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Junuary described more than the fickle weather experienced last month on Nantucket, it is also reflective of the continuing chill felt in Nantucket’s real estate market. Still struggling to find the momentum enjoyed last year, this June’s activity was simply a continuation of what has been going on since January 2015 - fewer sales resulting in lower total dollar volume.
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$Residential closings were at their lowest level in 3 years with the fewest number of price reductions and
2nd highest number of accepted offers in 5 years.
June 2015
Junuary described more than the /ickle weather experienced last month on Nantucket, it is also re/lective of the continuing chill felt in Nantuckets real estate market. Still struggling to /ind the momentum enjoyed last year, this Junes activity was simply a continuation of what has been going on since January 2015 - fewer sales resulting in lower total dollar volume. With eight fewer transactions than in June 2014, last months dollar volume /inished $22.4M lower (-23.6%) than last year with average residential sale prices increasing $73K (3.4%) from a year ago. However, without the $26M sale of 3 Hulbert Avenue, average residential prices would have fallen $740K (-34.6%) below last Junes $2,139,121 average (where 4 properties selling for more than $5M totaled 39.6M versus 1 property this year) . Sales activity for the last 90 days /inished 26.2% lower in dollar volume when compared to this time period last year, with 30 fewer transactions (-24.6%). While improving slightly from last month, both sales and dollar volume continue to trail 2014s activity in virtually every category. While hopes of another 2014 may be overly optimistic, Nantuckets real estate market is very much alive and well. We continue to see properly priced, quality properties still in demand and selling - just not in the quantities weve grown accustomed to.
24.6% decline in sales and 26% reduction in dollar volume - (vs. same 90 day period last year).
69% of sales were under $1.5M
At A Glance...
June 2015 Ac,vity Compared to June 2014 Ac,vity2015 2014 % Of Change From Last Year
Number Sold $ Volume Sold Number Sold $ Volume Sold Number Sold
$ VolumeLand 4 $1,680,000 4 $9,730,000 0.0% -82.7%Commercial 0 $0 2 $3,824,000 -100.0% -100.0%MulK-Family 2 $1,595,000 2 $1,890,500 0.0% -15.6%Condos & Co-op 3 $1,825,000 8 $21,529,600 -62.5% -91.5%Single-Family 27 $67,367,500 28 $57,866,508 -3.6% 16.4%Total Sales 36 $72,467,500 44 $94,840,608 -18.2% -23.6%
Data Source: LINK Nantucket, Nantucket Lis5ng Service
YTD Dollar Volume & Number Of Properties Sold
2011
2012
2013
2014
2015
Number of Sales $ Volume
$340M
$384M
$235M$272M
$222M
184225
175178157157 178 175225
184
Dollar Volume & Number Of Transactions (For Same 3-Month Period Ending June 30)
2011 2012 2013 2014 2015Properties Sold $ Volume
$155M$210M
$163M$177M$148M
92
1221161009595 100
116 122
92
THE NANTUCKET REAL ESTATE REPORT
Number Of Residen5al Proper5es Sold Last Month
< $7
50K
$750
K - $
1M
$ - $
1.5M
$1.5 - $2
M
$2 - $2
.5M
$2.5 - $3
M
$3 - $3
.5M
$3.5 - $4
M
> $4
M
11213
2
89
5
Price Reductions Accepted OffersNumber of Closings
Dan Dunlap, Broker & Market Analyst
Bottom-line: Making Hay The old saying youve got to make hay when the sun shines is as true on Nantucket as in Iowa; it simply involves a more expensive commodity - real estate. With a 18.6% increase in listings since May 31st and 20.6% increase over June 30, 2014, the sun is shining brightly and buying opportunities are becoming even more plentiful. At month-end, there were 33 sales transactions in process at a combined asking price of $51.4M. These properties averaged 201 days on market (139 days if the 2 properties on market for more than 3 years are excluded) and this doesnt include the 21 properties receiving accepted offers in June totaling $33.5M. These properties averaged only 80 days on-market with 9 of these (43%) on-market less than 15 days. This isnt new, properly priced properties sell faster and at a higher percentage of ask than those that arent While Nantuckets market performance hasnt been as energetic as what we saw during the /irst 6 months of 2014, dont despair; we still have plenty of time to catch up and a fresh batch of quality inventory to do it with.
Residential Sales: Last months 32 residential sales were again lower than the 38 sales seen in June 2014 (-15.8%) as dollar volume declined almost $10.5M (-12.9%) from a year ago. There was only 1 sale over $5M last month versus 4 sales exceeding this amount last June - dollar volume was $13.6M (34.4%) lower than in 2014. Junes $2,212,109 average sale price was 4.7% higher than May 2015s average of $2,113,174 and 3.4% higher than the $2,139,121 average seen last June
Land Sales: Junes 4 land sales may have equaled the number of transactions seen last year but dollar volume was $7M less (-82.7%). Not surprisingly, Junes $420K average sale price was $2.01M lower (-83%) than last year with the average parcel size considerably smaller - .36 acres versus 5.45 acres in 2014 (.28 acres if the 21 acre Gardner Road property, now known as Pippen's Way, is excluded). There are currently 86 land parcels on-market versus 78 a month ago. Commercial Sales: No commercially zoned properties sold last month and there are no commercial sales currently pending. Thirteen commercial properties remain on-market - 7 of which are in the core commercial district. Availability: There were 434 properties (342 residential) on-market at month-end versus 366 listings (286 residential) at the end of May and 360 (288 residential) at the end of June 2014. Of the 130 properties brought to market in June, only 32 (24.6%) were previously listed with an average time on-market of 301 days. Average days on-market for listings at the end of June was 232 days or 180 days if the 12 on-market more than 3 years are excluded.
10 South Beach Street | Nantucket, MA 02554 | 508.325.5800 | leerealestate.com
Dollar Volume & Number Of Properties Sold In June
2010
2011
2012
2013
2014
2015
Number of Sales $ Volume
$72M
$95M$82M
$51M
$72M$66M
36444333353131 35 3343 44 36
Number & Volume Of Properties Sold Last Month By Type
Land CommercialMulti-Family Condos & Co-opSingle-Family
Properties Sold In June 2015(excluding foreclosures)
N/A* - Not Sold Through A Real Estate Firm ** Excludes Properties Not Sold Through A Real Estate Firm
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
5 Mary Ann Drive # B $500,000 96.3% 87.9% 339 Condo 158 1,477 3 2
6A Witherspoon Drive # A $575,000 102.5% 102.5% $401.82 Condo 80 1,431 3 2.5
5 First Way $590,000 84.9% 81.4% $342.62 14,375 196 1,722 4 2
10 Bartlett Road $651,000 95.0% 91.7% $346.09 6,098 241 1,881 3 3.5
1 Clara Drive $652,500 N/A* N/A* $443.88 17,990 N/A* 1,470 4 2
6 Yompasham Lane # A $750,000 96.8% 96.8% $615.76 Condo 21 1,218 3 2.5
26A Daffodil Lane # 2 $787,500 99.1% 99.1% $412.09 7,566 28 1,911 3 3
13 Cedar Circle $795,000 N/A* N/A* $343.26 10,019 N/A* 2,316 5 3
25 Broadway $800,000 89.4% 86.5% $420.61 1,307 203 1,902 5 3
18 Arlington Street $840,000 98.9% 98.9% $438.41 7,841 61 1,916 4 2
44 Miacomet Avenue $885,000 95.7% 90.8% $465.79 23,087 222 1,900 3 2
10 Derrymore Road $905,000 95.4% 95.4% $983.70 3,999 78 920 2 2
12 Boynton Lane $930,000 N/A* N/A* $397.44 13,939 N/A* 2,340 4 3.5
52 Meadow View Drive $970,000 97.1% 84.3% $498.97 20,038 396 1,944 3 2.5
5 Yompasham Lane $1,125,000 94.1% 94.1% $463.54 12,611 29 2,427 4 3
13 Sandpiper Way $1,195,000 92.3% 92.3% $797.73 20,473 282 1,498 4 2
92 Goldfinch Drive $1,310,000 95.7% 113.9% N/A* 5,227 322 N/A* 5 4.5
17 Ames Avenue $1,350,000 96.8% 90.3% $1,250.00 15,181 228 1,080 3 1.5
34 King Street $1,360,000 97.2% 97.2% $895.92 5,428 26 1,518 4 2
51 Tom Nevers Road $1,410,000 94.3% 94.3% $537.35 52,272 14 2,624 4 3.5
10 Swift Rock Road $1,465,000 98.0% 83.8% $906.00 43,560 912 1,617 3 2
97 Tom Nevers Road $1,475,000 92.5% 92.5% $526.03 47,916 548 2,804 4 3.5
17 Meadow View Drive $1,575,000 94.0% 94.0% $500.95 20,038 34 3,144 4 4.5
29 Lily Street $1,769,000 96.9% 96.9% $907.64 3,546 22 1,949 4 2.5
6 Plainfield Road $2,175,000 84.5% 79.8% $654.33 21,305 280 3,324 4 4.5
36 Main Street $2,200,000 81.8% 74.3% $1,779.94 27,007 540 1,236 3 2
57 Washington Street $2,385,000 86.7% 86.7% $985.54 12,972 216 2,420 4 2
26 Old Tom Nevers Road $2,650,000 91.9% 91.9% $892.86 45,002 40 2,968 4 3.5
14 Vestal Street $3,100,000 88.7% 79.6% $775.00 5,075 518 4,000 6 5.5
Properties Sold In June 2015(excluding foreclosures)
N/A* - Not Sold Through A Real Estate Firm ** Excludes Properties Not Sold Through A Real Estate Firm
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
17 Walsh Street $3,237,500 94.5% 94.5% $1,184.16 5,271 28 2,734 4 3.5
2 Nonantum Avenue $3,875,000 98.1% 98.1% $1,079.39 30,091 28 3,590 4 4.5
3 Hulbert Avenue $26,500,000 93.0% 93.0% $3,257.13 30,928 48 8,136 7 8.5
Total Residential Sales $70,787,500
Average: $2,212,109 93.9% 91.8% $769.11 18,281 200 2,304 4 3Median Of All Residential Sales: $1,252,500 95.0% 92.5% $537.35 14,375 158 1,916 4 2.75
Land Parcels Selling Price
% of Final Asking Price**
% of Original Price**
Lot size (sq. ft.)
Price per sq. ft.
Days On Market
18 Tomahawk Road $265,000 N/A* N/A* 5,227 $50.70 N/A*
18 Sleepy Hollow Road $350,000 88.6% 88.6% 11,326 $30.90 371
6 Marble Way (Portion) Lot 1 $515,000 86.6% 86.6% 15,216 $33.85 135
50 Lovers Lane $550,000 88.0% 88.0% 30,928 $17.78 274Total Land Sales $1,680,000
Average: $420,000 87.7% 87.7% 15,674 $33.31 260Median Of All Land Sales: $432,500 88.0% 88.0% 13,271 $32.38 274
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