Februarys residential closings were at their lowest level in 4 years but there was an average number of

accepted offers - for this time of year.

February 2015

Temperature wasnt the only thing chilling on Nantucket in February. Between an ice-clogged harbor, a few additional snow days and a winter school break sending several families scurrying for warmer climates, activity on Nantucket was even slower than usual for this time of year. February was reminder that being 26 miles out to sea is more about our dependence on one another than our distance from land. With six fewer transactions than in February 2014, last months dollar volume was $5.2M less (-14.1%) than last years dollar volume. While the months average sale price for all transactions was 24% lower than a year ago ($1.1M versus $1.2M), the overall average price for residential properties Ninished 21.3% higher than last year ($2.66M versus $2.19M). In the last 90 days dollar volume was down 5.5% from last year with fourteen fewer transactions (-12.7%). For the second month in a row we had the lowest number of transactions in 5 years for this time period. For a month replete with challenging weather, freezing temperatures and an abundance of snow, Februarys 24 sales totaling over $52M in dollar volume was a win - just think what might happen when the weather improves.

12.7% decline in sales and 5.53% reduction in dollar volume -

(vs. same 90 day period last year).

Only 14.8% of sales were under $1M

At A Glance...

February 2015 Ac/vity Compared to February 2014 Ac/vity2015 2014 % Of Change From Last Year

Number Sold $ Volume Sold Number Sold $ Volume Sold Number Sold

$ VolumeLand 4 $5,981,900 5 $7,965,000 -20.0% -24.9%Commercial 3 $1,237,700 2 $2,658,000 50.0% -53.4%MulK-Family 0 $0 2 $3,263,750 -100.0% -100.0%Condos & Co-op 3 $1,446,750 1 $359,000 200.0% 303.0%Single-Family 14 $43,705,700 20 $46,747,500 -30.0% -6.5%Total Sales 24 $52,372,050 30 $60,993,250 -20.0% -14.1%

Data Source: LINK Nantucket, Nantucket Lis5ng Service

YTD Dollar Volume & Number Of Properties Sold

2011

2012

2013

2014

2015

Number of Sales $ Volume

$121M$124M

$56M$63M

$40M 6169

3447

353547

34

6961

Dollar Volume & Number Of Transactions (For Same 3-Month Period Ending February 28)

2011 2012 2013 2014 2015Properties Sold $ Volume

$222M$235M$230M$220M$157M

96110

135138

102102

138 135110

96

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

3

1

2

1

22

11

4

Price Reductions Accepted OffersNumber of Closings

Dan Dunlap, Broker & Market Analyst

Bottom-line: What a difference a year makes - especially in real estate. A year ago I excitedly reported a 136% increase in sales transactions and 220% increase in dollar volume from February 2013s activity. It was the busiest February since 2006 and the beginning of the third best year in Nantuckets real estate history. Interestingly, for the seven Februarys between 2007 and 2013 the number of properties sold averaged less than 63.5% of the 34 properties sold in February 2006 and 49.2% of that months $63.8M total dollar volume. In 2014, sales for the month improved to 88.2% of 2006s numbers and 95.6% of its total dollar volume. In comparison, the number of properties sold this Februarys were at 71% of 2006 sales and 82% of its total dollar volume. Point being; while last months numbers might Nirst appear weak when compared to the last few years, historically speaking it was a pretty good February - up 9.3% in sales numbers and 66.9% higher in dollar volume when compared to the averages experienced between 2007 and 2013 not bad for a weather challenged month.

Residential Sales: Last months 17 residential sales were signiNicantly lower than the 23 sales seen in February 2014 (-26%) with the resulting dollar volume declining more than $5.2M (-10.4%) from a year ago. As with last February, there were 3 sales over $4M, one of which sold for over $8M. Februarys $2,656,026 average sale price was 22.1% higher than January 2015s average of $2,175,989 and 21.3% higher than the $2,190,001 average seen last February.

Land Sales: Februarys 4 land sales were 1 transaction behind last years sales numbers and $1.98M lower in dollar volume (-24.%). Last months average land price of $1.5M was $97.5K lower than last February and the average parcel sold was slightly smaller than a year ago - 1.25 acres versus 1.45 acres in 2014 (.69 acres if you exclude the 4.5 acre parcel sold last year). The 48 parcels of land currently on-market represent about a 5-month supply of inventory on-hand (based on last 6 months activity). Commercial Sales: Three commercially zoned properties sold last month, one of which also had living quarters. Ten commercial properties remain on-market - 3 of which are in the core commercial district (not including the 4 Center Street properties listed through an off-island Nirm). Availability: There were 265 properties (216 residential) on-market at month-end versus 264 listings (208 residential) at the end of January and 295 (226 residential) at the end of February 2014. Of the 38 properties brought to market in February, 14 (36.8%) were previously listed with an average time on-market of 287 days. Median days on-market for current listings is 207 days with 12 of them on-market for more than 3 years.

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

Dollar Volume & Number Of Properties Sold In February

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Number of Sales $ Volume

$52M$61M

$30M$42M

$23M

$56M

$14M

$43M

$12M

$63M

24302732

242117219

3434

921 17 21

2432 27 30 24

Number & Volume Of Properties Sold Last Month By Type

Land CommercialMulti-Family Condos & Co-opSingle-Family

Properties Sold In February 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

6 Allens Lane # A $430,000 N/A* N/A* unknown Condo N/A* 1,120 2 1

11A Park Circle $477,750 95.7% 86.9% $245.00 Condo 180 1,950 3 2.5

14 Celtic Drive $530,250 N/A* N/A* $193.24 17,860 N/A* 2,744 6 3.5

5B Park Circle $539,000 N/A* N/A* $300.45 Condo N/A* 1,794 2 2.5

2 Greglen Avenue $859,200 N/A* N/A* $350.98 30,928 N/A* 2,448 0 2

10C Crows Nest Way $1,125,750 97.9% 97.9% $1,237.09 Condo 4 910 3 2

51 Crooked Lane $1,625,000 85.8% 85.8% $698.92 78,844 55 2,325 4 2

4 Hendersons Drive $1,700,000 97.1% 97.1% $732.76 19,602 92 2,320 3 4

3 Kings Way $2,000,000 N/A* N/A* $1,202.65 14,810 N/A* 1,663 2 2

19 Delaney Road $2,350,000 94.2% 94.2% $775.83 6,098 119 3,029 4 4.5

42 Nonantum Avenue $2,925,500 N/A* N/A* $1,047.82 10,019 N/A* 2,792 4 3.5

2 Hickory Meadow Lane $3,000,000 52.2% 52.2% unknown 81,022 116 unknown 5 5.5

5 Mattapoiset Avenue $3,000,000 N/A* N/A* $1,041.67 7,985 N/A* 2,880 4 3.5

32 Baxter Road $3,990,000 N/A* N/A* $2,410.88 22,651 N/A* 1,655 4 3

2 John Adams Lane $6,000,000 93.8% 93.8% $1,094.49 20,038 135 5,482 7 6.5

22 Nonantum Avenue $6,500,000 100.0% 100.1% $1,340.76 60,984 48 4,848 5 6.5

10 & 12 Monomoy Creek Road $8,100,000 92.6% 83.1% $2,644.47 138,826 99 3,063 5 3.5

Total Residential Sales $45,152,450

Average: $2,656,026 89.9% 87.9% $1,021.13 39,205 94 2,564 4 3Median Of All Residential Sales: $2,000,000 94.2% 93.8% $1,041.67 20,038 99 2,387 4 3.5

Properties Sold In February 2015(excluding foreclosures)

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

Commercial 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

2 Sanford Road # 2 $250,000 N/A* N/A* $280.90 Condo N/A* 890 0 0

19 Nancy Anne Lane $430,600 N/A* N/A* $1,296.99 23,958 N/A* 332 1 1

17 Nancy Anne Lane $557,100 N/A* N/A* $137.56 24,394 N/A* 4,050 0 0

Total Commercial Sales $1,237,700

Average: $412,567 N/A* N/A* $571.81 24,176 N/A* 1,757 0 0Median Of All Residential Sales: $430,600 N/A* N/A* $280.90 24,176 N/A* 890 0 0

Land Parcels Selling Price

% of Final Asking Price**

% of Original Price**

Lot size (sq. ft.)

Price per sq. ft.

Days On Market

4 Greglen Avenue $396,900 100.0% 100.0% 23,958 $16.57 N/A*

4 Crestwood Circle $535,000 91.5% 73.8% 60,984 $8.77 664

10 Auriga Street $1,850,000 N/A* N/A* 86,249 $21.45 N/A*

7 North Road $3,200,000 97.7% 97.7% 45,738 $69.96 0Total Land Sales $5,981,900

Average: $1,495,475 96.4% 90.5% 54,232 $29.19 332Median Of All Land Sales: $1,192,500 97.7% 97.7% 53,361 $19.01 332