Marchs residential closings and accepted offers were at their lowest level in 4 years even with more

price reductions than seen in last 2 years.

March 2015

In like a lion, out like a lion at least that is what we experienced on Nantucket in March - where both weather and real estate activity never stopped roaring. Even with wind, rain, snow and fog slowing island life to a fast crawl, buyers still seemed to ?ind their way to the island spending a record-breaking $64 million on real estate. With two fewer transactions than in March 2014, last months dollar volume ?inished $14.75M higher (29.3%) than last year. And while average sale prices increased a whopping 135.2% over a year ago, with the $27M commercial sale included, average prices were still 6.2% higher with it excluded. In addition, average residential property prices increased an encouraging 14.7% over last year ($1.69M versus $1.47M). Dollar volume for the last 90 days was 11.8% lower than last year with 6 fewer transactions (-6.1%). This places Q1 2015 tied for third place in the number of properties sold and third in total dollar volume when compared to the last ?ive 1st Quarters. Even without the $27M commercial sale last month, March 2015 would have been better than average with over $38 million in sales. While maybe not as good as 2014, March 2015 will still be known for being the 2nd busiest March since 2010.

10.1% decline in sales and 26.4% reduction in dollar volume -

(vs. same 90 day period last year).

57% of sales were under $1M

At A Glance...

March 2015 Ac,vity Compared to March 2014 Ac,vity2015 2014 % Of Change From Last Year

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

$ VolumeLand 13 $9,435,000 4 $5,280,000 225.0% 78.7%Commercial 4 $30,600,000 3 $5,544,999 33.3% 451.8%MulJ-Family 1 $785,000 1 $500,000 0.0% 57.0%Condos & Co-op 1 $500,000 3 $1,472,499 -66.7% -66.0%Single-Family 13 $24,028,809 23 $37,745,065 -43.5% -36.3%Total Sales 32 $65,348,809 34 $50,542,563 -5.9% 29.3%

Data Source: LINK Nantucket, Nantucket Lis5ng Service

YTD Dollar Volume & Number Of Properties Sold

2011

2012

2013

2014

2015

Number of Sales $ Volume

$187M$174M

$72M

$94M

$74M 92103

5978

626278

59

10392

Dollar Volume & Number Of Transactions (For Same 3-Month Period Ending March 31)

2011 2012 2013 2014 2015Properties Sold $ Volume

$187M$212M$118M

$201M$107M

939992

129

8686

129

92 99 93

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

0002

02

3

5

Price Reductions Accepted OffersNumber of Closings

Dan Dunlap, Broker & Market Analyst

Bottom-line: The more things change the more they stay the same - or so it may seem when it comes to Nantucket real estate. A year ago there were 283 properties on-market and at the end of March 2015 there were still 283 properties listed for sale - thats after 508 properties (and over $1 billion) changed hands this past year. Of the 508 sales, 381 (75%) of them, totaling more than $799 million (79.5%) in dollar volume, were facilitated through a real estate ?irm. Sale prices for these properties averaged 89.9% of original asking price and 93% of ?inal asking price. During this same t ime period in 2013-2014, the 511 properties sold totaled almost $847 million in dollar volume. Of these sales, real estate ?irms were involved in 403 of them (78.9%) totaling $693 million (81.9%) in dollar volume. Sale prices for these properties averaged 87.1% of original asking price and 91.3% of ?inal asking price. While last months numbers wouldnt be as impressive without the $27 million dollar commercial sale, there is still solid improvement in the marketplace with plenty of inventory to choose from at prices that are becoming more realistic.

Residential Sales: Last months 15 residential sales were signi?icantly lower than the 27 sales seen in March 2014 (-44.4%) with the resulting dollar volume declining more than $14.4M (-36.3%) from a year ago. Unlike the 1 sale over $4M last March, there were 3 sales over the $4M mark last month. Marchs $1,687,587 average sale price was 36.4% less than February 2015s average of $2,656,026 but 14.7% higher than the $1,471,021 average seen last March.

Land Sales: Marchs 13 land sales were 9 transactions (225%) ahead of last years 4 sales yet yielded only $4.15M more in dollar volume (14.7.%). Not surprisingly, last months $726K average sale price was $594K lower (-45%) than last year with the average parcel size considerably smaller - .75 acres (.38 acres if you exclude the 5 acre Girl Scout tract) versus 1.42 acres in 2014. The 54 land parcels currently on-market represent about an 8-month supply of inventory (based on last 6 months activity). Commercial Sales: Four commercially zoned properties sold last month, two of which also had living quarters. Nine commercial properties remain on-market - 4 of which are in the core commercial district. The $27M paid for 6 Sun Island Road was the highest amount paid for one commercial property in Nantucket history. Availability: There were 283 properties (223 residential) on-market at month-end versus 265 listings (216 residential) at the end of February and 283 (229 residential) at the end of March 2014. Of the 46 properties brought to market in March, 19 (39.6%) were previously listed with an average time on-market of 573 days. Average days on-market for current listings is 311 days or 241 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 March

2010

2011

2012

2013

2014

2015

Number of Sales $ Volume

$65M

$51M

$17M

$31M$34M$39M

32342531273131 27 31 25

34 32

Number & Volume Of Properties Sold Last Month By Type

Land CommercialMulti-Family Condos & Co-opSingle-Family

Properties Sold In March 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 Jackson Street # 2 $500,000 84.7% 80.0% 958 Condo 509 522 2 1

35 Miacomet Avenue $576,976 112.9% 112.9% $343.44 8,276 25 1,680 3 2.5

48A Skyline Drive $590,000 94.4% 94.4% $347.88 80,150 0 1,696 4 2

88 Surfside Road $600,000 N/A* N/A* $388.60 16,553 N/A* 1,544 4 5

353 Madaket Road $603,500 83.9% 71.0% $446.38 54,886 551 1,352 3 2

16 Cato Lane $785,000 98.7% 98.7% $333.76 6,830 61 2,352 6 2.5

58 Pleasant Street $850,000 95.0% 95.0% $481.04 5,227 248 1,767 5 3

18 Sesapana Road $975,000 83.0% 75.3% $382.80 32,914 159 2,547 4 3

3 Rosaly Lane $1,133,333 N/A* N/A* $536.36 10,019 N/A* 2,113 4 3

40 Long Pond Drive $1,485,000 99.3% 99.3% $742.50 20,473 98 2,000 3 3

71 Lovers Lane $2,215,000 113.6% 113.6% $709.03 14,985 9 3,124 4 3.5

56 West Chester Street $2,400,000 90.6% 87.3% $1,123.07 17,860 172 2,137 4 3

34 Pocomo Road $4,100,000 87.3% 87.3% $890.53 126,324 106 4,604 7 5.5

15 North Liberty Street $4,100,000 93.2% 93.2% $1,023.21 5,009 110 4,007 4 4.5

2 Franklin Street $4,400,000 88.1% 88.1% $1,261.11 15,246 157 3,489 5 4.5

Total Residential Sales $25,313,809

Average: $1,687,587 94.2% 92.0% $664.50 29,625 170 2,329 4 3Median Of All Residential Sales: $975,000 93.2% 93.2% $536.36 15,899 110 2,113 4 3

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 Bartlett Road $1,100,000 100.0% 100.0% 23,522 $46.76 119 1540 0 0

130 Old South Road $1,250,000 125.6% 104.2% 60,984 $20.50 881 2176 3 2

51 Nobadeer Farm Road $1,250,000 125.6% 104.2% 6,534 $191.31 881 504 1 0

6 Sun Island Road $27,000,000 N/A* N/A* 74,052 $364.61 N/A* 97645 3 3

Total Commercial Sales $30,600,000

Average: $7,650,000 117.1% 102.8% $41,273.10 156 627 25,466 2 1Median Of All Residential Sales: $1,250,000 125.6% 104.2% $42,253.20 119 881 1,858 2 1

Properties Sold In March 2015(excluding foreclosures)

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

Land Parcels Selling Price

% of Final Asking Price**

% of Original Price**

Lot size (sq. ft.)

Price per sq. ft.

Days On Market

20 Tomahawk Road $260,000 N/A* N/A* 4,792 $54.26

13B Greglen Avenue $300,000 N/A* N/A* 11,273 $26.61

13A Greglen Avenue $300,000 N/A* N/A* 11,273 $26.61

11B Greglen Avenue $300,000 N/A* N/A* 11,273 $26.61

10 Trotters Lane $405,000 95.3% 95.3% 10,006 $40.48 2

6 Marble Way (Portion) Lot 2 $570,000 95.8% 95.8% 15,246 $37.39 26

42 Union Street Lot A $600,000 N/A* N/A* 2,875 $208.70

19 & 21 Tomahawk Road $625,000 N/A* N/A* 15,682 $39.86

42 Union Street Lot B $750,000 N/A* N/A* 2,875 $260.87

55 Dukes Road $800,000 N/A* N/A* 38,947 $20.54

57 Dukes Road $800,000 N/A* N/A* 30,405 $26.31

45 Polpis Road $1,750,000 N/A* N/A* 226,512 $7.73

4 Old Westmoor Farm Road $1,975,000 80.6% 80.6% 44,431 $44.45 135Total Land Sales $9,435,000

Average: $725,769 90.6% 90.6% 32,738 $63.11 54Median Of All Land Sales: $600,000 95.3% 95.3% 11,273 $37.39 26