The

September 2014

Nantucket Real Estate Report

. At A Glance...

Spectacular September is the best way to describe not

only the weather and festivities on-island last month, but
Nantuckets real estate activity as well. If the <irst nine months are
any indication, 2014 will be a banner year in Nantucket real
estate.

Dollar Volume & Number Of Transactions!

(For Same 3-Month Period Ending September 30)

$ Volume

3.6% increase in sales and 14.2% increase

in dollar volume - when compared to same
90 day period last year.

While sales during the last 90 days trail last years activity (during
the same time period) by 5 transactions (3.6%), dollar volume is
up more than $34M (14.2%), in spite of the $30.5M sale involving
77 land parcels in August 2013.

Number Of Residen2al Proper2es Sold Last Month

$3.5 - $4M

Only 20% of residential sales were under $1M.

Price Reduction, Accepted Offer &
Closing Trends

!
!

60
45

Dollar Volume and Number of Proper2es Sold By Month

(compared to previous year)!

$83M

120

$95M

$55M

$63M

$65M

$61M
$51M

30

39

0
Accepted Offers

22
$0M

Number of residential properties sold and

number of accepted offers were higher this
September than last September

34

$55M

$50M
36
35

42
38

44
43

25

33
31

$64M
5038

80

64
59
40

12

$ Volume in 2013

ar
ch

2014

Ja

Price Reductions
Number of Closings

2013

Fe
br
ua
ry

2012

2011

nu
ar

2010

30

$28M

15

$154M 160

$110M

$ Volume in 2014

Number Sold '13

Number Sold '14

September 2014 Ac2vity Compared to September 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
10
$7,534,500
11
$9,392,504
-9.1%
-19.8%
0
$0
1
$162,500
-100.0%
-100.0%
0
$0
1
$860,000
-100.0%
-100.0%
5
$3,738,500
4
$2,250,500
25.0%
66.1%
49
$142,334,906
42
$85,353,996
16.7%
66.8%
64
$153,607,906
59
$98,019,500
8.5%
56.7%
Data Source: LINK Nantucket, Nantucket LisBng Service

Number Of Properties Sold

be
r

With almost $210M in property sales currently in process,

Nantuckets real estate market continues to reach heights not
seen in almost a decade.

> $4M

$3 - $3.5M

7
$2.5 - $3M

$1.5 - $2M

$ - $1.5M

$750K - $1M

< $750K

!
!
7

$2 - $2.5M

13

Se
pt
em

Properties Sold

2014

be
r

2011

Se
pt
em

2013

$141M

Au
gu
st

2012

With only 5 more transactions than in September 2013, last

months sales increase represents a 56.7% increase in dollar
volume over last years results. Contributing to this
unprecedented dollar volume (not seen since 2005) were three
residential sales over $10M. In total, almost $154M in real estate
changed hands for the 64 properties sold in September while
another 31 properties, totaling $80.3M in asking price, received
accepted offers.

Ju
ne

$273M

ay

$212M

$239M

135

Ap
ril

140

110

90

!
!

Nantucket Real Estate Report

.

YTD Dollar Volume & Number Of Properties Sold!

!
!
!
!
!

Land Sales:

288

315

Number of Sales

20

14

360

13

$363M

20

$473M

12

10

Number & Volume Of Properties Sold Last Month By Type

$657M

$483M

247

233
20

$449M

!
!

20

Septembers 54 residential sales were higher than the 47

residential sales in September 2013 resulting in a $57.6M
(65%) increase in dollar volume and almost 15% increase in
transactions. Not only were both transactions and dollar
volume higher this past September than last year, but average
sale prices increased from $1,882,223 in September 2013 to
$2,705,063(43.7%) for September 2014.

11

Residential Sales:

20

The

$ Volume

Bottom-line:

Land
Multi-Family
Single-Family

Commercial
Condos & Co-op

Septembers 10 land sales were only 1 transaction shy of last

year but more than $1.8M behind in dollar volume (19.8%).
Interestingly, if the 1 land parcel selling for more than $4M is
excluded, the average price for the remaining 9 properties
would have been $379K
There are currently 65 parcels of land on-market, which is about
an 8-month supply of inventory (based on last 6 months).

Commercial Sales:
There were no commercial property sales or any accepted offers
in September though there are 2 pending sales still in process.
Currently
! ! !there
! are
! 13 ! commercial
! ! ! properties
! ! !on-market
! ! - !8 of !
which are in the core commercial district (including the 4
Center Street properties listed through an off-island <irm).

Availability:

!There were 366 properties (292 residential) on-market at

!month-end versus 420 listings at the end of August (335
!residential) and 479 (385 residential) at the end of September
2013. Of the 48 properties brought to market in September, 11
!(22.9%) were previously listed with an average time on-market
!of 588 days .
!
! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

With 360 transactions completed year-to-date

totaling over $670M, there is a lot to be happy
about if you have been involved in Nantucket
real estate this yeareither as a buyer, seller
or broker.
Not since 2006 have we seen this level of
dollar volume or since 2005 this many
properties sold year-to-date. Contributing to
this years success is having the best 3rd
Quarter since 2007 in dollar volume, even
though more properties were actually sold in
2013.
Inventory at month-end was 23.6% lower
than at this time last year and 12.9% lower
than in August. This translates into 133 fewer
properties available for purchase than a year
ago (93 fewer residential properties) and 54
fewer properties than in August (43 fewer
residential).
Based on this years activity, there is a 12-

!month supply of inventory currently available

! ! ! ! ! ! ! ! ! !

for sale (9-month supply of residential

properties) compared to 131/2 month supply a
year ago (12-month supply of residential
properties).
Properties are still selling, as evidenced by the
6 accepted offers and 24 sales occurring
during the <irst 13 days of October. If youre
thinking of selling, you have good reason to be
optimistic - as long as it is priced properly.

Dan Dunlap

www.leerealestate.com

Properties Sold In September 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

4 Flint Road

$215,000

N/A*

N/A*

5,227

$41.13

N/A*

9 Spearhead Road

$225,000

N/A*

N/A*

5,227

$43.04

N/A*

11 Spearhead Road

$225,000

N/A*

N/A*

5,227

$43.04

N/A*

12 Tomahawk Road

$260,000

N/A*

N/A*

5,227

$49.74

N/A*

10 Alexandia Drive

$287,500

96.15%

90.13%

11,761

$24.44

525

3 Friendship Lane

$390,000

97.74%

97.74%

20,038

$19.46

65

9 Cachalot Lane

$425,000

89.47%

89.47%

24,829

$17.12

15

1 Long Pond Drive

$550,000

92.44%

92.44%

20,038

$27.45

21 Pilgrim Road

$832,000

92.96%

92.96%

6,098

$136.43

329

$364.22

4 Capaum Road
Total Land Sales

Average:
Median Of All Land Sales:

Residential Properties

$4,125,000
$7,534,500

98.21%

100.73%

11,326

$753,450
$338,750

94.50%
94.56%

93.91%
92.70%

11,500
8,712

Selling Price

% of Final
Asking
Price**

% of
Original
Price**

Price
per sq. ft
(living area)

$76.61
$42.09

Lot size
(sq. ft.)

206

191
136

Days On
Market

Living Area
Sq. Ft.

Beds

Baths

16B Boynton Lane

$352,000

88.22%

88.22%

$368.59

Condo

117

955

31 South Cambridge Street

$415,000

N/A*

N/A*

$303.36

8,712

N/A*

1,368

2.5

58 Arkansas Avenue

$420,000

98.82%

98.82%

$291.67

6,098

57

1,440

2.5

26 Arkansas Avenue

$475,000

100.00%

100.00%

$371.09

3,485

31

1,280

1 Joy Street

$725,000

91.89%

91.89%

$794.96

3,049

180

912

26B Bluebird Lane # 2

$750,000

94.34%

94.34%

$403.23

Condo

150

1,860

2.5

2 King Street

$800,000

91.43%

82.90%

$927.00

2,614

401

863

21 Meadow View Drive

$865,000

N/A*

N/A*

$462.07

20,038

N/A*

1,872

2.5

28 Shell Street

$867,772

72.62%

72.62%

$583.97

5,663

69

1,486

1.5

80 Goldfinch Drive

$925,000

N/A*

N/A*

$348.53

5,227

N/A*

2,654

4.5

4 Kelley Road

$950,000

N/A*

N/A*

$761.22

27,007

N/A*

1,248

103C Orange Street

$1,051,500

96.03%

96.03%

$1,336.09

Condo

787

1.5

6 Fayette Street

$1,080,000

90.83%

90.83%

$547.67

6,970

56

1,972

39 Washaman Avenue

$1,170,000

97.54%

97.54%

$549.81

5,663

28

2,128

37 Long Pond Drive

$1,207,500

93.24%

89.51%

$372.00

43,996

520

3,246

2.5

2 North Beach Street

$1,217,500

97.79%

85.44%

$908.58

6,098

1105

1,340

3 Gladlands Avenue

$1,300,000

96.30%

96.30%

$564.24

80,150

27

2,304

27 Liberty Street

$1,400,000

93.65%

87.50%

$769.23

2,178

392

1,820

23 Pond View Drive

$1,497,500

93.89%

93.89%

$673.34

91,476

172

2,224

42 Baxter Road

$1,550,000

N/A*

N/A*

$682.82

11,326

N/A*

2,270

33B Washington Street

$1,633,125

90.98%

90.98%

$963.50

7,841

79

1,695

153 Polpis Road

$1,650,000

91.92%

82.71%

$640.53

76,230

444

2,576

8 R Back Street

$1,650,000

97.35%

97.35%

$593.31

10,019

75

2,781

3 New Street

$1,650,000

N/A*

N/A*

$697.08

5,227

N/A*

2,367

2.5

9 Union Street

$1,700,000

97.14%

89.71%

$674.87

3,485

250

2,519

3 Chatham Road

$1,720,000

95.82%

95.82%

$542.24

9,148

54

3,172

4.5

64 West Chester Street

$1,740,000

N/A*

N/A*

$827.00

23,958

N/A*

2,104

16 East Lincoln Avenue

$1,850,000

92.73%

92.73%

$1,170.89

5,227

276

1,580

2.5

62 West Chester Street

$1,850,000

94.87%

94.87%

$892.43

23,958

356

2,073

2.5

36 Burnell Street

$1,875,000

93.80%

110.62%

$972.51

29,185

38

1,928

2.5

129 Wauwinet Road

$1,950,000

N/A*

N/A*

$1,779.20

27,007

N/A*

1,096

50 West Chester Street

$1,989,000

94.71%

94.71%

$671.05

7,841

23

2,964

3.5

16 North Beach Street

$2,112,500

92.05%

78.24%

$1,037.57

9,148

1827

2,036

4.5

7 Alliance Lane

$2,150,000

100.00%

100.00%

$680.16

121,968

69

3,161

2.5

22 New Lane

$2,200,000

97.78%

97.78%

$718.02

5,227

186

3,064

4.5

14 Darling Street

$2,200,000

91.86%

91.86%

$1,257.14

2,352

405

1,750

3.5

28 Pine Street

$2,305,000

98.09%

98.09%

$730.12

6,042

86

3,157

4.5

3 Sunset Ridge Lane

$2,440,000

93.85%

93.85%

$703.17

7,405

3,470

3.5

3 North Gully Road

$2,450,000

89.09%

89.09%

$1,633.33

5,227

12

1,500

2.5

21 Madaket Road

$2,750,000

98.39%

84.62%

$1,072.12

16,117

209

2,565

3.5

12 Black Fish Lane

$2,875,000

95.99%

95.99%

$1,039.41

20,038

2,766

4.5

15 North Pasture Lane

$3,075,000

90.57%

90.57%

$971.87

122,404

192

3,164

9 Pilgrim Court

$3,150,000

87.62%

87.62%

$769.23

8,233

102

4,095

5.5

35 North Beach Street

$3,325,000

97.94%

89.99%

$869.51

17,424

376

3,824

3.5

323 Polpis Road

$3,800,000

95.12%

86.46%

$439.31

128,502

384

8,650

5.5

94 Cliff Road

$3,890,000

86.54%

86.54%

$682.46

30,492

71

5,700

5.5

12 Brant Point Road

$3,900,000

92.97%

86.76%

$1,218.75

27,443

1044

3,200

4.5

5 Folger Lane

$4,000,000

N/A*

N/A*

$806.78

6,098

N/A*

4,958

5.5

73A Squam Road # 1

$4,300,000

86.87%

78.18%

$1,981.57

480

2,170

24 Walsh Street

$4,450,000

95.19%

95.19%

$1,917.28

4,356

20

2,321

5.5

9 Head of the Plains

$7,525,000

96.78%

96.78%

$1,008.71

112,820

7,460

7.5

13 Washing Pond Road

$10,000,000

N/A*

N/A*

$1,673.64

84,506

N/A*

5,975

8.5

250 Polpis Road

$12,000,000

87.27%

81.36%

$1,402.20

435,600

781

8,558

6.5

33 Squam Road

$20,900,000

91.07%

91.07%

$2,874.43

174,240

70

7,271

10.5

93.43%
93.87%

91.26%
91.46%

$887.61
$765.22

37,343
9,148

255
110

2,809
2,287

4
4

4
3

Total Residential Sales

$146,073,397

Average:
Median Of All Residential Sales:

$2,705,063
$1,795,000

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

** Excludes Properties Not Sold Through A Real Estate Firm

Year-To-Date Real Estate AcLvity On Nantucket

Pending Sales

O-Market In The Last 90 Days

For Sale

Residental ProperLes
Area

Total Avg
Num DOM

AVG Asking
Price

Current Inventory

Sales 1/1/14 - 9/30/14

Median
Asking Price

Total % Pending Total Total Avg Avg Orig List Avg Final
Avg Sale Price
Num To LisLngs Num Num DOM*
Price
LisLng Price

Sale
Price Months**
To List*

Brant Point

112

$3,356,000

$2,287,000

50.0%

12

521

$2,893,333 $2,733,750

$2,586,667 94.3%

2.3

Cisco

242

$1,079,667

$1,099,000

25.0%

115

$2,998,333 $2,998,333

$2,766,667 86.7%

6.8

Cli

19

230

$6,374,158

$4,450,000

32.1%

20

166

$5,108,945 $4,888,195

$4,649,195 93.4%

5.9

Dionis

304

$6,315,500

$4,722,500

0.0%

77

$3,680,000 $3,680,000

$3,358,333 91.3%

24.0

Hummock Pond

245

$1,476,000

$1,272,500

20.0%

370

$1,706,000 $1,479,750

$1,433,750 96.9%

7.2

Madaket

17

249

$2,593,706

$1,395,000

0.0%

16

199

$1,485,500 $1,468,625

$1,396,031 94.7%

9.6

Madequecham

128

$4,371,000

$4,995,000

16.7%

319

$2,100,000 $2,100,000

$1,958,667 91.3%

11.3

Miacomet

10

172

$1,999,300

$1,267,000

23.1%

104

$1,264,286 $1,209,857

$1,173,214 97.0%

9.0

Mid Island

19

142

$980,679

$710,000

17.4%

41

125

$641,615

$610,999 93.6%

3.8

Monomoy

12

238

$8,250,000

$7,925,000

7.7%

292

$2,808,750 $2,645,000

$2,512,500 95.0%

21.6

Nashaquisset

169

$1,450,000

$1,395,000

50.0%

52

$899,167

$899,167

$881,200 98.0%

2.3

Naushop

127

$1,105,286

$1,095,000

12.5%

196

$839,125

$820,750

$796,438 96.6%

7.0

Pocomo

150

$3,794,000

$3,510,000

25.0%

908

$7,900,000 $7,900,000

$7,350,000 93.0%

18.0

Polpis
Quaise, Shimmo &
Shawkemo
Quidnet & Squam

220

$8,392,778

$3,965,000

18.2%

450

$5,147,500 $4,880,833

$4,479,167 89.5%

10.1

635

$7,248,750

$6,570,000

20.0%

362

$4,975,000 $4,975,000

$4,600,000 92.5%

18.0

138

$7,999,833

$3,600,000

14.3%

275 $14,225,000 $13,950,000 $12,600,000 90.3%

18.0

Sconset

39

227

$3,600,564

$2,695,000

13.3%

18

251

14.6

South of Town

82

$1,230,000

$1,150,000

50.0%

191

$778,800

$791,000 97.7%

3.4

Surfside

189

$3,459,875

$2,295,000

27.3%

23

112

$1,045,915 $1,034,567

$976,415 94.1%

2.8

Tom Nevers

17

153

$2,035,176

$1,495,000

19.0%

13

140

$1,152,269 $1,145,577

$1,076,846 92.2%

9.0

Town

74

370

$3,038,986

$2,395,000

25

25.3%

10

79

191

$2,148,013 $2,102,772

$1,978,667 93.4%

6.4

Wauwinet

122

$4,613,500

$4,024,500

11.1%

1063

$2,578,750 $2,160,000

$1,992,500 90.0%

14.4

West of Town

265

$4,475,625

$2,872,500

33.3%

11

161

$1,635,455 $1,591,364

$1,550,909 95.2%

4.8

291

213

43

287

277

All ResidenLal

$3,880,017

Land & Commercial

Type

Land
Commercial

Total Avg
Num DOM

AVG Asking
Price

$2,395,000
Median
Asking Price

78

$645,640

$2,276,667 $2,166,278
$801,800

$2,104,617

$2,037,764

$1,942,793 88.9%

$1,914,378

92.9%

7.2

Sale
Total % Pending Total Total Avg Avg Orig List Avg Final
Avg Sale Price Price Months**
Num To LisLngs Num Num DOM*
Price
LisLng Price
To List*

65

305

$1,582,877

$1,235,000

11

14.5%

12

61

184

$1,479,656 $1,457,115

$1,371,611 92.2%

8.1

252

$2,224,889

$2,350,000

25.0%

12

73

$2,161,417 $2,161,417

$2,107,667 88.2%

5.4

Data Source: LINK Nantucket, compiled by Dan Dunlap

*Sales through a real estate rm
** Based on last 90 day's acLvity