THE

NANTUCKET REAL ESTATE REPORT

February 2015

At A Glance...

Temperature wasnt the only thing chilling

Dollar Volume & Number Of Transactions

(For Same 3-Month Period Ending February 28)

138

135
110

102

96

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

$157M
2011

2012

2013

2014

Properties Sold

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).

2015

$ Volume

12.7% decline in sales and

5.53% reduction in dollar volume (vs. same 90 day period last year).

Number Of Residen5al Proper5es Sold Last Month

4
3
2
> $4M

$3.5 - $4M

1
$3 - $3.5M

1
$2.5 - $3M

$ - $1.5M

2
$2 - $2.5M

1
$1.5 - $2M

1
$750K - $1M

< $750K

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.

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.
YTD Dollar Volume & Number Of Properties Sold

Only 14.8% of sales were under $1M

$124M

$63M

$56M

69

$40M

$121M

61

47

Number of Sales

15
20

14
20

13
20

12

34

20

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.

35

11

Accepted Offers

20

Price Reductions
Number of Closings

$ Volume

February 2015 Ac/vity Compared to February 2014 Ac/vity

Land
Commercial
MulK-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
4
$5,981,900
5
$7,965,000
-20.0%
-24.9%
3
$1,237,700
2
$2,658,000
50.0%
-53.4%
0
$0
2
$3,263,750
-100.0%
-100.0%
3
$1,446,750
1
$359,000
200.0%
303.0%
14
$43,705,700
20
$46,747,500
-30.0%
-6.5%
24
$52,372,050
30
$60,993,250
-14.1%
-20.0%
Data Source: LINK Nantucket, Nantucket Lis5ng Service

Residential Sales:

Dollar Volume & Number Of Properties Sold In February

$61M

$56M
$43M

$30M

15

14
20

24
20

30

27

20

12

11

Number of Sales

32

20

24
20

20

10

21

13

$23M

09

17
20

08

07

$52M

$42M
$14M

21
20

$12M

20

34

06

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.

$63M

20

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.

$ Volume

Number
& Volume Of Properties Sold Last Month By Type

Bottom-line:
What a difference a year makes -
especially in real estate.

Land
Multi-Family
Single-Family

Land Sales:

Commercial
Condos & Co-op

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.

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.
Dan Dunlap, Broker & Market Analyst

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

Properties Sold In February 2015

(excluding foreclosures)

Residential Properties
6 Allens Lane # A

Selling Price

% of Final
Asking
Price**

% of
Original
Price**

Price
per sq. ft
(living area)

$430,000

N/A*

N/A*

unknown

Lot size
(sq. ft.)
Condo

Days On
Market

Living Area
Sq. Ft.

Beds

Baths

N/A*

1,120

11A Park Circle

$477,750

95.7%

86.9%

$245.00

Condo

180

1,950

2.5

14 Celtic Drive

$530,250

N/A*

N/A*

$193.24

17,860

N/A*

2,744

3.5

5B Park Circle

$539,000

N/A*

N/A*

$300.45

Condo

N/A*

1,794

2.5

2 Greglen Avenue

$859,200

N/A*

N/A*

$350.98

30,928

N/A*

2,448

10C Crows Nest Way

$1,125,750

97.9%

97.9%

$1,237.09

Condo

910

51 Crooked Lane

$1,625,000

85.8%

85.8%

$698.92

78,844

55

2,325

4 Hendersons Drive

$1,700,000

97.1%

97.1%

$732.76

19,602

92

2,320

3 Kings Way

$2,000,000

N/A*

N/A*

$1,202.65

14,810

N/A*

1,663

19 Delaney Road

$2,350,000

94.2%

94.2%

$775.83

6,098

119

3,029

4.5

42 Nonantum Avenue

$2,925,500

N/A*

N/A*

$1,047.82

10,019

N/A*

2,792

3.5

2 Hickory Meadow Lane

$3,000,000

52.2%

52.2%

unknown

81,022

116

unknown

5.5

5 Mattapoiset Avenue

$3,000,000

N/A*

N/A*

$1,041.67

7,985

N/A*

2,880

3.5

32 Baxter Road

$3,990,000

N/A*

N/A*

$2,410.88

22,651

N/A*

1,655

2 John Adams Lane

$6,000,000

93.8%

93.8%

$1,094.49

20,038

135

5,482

6.5

22 Nonantum Avenue

$6,500,000

100.0%

100.1%

$1,340.76

60,984

48

4,848

6.5

$8,100,000

92.6%

83.1%

$2,644.47

138,826

99

3,063

3.5

89.9%
94.2%

87.9%
93.8%

$1,021.13
$1,041.67

39,205
20,038

94
99

2,564
2,387

4
4

3
3.5

10 & 12 Monomoy Creek Road

Total Residential Sales

$45,152,450

Average:
Median Of All Residential Sales:

$2,656,026
$2,000,000

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

** Excludes Properties Not Sold Through A Real Estate Firm

Properties Sold In February 2015

(excluding foreclosures)

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.

2 Sanford Road # 2

$250,000

N/A*

N/A*

$280.90

Condo

N/A*

19 Nancy Anne Lane

$430,600

N/A*

N/A*

$1,296.99

23,958

17 Nancy Anne Lane

$557,100

N/A*

N/A*

$137.56

24,394

N/A*
N/A*

N/A*
N/A*

$571.81
$280.90

24,176
24,176

Total Commercial Sales

Beds

Baths

890

N/A*

332

N/A*

4,050

N/A*
N/A*

1,757
890

0
0

0
0

$1,237,700

Average:
Median Of All Residential Sales:

Land Parcels

$412,567
$430,600

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
Total Land Sales

$3,200,000
$5,981,900

97.7%

97.7%

45,738

$69.96

$1,495,475
$1,192,500

96.4%
97.7%

90.5%
97.7%

54,232
53,361

Average:
Median Of All Land Sales:

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

$29.19
$19.01

332
332

** Excludes Properties Not Sold Through A Real Estate Firm