THE

NANTUCKET REAL ESTATE REPORT

April 2015

At A Glance...

April showers and cool weather impacted not only the

bloom on our daffodils, but the bloom on buyer enthusiasm as

well. On Nantucket it has been an unusually cool spring with
Aprils real estate activity cooling to its lowest level since 2011
with less than $25 million in real estate changing hands during
the month.

Dollar Volume & Number Of Transactions

(For Same 3-Month Period Ending April 30)

100

87

76

$96M
2011

82

80

$161M $141M

$119M
$72M
2012

2013

2014

Properties Sold

2015

$ Volume

20% decline in sales and

12.4% reduction in dollar volume (vs. same 90 day period last year).

Number Of Residen5al Proper5es Sold Last Month

9
5

> $4M

$3.5 - $4M

$3 - $3.5M

1
$2.5 - $3M

$2 - $2.5M

$1.5 - $2M

1
$ - $1.5M

$750K - $1M

< $750K

With eleven fewer transactions than in April 2014, last months

dollar volume Einished $25.4M lower (-50.9%) than last year with
average sale prices dropping $360K (-34.7%) from a year ago. Not
since 2010 have we seen so few transactions in April. Not since
2003 have we seen such low dollar volume in April.
Sales activity for the last 90 days Einished 12.4% lower in dollar
volume than last year with 20 fewer transactions (-20%). While
overall dollar volume during this 90-day period Eirst appears
strong when compared to 4 out of the past 5 years, three sales
totaling $39.5M make up 28% of this dollar volume yet accounted
for only 3.8% of the transactions.
For the (irst time this year, year-to-date sales fell below 2014
levels in both number and dollar volume. However, with $81M
in sales still pending, last months sales results shouldnt be
seen as an indication that the market has in any way cooled.
YTD Dollar Volume & Number Of Properties Sold

59% of sales were under $1M

$224M

$210M

$140M
$113M

92

104

139
117

94

Number of Sales

15
20

14
20

13
20

12
20

Residential closings were at their lowest level in 5

years but had the 3rd highest number of accepted
offers with fewer price reductions.

11

Accepted Offers

20

Price Reductions
Number of Closings

$100M

$ Volume

April 2015 Ac,vity Compared to April 2014 Ac,vity

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

2015
2014
% Of Change From Last Year
Number Sold $ Volume Sold Number Sold $ Volume Sold
Number
$ Volume
Sold
7
$5,483,000
8
$8,151,560
-12.5%
-32.7%
3
$700,000
2
$1,665,000
50.0%
-58.0%
1
$0
3
$2,117,550
-66.7%
-100.0%
1
$2,886,000
3
$2,595,000
-66.7%
11.2%
13
$15,456,000
20
$35,429,760
-35.0%
-56.4%
25
$24,525,000
36
$49,958,870
-50.9%
-30.6%
Data Source: LINK Nantucket, Nantucket Lis5ng Service

Residential Sales:

Dollar Volume & Number Of Properties Sold In April

Number
& Volume Of Properties Sold Last Month By Type

Land
Multi-Family
Single-Family

Land Sales:

Commercial
Condos & Co-op

Aprils 7 land sales were only 1 transaction (-12.1%) behind last

years 8 sales yet yielded only $2.7M less in dollar volume
(-32.7.%). Not surprisingly, Aprils $783K average sale price was
$236K lower (-23.1%) than last year with the average parcel
size considerably smaller - .63 acres versus 1.68 acres in 2014 (.
87 acres if 7+ acre Medouie Creek property is excluded). The 63
land parcels currently on-market represent about an 10 month
supply of inventory (based on last 6 months activity).

Commercial Sales:
One commercially zoned property sold last month, an ofEice
building that could be converted to a residential duplex but
currently has no bedrooms. Thirteen commercial properties
remain on-market , versus 9 last month - 6 of these are in the
core commercial district.

Availability:
There were 332 properties (257 residential) on-market at
month-end versus 283 listings (223 residential) at the end of
March and 286 (230 residential) at the end of April 2014. Of the
94 properties brought to market in April, 41 (43.6%) were
previously listed with an average time on-market of 338 days.
Average days on-market for current listings is 286 days or 216
days if the 14 on-market more than 3 years are excluded.

$39M
36

26

$25M

Number of Sales

15

14
20

13

25

20

12

20

11

22

20

30

$28M
35

20

$29M

10

Aprils $1,078,941 average sale price was 36.1% less than March
2015s average of $1,687,587 and 30.1% lower than the
$1,543,935 average seen last April.

$50M

$46M

20

Last months 17 residential sales were again signiEicantly lower

than the 26 sales seen in April 2014 (-34.6%) with the resulting
dollar volume declining almost $22M (-54.3%) from a year ago.
Unlike the 2 sales over $4M last April, there were no sales over
the $4M mark last month.

$ Volume

Bottom-line:
The ebb and (low of listings are nearly as
predictable as the seasons inEluencing
them. On April 30th, 2013 there were 361
properties on market, a year later 302
properties and at the end of April 2015,
332 properties. So its not surprising that
at the time of this writing there are now
341 properties on market with the
number of listings sure to grow as we
move further into our summer season.
For home-buyers looking in the:
Under $1M range - 41 available
$1M to $2M range - 76 available
$2M to 3M range - 56 available
$3M to $5M range - 54 available
$5M to $7M range - 16 available
$7M to 10M range - 14 available
Over $10M range - 12 available
With over 43% of the new listings in
April being repeats, realistic pricing is as
important as ever with buyers ultimately
deciding if they are.
While April sales results may have been
lower than seen in recent years, dont
mistake this drop in activity and dollar
volume as a sign that interest in Nantucket
real estate has cooled. Instead, like our
weather, it is just warming up.
Dan Dunlap, Broker & Market Analyst

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

Properties Sold In April 2015

(excluding foreclosures)

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

9A Teasdale Circle # 1

$386,000

N/A*

N/A*

356

11,583

N/A*

1,084

1.5

7 Waydale Road

$450,000

N/A*

N/A*

$380.07

20,473

N/A*

1,184

41 South Cambridge Street

$496,000

100.2%

100.2%

$344.44

6,970

14

1,440

2.5

36 Somerset Lane

$550,000

N/A*

N/A*

$302.20

27,007

N/A*

1,820

3A Sun Island Road # 3

$550,000

N/A*

N/A*

$818.45

Condo

N/A*

672

77 Hooper Farm Road

$625,000

N/A*

N/A*

$301.50

20,473

N/A*

2,073

1.5

65 B Fairgrounds Road # 2

$625,000

92.7%

92.7%

$380.17

Condo

43

1,644

6 Nobadeer Way

$630,000

100.8%

100.8%

$489.13

19,166

36

1,288

1.5

78 Milk Street

$700,000

N/A*

N/A*

$482.76

20,909

N/A*

1,450

8 Sparks Avenue

$750,000

96.2%

96.2%

$387.00

13,068

13

1,938

1.5

6 Killdeer Lane

$1,150,000

93.9%

93.9%

$535.88

5,306

101

2,146

3.5

5 Francis Street

$1,245,000

124.5%

124.5%

$627.52

5,227

181

1,984

16 Goldfinch Drive

$1,250,000

92.6%

92.6%

$285.91

5,663

210

4,372

6.5

130 Main Street # 1

$1,325,000

N/A*

N/A*

$1,363.17

Condo

N/A*

972

60 Skyline Drive

$1,372,500

96.0%

96.0%

$558.84

117,612

598

2,456

4 Quince Street

$2,337,500

93.5%

93.5%

$1,062.50

3,485

271

2,200

2.5

34 Morey Lane

$3,900,000

90.8%

86.8%

$1,496.55

11,543

716

2,606

5.5

98.1%
95.0%

97.7%
95.0%

$598.36
$482.76

20,606
12,325

218
141

1,843
1,820

3
3

3
2

Total Residential Sales

$18,342,000

Average:
Median Of All Residential Sales:

Commercial Properties

$1,078,941
$700,000

Selling Price

4 Bartlett Road # 1 & 2

$700,000

Total Commercial Sales

$700,000

Average:
Median Of All Residential Sales:

$700,000
$700,000

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

% of Final
Asking
Price**

% of
Original
Price**

Price
per sq. ft
(living area)

88.1%

80.6%

7,405

88.1%
88.1%

80.6%
80.6%

$7,405.20
$7,405.20

Lot size
(sq. ft.)
$94.53

95
95

Days On
Market

Living Area
Sq. Ft.

Beds

Baths

1,079

2,300

1.5

1,079
1,079

2,300
2,300

0
0

2
1.5

** Excludes Properties Not Sold Through A Real Estate Firm

Properties Sold In April 2015

(excluding foreclosures)

Land Parcels

Selling Price

% of Final
Asking
Price**

% of
Original
Price**

6 Micheme Lane

$385,000

N/A*

N/A*

53 Goldfinch Drive

$470,000

98.1%

14 Creek Lane

$625,000

89.9%

2 Mikes Drive

$660,000

12 Clifton Street

$980,000

Lot size
(sq. ft.)

Price per
sq. ft.

Days On
Market

20,038

$19.21

N/A*

98.1%

5,663

$83.00

137

89.9%

23,087

$27.07

11

94.4%

92.3%

20,038

$32.94

252

89.5%

89.5%

10,759

$91.08

135

148 Surfside Road

$1,000,000

N/A*

N/A*

66,211

$15.10

N/A*

16 Pippens Way
Total Land Sales

$1,363,000
$5,483,000

90.9%

90.9%

44,867

$30.38

290

$783,286
$660,000

92.6%
90.9%

92.1%
90.9%

27,237
20,038

$42.68
$30.38

165
137

Average:
Median Of All Land Sales:

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

** Excludes Properties Not Sold Through A Real Estate Firm