7/27/2019 Market Update Newsletter - September 2013

1/5Data source: LINK Nantucket, Nantucket Listing Service

The Nantucket Real Estate Report

Spectacular September best describes Nantucket lasmonth; great weather, fewer crowds, easier parking, lotsactivities and boundless opportunities to enjoy terri

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The results of a busy summer...Septembers sales volume of $98M may have been below Augusts volume of $104M, but wasstrongest September since 2010 (when over $150M in volume sold in only 51 transactions - with the 4purchases totaling $68M). Number-wise, with 59 sales, September 2013 was the busiest September si

2007 when 68 properties traded hands. As expected, because of the 54 offers accepted July through Auga total asking price of over $106M, September was bound to be

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es ent a a es:The dramatic increase in sales activity last month was a directresult of 47 residential properties having sold. Representing 80%of sales activity (72% in August) and $88.5M, or 90% of the dollarvolume (60.6% in August), September was a banner month forresidential real estate sales.

At month-end there were 357 single-family properties listed forsale (370 at the end of August). At this level, there is a 16-monthsupply of inventory currently on-hand, based on the

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ct v ty:With 3/4 of 2013 behind us, it has been a rewarding year forthose wanting to purchase or sell property below the $1M dollarmark. Not only was the supply of inventory available below thisprice point abundant, 184 buyers apparently found real value inthe properties they purchased (vs 136 in 2012, 121 in 2011 and86 in 2010).

While there has beenn o t i c e a b l ei m p r ov e m e n t f o rproperties selling inthe $1M and $2.5Mrange these past two

m o n t h s , a l a r g eamount of inventoryr e m a i n s ( 1 7 4properties). With 20sales representing 34% of sales and 30% of volume (compared to23 sales representing 46% of sales and almost 34% of dollarvolume in August), this segment of the market is showing signs ofcontinuing improvement with 29 pending sales currently makingtheir way through the system. Sales in the $2.5M to $5M range arenow 1 transaction ahead of the 29 seen in 2012, largely due to the12 purchases closed in September. Good news for both segments

of the market.Year to date, 7 transactions over $7.5M have taken place (totaling$105M in volume) compared to 7 in 2012 totaling almost $75M, 2in 2011, 7 in 2010, 4 in 2009 and 10 in 2008. Large dollar salescontinue to contribute signi

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Land Parcels Selling Price

% of FinalAsking

Price

% of Original

PriceLot size(sq. ft.)

Price persq. ft.

Days OnMarket

Lot 13 174 Tomahawk Road $210,000 100.00% 100.00% 5,227 $40.17 N/A*

73 Hinsdale Road $250,000 100.00% 100.00% 4,792 $52.17 N/A*

40 Long Pond Drive $432,500 87.37% 87.37% 20,473 $21.13 412

12 R Skyline Drive $650,000 100.00% 92.86% 126,324 $5.15 730

35 Vestal Street $766,666 100.00% 100.00% 5,031 $152.38 N/A*

35 Vestal Street $766,666 100.00% 100.00% 5,632 $136.12 N/A*

35 Vestal Street $766,668 100.00% 100.00% 5,362 $142.98 N/A*

13 Hedgebury Lane $1,200,000 86.02% 86.02% 20,038 $59.89 7850B Baxter Road $1,200,000 100.00% 100.00% 13,504 $88.87 1

11A Crooked Lane $1,450,000 93.85% 93.85% 81,022 $17.90 3

35 Vestal Street $1,700,000 100.00% 100.00% 15,181 $111.98 N/A*Total Land Sales $9,392,500 93.3% 92.5% (sold th rough a rea l estate fi rm)

Average: $853,864 27,508 $75.34Median Of All Land Sales: $766,666 100.00% 100.00% 13,504 $59.89

Commercial Properties Selling Price

% of FinalAsking

Price

% of Original

Price

Priceper sq. ft(space)

Space(sq. ft.)

Days OnMarket

12 Amelia Drive # C $162,500 98.48% 98.48% $290.18 560 6

Resident ial Propertie s Selling Price

% of FinalAsking

Price

% of Original

Price

Priceper sq. ft

(living area)Lot size(sq. ft.)

Days OnMarket

Living AreaSq. Ft. Beds Baths

133-A Old South Road $158,000 95.76% 95.76% $591.76 Condo 103 267 0 1

5C Pine Tree Road # 1 $422,500 94.10% 94.10% $529.45 Condo 25 798 1 1.5

13R Bear Street $675,000 97.12% 97.12% $451.20 Condo 83 1,496 4 2.5

40 Union Street # B $995,000 97.07% 97.07% $560.56 6,098 30 1,775 3 2

15 Meader Street $860,000 86.43% 86.43% $400.37 7,405 44 2,148 6 5

18 Arkansas Avenue $298,000 101.02% 101.02% $314.35 3,049 349 948 2 2

50 Arkansas Avenue $330,000 101.54% 101.54% $343.75 4,792 95 960 2 2

2 Nobadeer Way $387,500 81.58% 81.58% $212.68 14,810 23 1,822 3 2

62 Hooper Farm Road # $498,500 100.00% 100.00% $238.52 23,087 N/A* 2,090 5 2.5

1 Meader Street $675,000 96.57% 84.48% $964.29 2,614 53 700 2 1

56 Bartlett Road $700,000 100.00% 100.00% $583.33 12,197 N/A* 1,200 3 3

1 Lyon Street $750,000 92.02% 83.80% $484.81 2,178 89 1,547 3 2

24 Somerset # Lane $750,000 100.00% 100.00% $382.65 23,087 N/A* 1,960 3 3

74 North Liberty Street $839,000 100.00% 100.00% $481.35 4,792 7 1,743 4 2

13 Goldfinch Drive $855,000 100.00% 100.00% $432.69 5,227 N/A* 1,976 5 3

18 Polliwog Pond Road $875,000 97.77% 97.77% $270.40 11,761 18 3,236 6 3

1A Lily Street $900,000 90.91% 90.91% $1,168.83 2,178 32 770 2 1.5

5 Wigwam Road $975,000 100.00% 55.71% $580.36 50,530 2266 1,680 4 2.5

53 North Liberty Street $1,050,000 89.36% 89.36% $615.47 6,970 0 1,706 4 2.5

119 Surfside Road $1,100,000 92.05% 92.05% $592.67 41,818 51 1,856 4 3

4 Huntington Street $1,125,000 90.07% 90.07% $358.17 10,019 372 3,141 3 4.5

52 Tennessee Avenue $1,150,000 88.46% 79.31% $619.95 14,810 363 1,855 3 3

28 Quidnet Road $1,200,000 80.27% 80.27% $1,428.57 40,859 94 840 2 1

50A Baxter Road $1,400,000 100.00% 100.00% $1,047.12 13,504 1 1,337 2 1.5

14 Clifford Street $1,450,000 113.73% 113.73% $1,399.61 47,480 21 1,036 4 3

3 East Lincoln Avenue $1,475,000 98.33% 98.33% $1,213.99 3,485 43 1,215 3 1.5

42 Pine Street $1,500,000 88.50% 88.50% $843.17 3,006 239 1,779 4 2.5

79 Burnell Street $1,600,000 86.49% 86.49% $467.84 20,038 84 3,420 5 5.5

5 North Liberty Street $1,620,000 77.14% 72.00% $640.57 15,682 167 2,529 4 3

6 Tennessee Avenue $1,700,000 94.71% 94.71% $893.80 5,663 32 1,902 3 3

146 Surfside Road $1,715,000 91.47% 91.47% unknown 52,272 30 unknown 4 3

11 Barnabas Lane $1,800,000 90.23% 79.12% $712.03 6,534 499 2,528 3 3

8 McKinley Avenue $1,900,000 96.20% 88.37% $1,112.41 4,792 316 1,708 6 2

26 Pleasant Street $2,000,000 87.15% 87.15% $585.31 7,841 31 3,417 5 3.5

10 Irving Street $2,595,000 100.00% 100.00% unknown 33,659 16 unknown 4 4.5

65 Walsh Street $2,675,000 89.32% 78.10% $1,202.79 6,098 46 2,224 3 2.5

7 Pilgrim Court $2,740,000 91.49% 91.49% $914.55 7,841 26 2,996 4 4.5

1 Annes Lane $2,800,000 88.89% 88.89% $818.47 20,038 27 3,421 5 5.5

4 Fintry Lane $2,995,000 100.00% 100.00% $608.99 79,715 19 4,918 4 3.5

6 Hedge Row $3,000,000 91.60% 91.60% $949.37 19,994 63 3,160 4 3

16 Orange Street $3,350,000 89.33% 67.00% $1,070.63 4,792 438 3,129 4 4.5

14 Mayhew Lane $3,850,000 97.47% 97.47% $875.00 20,909 33 4,400 5 5.5

13R Burnell Street $4,050,000 96.54% 96.54% $643.67 11,761 17 6,292 8 8.5

22 North Pasture Lane $4,300,000 93.50% 93.50% $1,128.61 41,382 55 3,810 6 6.5

68A Cliff Road $4,650,000 96.98% 96.98% $775.00 10,019 43 6,000 7 7.5

26 Gosnold Road $4,731,000 79.51% 73.35% $899.43 20,870 297 5,260 7 6.5

15 Baxter Road $11,000,000 88.00% 88.00% $1,729.02 43,560 24 6,362 6 6.5

Total Residential Sales $88,464,500 91.8% 88.2%

Average: $1,882,223 $736.39 17,937 155 2,430 4 3Median Of All Residential Sales: $1,400,000 94.10% 91.60% $619.95 11,761 1,902

N/A* - Not Sold Through A Real Estate FirmUnknown - new construction

Properties Sold In September 2013(excluding foreclosures)