

87.4%

92.99%

88.81%

$766.94
$561.22

16,192
8,059

120
76

2,122
1,960

3
3

3
3

Average:
Median Of All Residential Sales:

$1,809,917
$1,000,000

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

** Excludes Properties Not Sold Through A Real Estate Firm