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The

June 2014

!
! At A Glance...
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Nantucket Real Estate Report

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June weddings were not the only reason we saw so many

people on island last month, the seasons first round of summer

vacationeers also arrived and immediately began enjoying what
Nantucket has to offer. Even with so much going on and places to be,
several previous lookers decided it was time for them to own a bit
! of Nantucket
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! for! themselves.

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With 44 closings, more than $95M in real estate changed hands;
$51M (in 32 properties) received accepted offers. With over $69M in
sales still in process we continue to see what has been occurring onisland since the first of the year - an overall improvement in
Nantuckets real estate market.

Three months of solid sales resulted in a

5.2% increase in sales and 29% increase in
dollar volume compared to last year.

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When compared to the same 90 day time-period last year, transactions

are up 5.2% and dollar volume up 29% with year-to-date transactions
up 28.6% and dollar volume 63.4% higher than in 2013.
Dollar Volume and Number of Properties Sold By Month
(compared to previous year)

50% of residential sales were under $1M.

Number Of Properties Sold

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While having only 1 more transaction than June 2013, last months
dollar volume was 15.1% higher making it the sixth month in a row
island sales activity surpassed 2013s activity. Not since June 2005s
67 sales totaling more than $147M have we seen a greater volume of
real estate sold (1 more property sold in June 2012 than in 2014).

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Higher dollar volume in residential closings

and more accepted offers than last year.

June 2014 Activity Compared to June 2013 Activity

2014
Properties
$ Volume Sold
Sold
Land
Commercial
Multi-Family
Condos & Co-op
Single-Family

4
2
2
8
28
44

$9,730,000
$3,824,000
$1,890,500
$21,529,600
$57,866,508
$94,840,608

Properties
Sold

2013

3
4
1
6
29
43

% Of Change From Last Year

# Properties
$ Volume Sold
$ Volume Sold
Sold
$4,959,999
$4,515,876
$762,500
$3,193,302
$68,997,670
$82,429,347

33.33%
0.00%
0.00%
33.33%
-3.45%
2.33%

96.17%
0.00%
0.00%
574.21%
-16.13%
15.06%

Data source: LINK Nantucket, Nantucket Listing Service

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The

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Junes 38 residential sales were 2 more and $8.3M (11.4%)

higher in dollar volume than June 2013 but 8 more transactions
and $35M (76.4%) more in dollar volume than in May 2014.
!However,
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! in !Junes
!
!results
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!was ! the
! sale
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!of 3
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Commercial/24 Washington - a multi-family condo complex, for
$15.5M. Without this sale, the number of units sold in June
2014 may have been about equal but dollar volume would have
been $7.2M (-9.82%) less.

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Junes 4 land sales totaling over $9.7M in volume (representing

9% of total transactions and 10.3% of total sales volume) were
weak compared to Mays 11 transactions totaling $18M in dollar
volume. With 60 properties currently on-market, inventory has
dropped slightly with only 3 of the properties added last month
previously listed for sale by the same owner. There is about a
91/2 month supply of land currently available (based on activity
seen in the last 90 days - 11 months if based on last 180 days).

Commercial Sales:
Two commercial properties sold in June. With 16 commercial
properties sold in the last 12 months (10 in the last 6 months)
and 1 still under agreement (79 Orange Street) 12 commercial
properties remain on-market - 4 of which are in the core
commercial district. Based on the last 6 months activity there is
about 61/2 months of inventory available.
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Bottom-line:

Land Sales:

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Availability:

Nantucket Real Estate Report

Residential Sales:

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On June 30th, there were 360 listings on-market, 288 of which

! were residential; compared to 364 listings at the end of May
! (291 residential). Of the 83 properties brought to market in June
! 27 listings (32.5%) were previously listed with an average time
!
! on-market of 400 days .

What a difference a year makes. At this

time last year we had seen 5 foreclosures
and 3 foreclosure resales take place with
the average selling price for the
r e m a i n i n g 1 7 5 p r o p e r t i e s w a s
$1,351,853 (median price - $757,500).
For the First 6 months of 2014 we saw
only 3 foreclosures and 2 foreclosure
resales taking place with the remaining
223 properties selling for an average
price of $1,718,019 (median price
increased to $1,125,001); a big change.
The 147 single-family properties sold so
far this year sold at an average price of
$1,820,480 with the median price
increasing to $1,262,500 (from $980,000
for the 101 properties sold in the First
half of 2013). Best news, average days
on-market dropped to 222 days from the
269 days seen last year.
While several properties have been
brought to market this year that havent
been for sale in years, much of what is
available has either been listed before or
been on-market for an extended period
of time.
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With almost 19% fewer properties listed
for sale than a year ago at this time and
32% of current listings repeat offerings,
t h e s e l e c t i o n h a s n a r rowe d a n d
competition among Buyers is heating up.
Dan Dunlap

!
!

www.leerealestate.com
!

Properties Sold In June 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

33.5 Bartlett Road

$300,000

95.24%

95.24%

10,019

$29.94

81 Tom Nevers Road

$515,000

85.98%

85.98%

22,216

$23.18

90

6 Delaney Road (Portion of) Lot C

$840,000

96.00%

98.94%

4,792

$175.31

196

$8,075,000
$9,730,000

89.77%

89.77%

912,146

$8.85

348

$2,432,500
$677,500

91.75%
92.51%

92.48%
92.51%

237,293
16,117

$59.32
$26.56

168
143

12 Gardner Road
Total Land Sales

Average:
Median Of All Land Sales:

Commercial Properties
58E Main Street

Selling Price
$899,000

17 Broad Street
Total Commercial Sales

Average:

Residential Properties

% of Final
Asking
Price**

% of
Original
Price**

Price
per sq. ft
(space)

Space
(sq. ft.)

37

Days On
Market

N/A*

N/A*

$2,085.85

431

N/A*

$2,925,000
$3,824,000

83.69%

83.69%

$845.62

3,459

77

$1,912,000

83.69%

83.69%

1,466

1,945

77

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

133F Old South Road # 6

$192,000

98.46%

98.46%

$489.80

Condo

72

392

18C Miacomet Avenue

$320,000

N/A*

N/A*

$230.55

Condo

N/A*

1,388

1
1

1 Equator Drive # 2

$417,500

92.98%

86.08%

$453.80

Condo

65

920

1.5
2

65 Miacomet Avenue

$495,000

100.00%

100.00%

$466.10

10,019

43

1,062

2 Nobadeer Way

$520,000

94.72%

94.72%

$285.40

14,810

51

1,822

61 Surfside Road

$569,000

94.99%

94.99%

$337.89

5,576

38

1,684

2.5

89 Somerset Road # 2

$575,000

N/A*

N/A*

$509.75

N/A*

1,128

3 Sea Street

$720,000

N/A*

N/A*

$1,384.62

6,534

N/A*

520

8 East Dover Street

$750,000

93.87%

68.49%

$412.09

3,049

309

1,820

1.5

6 Mamack Lane

$750,100

100.15%

100.15%

$471.76

14

1,590

24 Woodland Drive

$765,000

98.20%

98.20%

$404.33

20,038

66

1,892

59 Somerset Road

$860,000

93.99%

91.01%

$319.94

20,038

54

2,688

9 Curlew Court

$890,000

99.44%

99.44%

$395.38

5,663

22

2,251

3.5

22 Folger Avenue

$900,000

94.74%

94.74%

$479.23

43,124

1,878

26 Sheep Pond Road

$920,000

85.58%

85.58%

$380.48

39,640

66

2,418

1 Francis Street

$925,000

92.96%

86.05%

$741.19

5,436

642

1,248

1 Boyers Alley

$940,000

90.38%

87.04%

$925.20

8,276

204

1,016

5 Perry Lane

$950,500

95.53%

95.53%

$242.47

10,019

66

3,920

3.5

8 Evergreen Way

$970,000

92.38%

92.38%

$424.69

78,408

323

2,284

4.5

9 Green Hollow Road

$1,050,000

89.36%

89.36%

$723.14

119,790

296

1,452

1 High Street

$1,090,000

91.21%

91.21%

$690.75

2,309

46

1,578

16 Pleasant Street

$1,175,000

90.73%

84.23%

$688.75

2,614

224

1,706

2.5

91 Washington Street Extension #

$1,200,000

N/A*

N/A*

$557.62

5,732

N/A*

2,152

2.5

9 Eagle Lane

$1,225,000

95.33%

95.33%

$612.50

2,614

42

2,000

2.5

38 Fair Street

$1,250,000

80.91%

80.91%

$560.29

1,742

206

2,231

2.5

134 C Main Street

$1,275,000

91.40%

91.40%

$1,107.73

4,966

84

1,151

29 Skyline Drive

$1,400,000

93.65%

93.65%

$429.18

119,790

13

3,262

3.5

32 Morey Lane

$1,587,500

96.21%

85.81%

$690.22

5,009

281

2,300

25 Pond View Drive

$1,775,000

100.00%

100.00%

$681.12

78,408

12

2,606

18 Still Dock # 6

$2,500,000

93.63%

86.36%

$1,322.75

Condo

343

1,890

26 Coffin Street

$2,825,000

95.76%

95.76%

unknown

6,643

665

unknown

3.5

17 Old North Wharf

$3,000,000

91.05%

91.05%

$1,928.02

958

236

1,556

1A Crows Nest Way

$3,325,000

89.99%

85.37%

$1,998.20

48,308

621

1,664

10 Old North Wharf

$3,600,000

84.71%

84.71%

$2,472.53

871

57

1,456

2.5

7 Academy Lane

$5,992,500

92.26%

92.26%

$1,218.98

20,909

166

4,916

8.5

79 Pocomo Road

$7,350,000

93.04%

93.04%

$1,963.67

112,385

908

3,743

4.5

$10,737,500

97.84%

97.84%

$2,817.50

16,117

3,811

5.5

3 Commercial Street & 24 Washington Street$15,500,000

93.94%

93.94%

$1,233.19

Condo

N/A*

12,569

18.5

93.51%
93.76%

91.33%
92.32%

$839.21
$560.29

24,842
6,643

189
66

2,269
1,822

4
3

3
2.5

7 & 9 Grant Avenue

Total Residential Sales

$81,286,600

Average:
Median Of All Residential Sales:

$2,139,121
$1,010,000

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

** Excludes Properties Not Sold Through A Real Estate Firm

Recent 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

2nd Quarter 2014 Sales

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

492

$4,513,222

$2,295,000

25.0%

161

$3,120,000 $2,958,750

$2,816,250 94.3%

3.9

Cisco

122

$1,359,750

$1,399,000

0.0%

85

$3,950,000 $3,950,000

$3,400,000 86.1%

12.0

Cli

26

176

$6,914,000

$4,862,500

0.0%

115

$7,123,333 $6,033,333

$6,037,500 100.1%

26.0

Dionis

281

$6,196,857

$5,950,000

0.0%

79

$2,395,000 $2,395,000

$2,125,000 88.7%

Hummock Pond

156

$1,476,000

$1,317,000

0.0%

Madaket

13

260

$1,915,538

$1,895,000

7.1%

397

$0

$0

$466,333

$466,333

$0

0.0%

$615,000 87.9%

21.0
unknown
13.0

Madequecham

68

$3,695,000

$3,295,000

25.0%

110

$2,999,000 $2,999,000

$2,750,000 91.7%

4.5

Miacomet

10

149

$2,950,900

$2,285,000

0.0%

71

$1,221,000 $1,175,800

$1,153,000 98.1%

6.0

Mid Island

14

151

$1,213,000

$767,000

17.6%

13

74

$591,196

$586,196

$555,638 94.2%

2.6

Monomoy

250

$8,768,750

$8,625,000

0.0%

41

$995,000

$995,000

$1,030,000 103.5%

24.0

Nashaquisset

46

$1,324,750

$1,324,750

33.3%

14

$749,000

$749,000

$750,100 100.1%

3.0

Naushop

122

$963,600

$1,095,000

28.6%

206

$819,600

$793,400

$770,400 97.1%

2.1

Pocomo

205

$4,769,833

$4,947,500

0.0%

908

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

$7,350,000 93.0%

18.0

Polpis
Quaise, Shimmo &
Shawkemo
Quidnet & Squam

11

265

$7,509,091

$3,965,000

8.3%

$0

$0

$0

0.0%

33.0

359

$12,146,250

$8,397,500

0.0%

$0

$0

$0

0.0%

112

$14,799,667 $21,999,000

25.0%

$0

$0

$0

0.0%

9.0

Sconset

32

230

$2,535,000

3.0%

477

$1,833,125 92.6%

19.2

South of Town

37

$759,667

$620,000

0.0%

354

$903,333

$903,333

$891,667 97.9%

3.0

Surfside

132

$2,326,000

$1,495,000

30.8%

11

137

$1,009,636

$992,273

$938,000 94.5%

1.8

Tom Nevers

20

99

$2,116,150

$1,545,000

9.1%

194

$1,171,313 $1,160,438

$1,102,063 92.1%

6.0

Town

70

396

$3,034,300

$2,395,000

10

12.5%

30

235

$2,612,367 $2,542,767

$2,368,150 92.5%

5.3

Wauwinet

12

186

$3,997,417

$3,949,500

7.7%

621

$3,895,000 $3,695,000

$3,325,000 90.0%

18.0

West of Town

247

$3,405,000

$2,467,500

0.0%

128

$630,000

$630,000

$630,000 100.0%

12.0

287

197

38

97

184

$1,936,732

$1,854,165

All ResidenLal

$3,184,625

$4,319,103

Land & Commercial

Type

Land
Commercial

Total Avg
Num DOM

AVG Asking
Price

$2,395,000
Median
Asking Price

31

$2,256,250 $1,979,750

$1,748,705

93.8%

unknown

6.7

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*

60

326

$1,822,133

$1,310,000

7.7%

22

235

$1,780,091 $1,763,045

$1,620,193 90.0%

6.7

12

263

$1,882,833

$1,222,500

7.7%

121

$1,723,000 $1,723,000

$1,516,333 85.5%

9.0

Data Source: LINK Nantucket, compiled by Dan Dunlap

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