October 2014

Nantucket Real Estate Report

. At A Glance...

Chilling and thrilling was Nantucket this past October.

Beginning with the start of scallop season and ending with
Halloween, the island was ;illed with activity and nowhere was it
more evident than in island real estate. With only two months
remaining, 2014 is quickly becoming the new benchmark by
which Nantucket real estate activity will be judged.

Dollar Volume & Number Of Transactions!

(For Same 3-Month Period Ending October 31)

148
98

!
!

$277M

180

186

$346M

$380M

2013

2014

With 13 more transactions than in October 2013, last months

sales increase represents a 13.2% increase in dollar volume over
last years results. Contributing to this continuing record-setting
dollar volume (not seen since 2005) were ten residential sales
over $4M with none selling for more than $7.1M. In total, over
$162M worth of properties changed hands in 84 transactions last
month while another 21 properties, totaling over $41M in asking
price, received accepted offers.

$168M
2011

2012

Properties Sold

$ Volume

3.3% increase in sales and 9.8% increase

in dollar volume - when compared to same
90 day period last year.
Number Of Residen2al Proper2es Sold Last Month

Sales during the last 90 days are again ahead of last years activity
(during the same time period) by 6 transactions (3.3%) with
dollar volume up more than $34M (9.8%).

With almost $131M in property sales currently in process,

Nantuckets real estate market continues to move toward that
elusive $1 billion mark.

> $4M

$3.5 - $4M

10

$3 - $3.5M

$2.5 - $3M

$1.5 - $2M

$ - $1.5M

$750K - $1M

< $750K

11

$2 - $2.5M

11

10

!
!
6

34.9% of sales were over $2.5M

Dollar Volume and Number of Proper2es Sold By Month

(compared to previous year)!
$160M

$154M
Price Reduction, Accepted Offer &
Closing Trends

!
!

$95M
$80M

$63M $61M
39

22

12

33
31

84

$64M

5038

64
59

90

71
45

$ Volume in 2013

$ Volume in 2014

Number Sold '13

to
be
r
Oc

be
r
Se
pt
em

Ju
ly

0
Au
gu
st

Ja

Octobers residential closings and accepted

offers were again strong with fewer price
reductions

25

44
43

Ju
ne

$0M

36
35

ay

2014

Accepted Offers

34

42
38

2013

2012

nu
ar

2011

Price Reductions
Number of Closings

30

$55M

$51M $50M

Ap
ril

$40M

17.5

$65M

ar
ch

35

2010

180

135

52.5

$120M

Fe
br
ua
ry

70

$162M

Number Sold '14

October 2014 Ac2vity Compared to October 2013 Ac2vity

Land
Commercial
MulO-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
17
$18,045,007
15
$23,357,490
13.3%
-22.7%
4
$6,248,820
2
$968,500
100.0%
545.2%
2
$1,850,000
3
$1,699,998
-33.3%
8.8%
3
$2,897,001
5
$2,237,000
-40.0%
29.5%
58
$133,326,688
46 $115,163,208
26.1%
15.8%
84
$162,367,516
71 $143,426,196
13.2%
18.3%
Data Source: LINK Nantucket, Nantucket LisDng Service

Number Of Properties Sold

The

Nantucket Real Estate Report

.

YTD Dollar Volume & Number Of Properties Sold!

351

386

20

14

444

Number of Sales

20

12

274

10

Number
& Volume Of Properties Sold Last Month By Type

$ Volume

Bottom-line:
Whenever $820 million dollars changes hands
during a 10 month period, people are bound
to talk - especially when its been almost a
decade since anything like this happened.
Commercial
Condos & Co-op

Number of Properties Sold

Dollar Volume

$1,100M

Octobers 17 land sales were 2 transactions ahead of last year

but more than $5.3M behind in dollar volume (-22.7%). 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 59
parcels of land currently on-market represent about a 9-month
supply of inventory on-hand (based on last 6 months activity).

$825M

$550M

14
20

10

12
20

20

06

08
20

20

04

00

02

20

20

20

19

94

Commercial Sales:

98

$275M

96

Land
Multi-Family
Single-Family

19

Land Sales:

$617M

13

284

$819M

$587M
$415M

19

!
!
!
!
!

$550M

20

!
!

20

Octobers 63 residential sales were higher than the 54

residential sales in October 2013 resulting in a $57.M (16%)
increase in dollar volume and almost 17% increase in
transactions. Even with both transactions and dollar volume
being higher this past October than last year, average sale prices
declined slightly from $2,205,559 in October 2013 to
$2,191,646(-.63%) for October 2014.

11

Residential Sales:

20

The

Four (4) commercial properties sold last month but there were
no accepted offers; fortunately there are 2 pending sales still in
process. Currently there are 11 commercial properties on-
! ! - ! 8 of
! which
! ! are
! in
! the
! core
! !commercial
! ! ! district
! !
market
(including the 4 Center Street properties listed through an off-
island ;irm).

Ive repeatedly noted in this newsletter that

not since 2005 have we seen this much dollar
volume or number of properties sold year-to-
!date. ! Interestingly
! ! ! though,
! ! even
! with
! all
! this
!
activity the number of properties sold so far
this year pale in comparison to the number of
properties sold in 1994-1999 and 2002-2005.

Availability:

While sales activity has been brisk and dollar

volumes encouraging throughout 2014, the
average number of sales during the last 5
years is 33.3% less than the average seen in
1994-1999. Dollar volume has de;initely
improved, but actual sales activity still has a
long way to go.

!There were 355 properties (283 residential) on-market at

!month-end versus 366 listings at the end of September (292
!residential) and 445 (338 residential) at the end of October
!2013. Of the 54 properties brought to market in October, 11
!(20.3%) were previously listed with an average time on-market
of 245 days .
!
! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

Dan Dunlap

www.leerealestate.com

Properties Sold In October 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

1 Weatherly Place

$250,000

N/A*

N/A*

10,019

$24.95

N/A*

54R Old South Road

$350,000

N/A*

N/A*

29,830

$11.73

N/A*

3 Cachalot Lane

$400,000

88.89%

88.89%

20,038

$19.96

83

13 &15 Spearhead Road

$450,000

N/A*

N/A*

10,454

$43.04

N/A*

71 Fairgrounds Road

$455,000

91.92%

91.92%

14,810

$30.72

32 Killdeer Lane

$485,000

N/A*

N/A*

5,227

$92.78

N/A*

11 Upper Tawpawshaw Road

$605,000

93.22%

76.10%

16,117

$37.54

1269

7 Amelia Drive

$645,000

92.81%

92.81%

12,632

$51.06

736

63 Hummock Pond Road

$675,000

90.12%

90.12%

20,038

$33.69

113

10 Wrights Landing

$760,000

95.60%

76.38%

20,038

$37.93

390

12 Clifton Street

$800,000

89.39%

89.39%

10,751

$74.41

34

24 Coffin Street

$1,270,000

N/A*

N/A*

5,676

$223.75

N/A*

20 McKinley Avenue

$1,425,000

95.32%

95.32%

4,792

$297.40

35

2 North Star Lane

$1,600,000

78.05%

78.05%

7,418

$215.68

44

10 Old Westmoor Farm Road

$1,625,000

94.20%

94.20%

24,045

$67.58

49

23 & 25 Pilgrim Road

$2,500,000

100.00%

95.24%

26,572

$94.09

50

$3,750,000
$18,045,000

97.40%

97.40%

211,266

$17.75

51

$1,061,471
$675,000

92.24%
93.01%

88.82%
91.02%

26,454
14,810

$80.83
$43.04

222 Eel Point Road

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.)

238
51

Days On
Market

Living Area
Sq. Ft.

Beds

Baths

7 Bayberry Court

$380,000

97.44%

97.44%

$292.31

Condo

102

1,300

00 Weatherly Place

$450,000

N/A*

N/A*

$334.82

10,498

N/A*

1,344

18 Bartlett Road

$465,000

N/A*

N/A*

$496.79

7,841

N/A*

936

48 Hooper Farm Road

$550,000

N/A*

N/A*

$405.90

10,019

N/A*

1,355

1 Arlington Street

$585,000

100.00%

100.00%

$663.27

8,712

21

882

84 Baxter Road

$647,500

70.77%

70.77%

$509.04

10,280

112

1,272

6 Berkley Street

$708,000

N/A*

N/A*

$409.72

22,216

N/A*

1,728

5 Arkansas Avenue

$800,000

91.43%

91.43%

$788.18

20,038

28

1,015

8 Woodland Drive

$825,000

93.75%

93.75%

$421.56

19,602

98

1,957

56 Hooper Farm Road

$825,000

97.06%

97.06%

$582.22

34,848

1,417

1.5

50 Union Street

$850,000

94.97%

68.00%

$332.94

5,227

1650

2,553

35 & 37 Sheep Pond Road

$855,200

N/A*

N/A*

$338.02

56,628

N/A*

2,530

30 Washaman Avenue

$897,000

98.57%

98.57%

$514.33

3,920

15

1,744

7 Bank Street

$930,000

86.92%

86.92%

$748.19

2,178

450

1,243

2.5

11 Sconset Avenue

$950,000

95.48%

95.48%

$796.31

8,276

1,193

10 Goldfinch Drive

$962,500

92.64%

92.64%

$454.01

5,227

16

2,120

2.5

17 Arlington Street

$995,000

100.00%

100.00%

$590.50

10,019

1,685

2.5

26 Pequot Street #

$1,000,000

N/A*

N/A*

$351.25

40,075

N/A*

2,847

27 North Liberty Street #

$1,050,000

N/A*

N/A*

$889.08

11,761

N/A*

1,181

5 York Street

$1,140,000

88.03%

88.03%

$722.43

4,356

28

1,578

2.5
2.5

22 Cliff Road

$1,212,500

88.18%

85.09%

$665.84

3,049

112

1,821

23 Meadow View Drive

$1,275,000

98.46%

79.94%

$500.79

20,038

201

2,546

23 Union Street

$1,350,000

96.77%

96.77%

$676.69

4,356

26

1,995

2.5

70 Union Street

$1,425,000

87.69%

60.00%

$459.68

6,534

902

3,100

73 Fairgrounds Road

$1,450,000

87.88%

87.88%

$452.00

19,602

29

3,208

4.5
2.5

91 Tom Nevers Road

$1,450,000

96.99%

96.99%

$589.91

25,265

90

2,458

94 Orange Street

$1,456,000

97.39%

89.60%

$520.00

4,356

474

2,800

18 Madequecham Valley Road

$1,487,500

99.17%

95.97%

$1,392.79

83,635

336

1,068

1.5
3.5

4 Madaket Road

$1,537,500

90.71%

90.71%

$732.14

5,663

262

2,100

134 Main Street # 4

$1,620,000

96.72%

96.72%

$1,354.52

Condo

29

1,196

2 Finback Lane

$1,620,000

98.18%

98.18%

$641.58

5,227

51

2,525

4.5

4 Stone Barn Way

$1,675,000

93.31%

88.20%

$704.97

5,227

215

2,376

10 Upper Tawpawshaw Road

$1,725,000

86.47%

86.47%

$497.84

20,038

144

3,465

5.5

26 Union Street

$1,727,500

92.13%

78.70%

$496.12

6,534

520

3,482

4.5

45 Easton Street

$1,875,000

93.98%

89.29%

$602.51

4,966

125

3,112

36.5 Union Street

$2,000,000

N/A*

N/A*

$662.91

10,019

N/A*

3,017

14 Ahab Drive

$2,025,000

92.05%

92.05%

$1,406.25

23,522

98

1,440

30 Vestal Street

$2,150,000

95.56%

95.56%

$476.51

14,244

39

4,512

4.5

24 Wanoma Way

$2,200,000

92.63%

92.63%

$1,026.12

4,792

230

2,144

4.5

142 Miacomet Road

$2,220,000

96.73%

96.73%

$995.96

80,586

10

2,229

3.5

121 Washington Street

$2,300,000

N/A*

N/A*

$828.53

7,841

N/A*

2,776

3.5

23 Ocean Avenue

$2,505,000

89.62%

83.64%

$1,463.20

3,920

56

1,712

144 Surfside Road

$2,530,000

97.50%

97.50%

$502.98

54,450

5,030

4 The Captains Lane

$2,550,000

89.63%

89.63%

$726.50

9,387

359

3,510

10 Brant Point Road

$2,585,000

95.92%

89.14%

$773.95

24,394

201

3,340

3.5

10 Ellens Way

$2,612,500

90.87%

90.87%

unknown

10,890

235

unknown

4.5

72 Washington Street

$2,700,000

90.15%

75.00%

$1,514.30

6,098

197

1,783

16 Meadow Lane

$2,750,000

92.44%

92.44%

$528.85

24,829

59

5,200

146 Polpis Road

$2,750,000

91.82%

91.82%

$1,024.97

31,799

126

2,683

5.5

8 Winter Street

$2,800,000

93.49%

93.49%

$844.65

3,746

29

3,315

4.5

173 Polpis Road

$2,900,000

86.57%

79.45%

$715.17

40,075

121

4,055

4.5

21 Quidnet Road

$2,950,000

98.50%

98.50%

$576.62

174,240

46

5,116

4.5

4 Winn Street

$3,200,000

86.60%

86.60%

unknown

8,276

394

unknown

5.5

131 Main Street

$4,100,000

97.62%

89.13%

$1,780.29

21,780

123

2,303

9 Jennifer Lane

$4,200,000

N/A*

N/A*

$953.68

26,136

N/A*

4,404

5.5

7 Washing Pond Road

$4,400,000

90.72%

90.72%

$1,870.75

80,150

79

2,352

5.5

94 Main Street

$4,700,000

95.92%

95.92%

$1,296.19

4,356

50

3,626

3.5

92 Washington Street Extension

$4,995,000

83.32%

72.92%

$2,787.39

14,810

271

1,792

2 Capaum Road

$5,000,000

94.43%

94.43%

$1,179.80

11,761

54

4,238

5.5

3, 5 & 7 Lauretta Lane

$6,150,000

96.09%

96.09%

$1,629.57

252,648

159

3,774

7.5

3 Capaum Pond Road

$6,300,000

93.33%

90.06%

$761.88

125,888

244

8,269

7.5

11 Hinckley Lane

$6,650,000

100.00%

95.00%

$1,108.33

36,939

108

6,000

6.5

4,5,6 Harborview and 44 Brewster Rd

$7,100,000

91.03%

91.03%

$1,789.77

227,819

95

3,967

3.5

93.09%
93.49%

89.83%
91.43%

$822.19
$676.69

30,190
10,890

178
102

2,651
2,376

4
4

3
3

Total Residential Sales

$138,073,700

Average:
Median Of All Residential Sales:

Commercial Properties
117 Orange Street

$2,191,646
$1,675,000

Selling Price
$717,000

2 Lovers Lane

% of Final
Asking
Price**
95.60%

% of
Original
Price**

Price
per sq. ft
(living area)

Lot size
(sq. ft.)

Days On
Market

Living Area
Sq. Ft.

81.94%

$386.73

5,227

892

1,854

$950,000

N/A*

N/A*

$449.81

23,087

N/A*

2,112

$2,200,000

88.00%

88.00%

$517.04

12,502

424

4,255

54 Old South Road

$2,381,818

N/A*

N/A*

$317.41

18,940

N/A*

7,504

Total Commercial Sales

$6,248,818

91.80%
91.80%

84.97%
84.97%

$417.75
$418.27

14,939
15,721

658
658

3,931
3,184

117 Pleasant Street

Average:
Median Of All Residential Sales:

$1,562,205
$1,575,000

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

** Excludes Properties Not Sold Through A Real Estate Firm

Beds

Baths

2
3

2.5
3

3
3

3
2.5