THE

NANTUCKET REAL ESTATE REPORT

December 2014

At A Glance...

Santas arrival on a Coast Guard cutter,

Stroll,
Christmas lights, carolers in the street, red-ticket drawing, revelry,
parties and midnight church services were all part of the
Nantucket experience in December. With all this activity several
real estate buyers and sellers were still able to Aind one another
resulting in the second highest dollar volume December since
1994 (only December 2012 had higher dollar volume).

190

159

152
100
$199M

$201M

2012

2013

$235M

$118M

Properties Sold

2014
$ Volume

5.9% increase in sales and

16.9% increase in dollar volume (vs. same 90 day period last year).

Number Of Residen5al Proper5es Sold Last Month

$3 - $3.5M

$3.5 - $4M

53.3% 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

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Decembers residential closings were strong but with

more price reductions. Accepted offers during the
month were average for this time of year.

ar
ch

Accepted Offers
y

Price Reductions
Number of Closings

Sales during the last 90 days were slightly ahead of last years
activity (during the same time period) by 9 transactions (5.9%)
with dollar volume up more than $34M (16.9%).

$1.5 - $2M

2
$2.5 - $3M

2
$2 - $2.5M

1
$ - $1.5M

$750K - $1M

< $750K

> $4M

In the end, last months 25 transactions totaled over $100M in

sales and the 8 accepted offers, totaling more than $19.2M in
asking price, were about average for this time of year.

Fe
br
ua
ry

2011

With 10 fewer transactions than in December 2013, last months

sales still managed to represent a 36.6% increase in dollar
volume over last year. Contributing greatly to the increased dollar
volume over last year were 2 sales involving 3 properties totaling
almost $53M - these two sales made up 52.5% of the total dollar
volume for the month; without them, it would have been a pretty
average December.

Number Sold '14

December 2014 Ac-vity Compared to December 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
$2,832,500
9
$8,455,500
-66.7%
-66.5%
2
$5,675,000
2
$2,260,500
0.0%
151.1%
2
$1,455,000
1
$850,000
100.0%
71.2%
4
$2,775,000
1
$520,000
300.0%
433.7%
24
$87,564,650
32
$61,495,125
-25.0%
42.4%
35
$100,302,150
45
$73,581,125
36.3%
-22.2%
Data Source: LINK Nantucket, Nantucket Lis5ng Service

Number Of Properties Sold

Dollar Volume & Number Of Transactions

(For Same 3-Month Period Ending December 31)

Residential Sales:

YTD Dollar Volume & Number Of Properties Sold

$991M
$811M

$694M

$748M

$532M
478

467

518

Number of Sales

14
20

13
20

12
20

11

347
20

10

366

20

While Decembers 30 residential sales were lower than the 34

sales in December 2013, the resulting change in dollar volume
was dramatic - up almost $29M (46%). Making up 57.4% of this
increase were 2 sales involving 3 properties - 9 Kimball Ave/12
Sherburne Turnpike (1 buyer) and 14 New South Road .
Without these sales, residential dollar volume would have been
37.7% less than last year. Average sale prices also increased
dramatically (due to the 2 sales cited above) from $1,848,974 in
December 2013 to $3,059,822 (3.2%) for December 2014.

$ Volume

Number
& Volume Of Properties Sold Last Month By Type

Bottom-line:
Billion, a number thats become more
common when discussing Ainancial matters in
todays economy - but not a number most of
us can really relate to, so heres some
perspective:
Land
Multi-Family
Single-Family

Land Sales:

Commercial
Condos & Co-op

Decembers 3 land sales were 6 transactions behind last years

sales, falling more than $5.6M behind in dollar volume (-67%).
While the $944K average land sale was comparable to the
$939.5K average sale seen last December, average parcel size
dropped from .72 acres to .36 acres. The 53 parcels of land
currently on-market represent about a 6-month supply of
inventory on-hand (based on last 6 months activity).

Commercial Sales:
Two commercially zoned properties sold last month, one of
which is a 3 bedroom single-family residence. There is currently
1 commercial property sale pending at $579K in asking price.
Nine commercial properties remain on-market - 2 of which are
in the core commercial district (not including the 4 Center
Street properties listed through an off-island Airm).

Availability:
There were 314 properties (240 residential) on-market at
month-end versus 353 listings at the end of November (280
residential) and 344 (275 residential) at the end of December
2013. Of the 24 properties brought to market in December, 7
(29.2%) were previously listed with an average time on-market
of 382 days (261 days if the 1 property on-market more than 3
years is excluded) .

1 billion seconds = 31 years, 244 days, 13

hours, 34 minutes & 55 seconds
1 billion inches =15,782.83 miles
1 billion ounces = 31,250 tons
1 billion snowAlakes = 1 cubic foot of snow

To reach the elusive $1Billion Dollar mark in

real estate sales on Nantucket would have
been something really special (especially since
we have only seen it happen 2 times before),
but Ainishing with over $990 million in sales is
still a vast improvement over what has been
seen since 2005.
Here are a few highlights for 2014:
The most properties sold since 2005 - 518
sales.
The largest number of properties selling for
more than $10 million (representing 15.7%
of total sales) - 10 properties.
$31,155,000 - the highest price ever paid for
a single-family property (facilitated by Liza
Ottani of Lee Real Estate)
The lowest number of foreclosures since
2008 - 10
The shortest average period of time on
market since 2008 - 197 days

Can we exceed this level of success in 2015? I

sure hope so
Dan Dunlap, Broker & Market Analyst

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

Properties Sold In December 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

71 Goldfinch Drive #

$350,000

N/A*

N/A*

5,663

$61.81

N/A*

4 Micheme Lane

$382,500

N/A*

N/A*

20,038

$19.09

N/A*

$2,100,000
$2,832,500

N/A*

N/A*

21,780

$96.42

N/A*

$944,167
$382,500

N/A*
N/A*

N/A*
N/A*

15,827
20,038

15 27 19 Mill Hill Lane

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)

$59.10
$61.81

Lot size
(sq. ft.)

N/A*
N/A*

Days On
Market

Living Area
Sq. Ft.

Beds

Baths

15A Mary Ann Drive

$490,000

N/A*

N/A*

$350.00

8,050

N/A*

1,400

10B Park Circle

$526,000

100.19%

100.19%

Unknown

Condo

11

Unknown

3.5

40B Nobadeer Farm Road # B

$580,000

N/A*

N/A*

$416.97

24,394

N/A*

1,391

2.5

1 Field Avenue

$655,100

100.02%

100.02%

$370.53

6,534

117

1,768

2.5

48A Macy Lane # A

$670,000

96.40%

96.40%

$377.68

6,970

106

1,774

5 Celtic Drive #

$725,000

N/A*

N/A*

$226.56

9,583

N/A*

3,200

4.4

16 Pine Grove

$730,000

97.33%

97.33%

$354.54

10,454

158

2,059

33 Surfside Road

$745,000

98.16%

98.16%

$571.32

7,318

38

1,304

9 Yompasham Lane

$775,000

N/A*

N/A*

$397.44

10,454

N/A*

1,950

6 M Street

$775,000

N/A*

N/A*

$629.06

20,038

N/A*

1,232

29 Equator Drive

$780,000

N/A*

N/A*

$511.81

20,038

N/A*

1,524

2.5

6 Towaddy Lane

$860,500

91.54%

86.48%

$674.90

8,276

385

1,275

9 Goldfinch Drive

$870,000

96.77%

94.05%

$446.15

6,273

64

1,950

10 Pilgrim Road

$899,000

100.00%

100.00%

$716.91

5,663

1,254

16 Blazing Star Road

$950,000

95.10%

79.50%

$488.43

4,792

124

1,945

3.5

9A Daffodil Lane

$999,000

95.60%

91.23%

$448.38

15,638

176

2,228

3.5

3 Martins Lane

$1,475,000

96.72%

77.84%

$891.78

2,178

519

1,654

2.5

95 West Chester Street #

$1,700,000

N/A*

N/A*

$1,559.63

26,136

N/A*

1,090

47B Vestal Street

$1,735,000

91.56%

91.56%

$671.18

10,019

64

2,585

4.5

31 & 33 Pilgrim Road

$2,051,000

93.44%

82.20%

$498.18

26,572

235

4,117

3.5

155 Polpis Road #

$2,195,000

N/A*

N/A*

$745.08

138,521

N/A*

2,946

17 Eat Fire Spring Road

$2,200,000

93.62%

84.65%

$471.39

148,975

123

4,667

5.5

3 Brewster Road

$2,350,000

89.52%

81.74%

$972.68

40,946

170

2,416

13 New Lane

$2,580,000

100.19%

100.19%

$650.86

10,237

60

3,964

5.5

11 Hussey Street

$2,599,050

86.78%

76.44%

$729.25

6,098

185

3,564

51 Vestal Street

$3,700,000

94.99%

94.99%

$712.22

20,038

13

5,195

5.5

12 Sherburne Turnpike

$3,995,000

100.00%

100.00%

$1,783.48

5,663

2,240

2.5

22 West Chester Street

$4,525,000

95.26%

95.26%

$1,190.79

10,672

3,800

4.4

14 New South Road

$21,500,000

N/A*

N/A*

$5,774.91

1,887,455

N/A*

3,723

4.4

9 Kimball Avenue

$27,160,000

100.00%

100.00%

$4,362.35

Condo

6,226

6.5

Total Residential Sales

$91,794,650

95.87%
96.40%

91.82%
94.99%

$965.33
$629.06

89,214
10,346

122
106

2,567
2,059

4
3.5

3
3

Average:
Median Of All Residential Sales:

Commercial Properties

$3,059,822
$974,500

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

39 Washington Street

$975,000

N/A*

N/A*

$531.34

8,276

N/A*

1,835

44 Washington Street

$4,700,000

N/A*

N/A*

$1,830.93

10,890

N/A*

2,567

Total Commercial Sales

$5,675,000
N/A*
N/A*

N/A*
N/A*

$1,181.13
$1,181.13

9,583
9,583

N/A*
N/A*

2,201
2,201

2
1.5

2
1.5

Average:
Median Of All Residential Sales:

$2,837,500
$2,837,500

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

** Excludes Properties Not Sold Through A Real Estate Firm