Data source: LINK Nantucket, Nantucket Listing Service

The Nantucket Real Estate Report

Fewer closings during the month but higher level of accepted offers than last year.

December 2013

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Temperatures may have dropped on Nantucket in December, but its real estate market was still hot. While 25% higher than November in number of transactions and almost 40% higher in dollar volume, December’s 33.8% drop in transactions and 42.6% drop in dollar volume from December 2012 numbers, significantly impacted 2013 results - but December was still a very busy month. With 45 closings, 9 accepted offers and 7 price adjustments, almost $74M in real estate changed hands, another $24M went under agreement and another $23.3M had accepted offers...making December 2013 the 3rd busiest December since 2005 (December 2008 had over $84M in volume), but it wasn’t enough to raise year-end totals enough to match/exceed 2012 levels.After December 2012‘s unprecedented sales frenzy, 2013 struggled to catch up with the sales pace of 2012 from January on. In August, the number of YTD transactions finally surpassed those seen in 2012 and with October’s 71 sales totaling over $143M, 2013’s YTD dollar volume finally exceeded 2012 YTD levels. Unfortunately, a lackluster 36 sales totaling $57M in November and solid December couldn’t prevent year-end results from falling 2.7% (13) behind in transactions and 7.9% (64.2M) behind in dollar volume for the year.

Dollar Volume and Number of Properties Sold By Month(compared to previous year)

Property closings were down 20% from Q4 2012 activity resulting in a 16.5% drop in dollar volume.

Sales under $1M made up 47% of transactions.

At A Glance...

Properties Sold $ Volume Sold

Properties Sold $ Volume Sold

# Properties Sold $ Volume Sold

Land 9 $8,455,500 17 $41,870,490 -47.06% -79.81%Commercial 2 $2,260,500 6 $11,845,002 -66.67% -80.92%Multi-Family 1 $850,000 0 $0 0.00% 0.00%Condos & Co-op 1 $520,000 5 $3,375,000 -80.00% -84.59%Single-Family 32 $61,495,125 40 $71,128,960 -20.00% -13.54%

45 $73,581,125 68 $128,219,452 -33.82% -42.61%

20122013 % Of Change From Last Year

December 2013 Activity Compared to December 2012 Activity

The Nantucket Real Estate Report

LEE REAL ESTATE A higher level of service 58 Main Street

Nantucket, MA 02554Telephone: 508.325.5800 | Fax: 508.228.6128

www.leerealestate.com

Residential Sales:December’s   34   residential   sales   were   signi4icantly   higher   than  the  27   sold   in  November   representing   an   increase   of  28.6%   in  total   dollar   volume.   Contributing   signi4icantly   to   the   month’s  volume   was   a   $18M   Monomoy   sale.   Condo   and   multi-­‐family  sales,   which   made   up   5.9%   of   residential   closings,   only  amounted  to  2.2%  of  dollar  volume.  As  seen  throughout  most  of  2013,   properties   selling   for   less   than  $1M  were   strong  making  up  over  47%  of  residential  transactions  during  the  month.

Land Sales:Last  month’s  9  land  sales  totaling  almost  $8.5M  (making  up  20%  of  total  transactions  and  11.5%  of  total  sales  volume)  were  equal  to   the  9   transactions   totaling   $8.3M   experienced   in  November.  The   94   land   sales   totaling   over   $118M   were   signi4icant    (compared   to   78   sales   totaling   $108M   in  2012)  with  inventory  remaining  fairly  consistent  with  64  parcels  currently  on-­‐market.  

Commercial  Sales:

There   were   2   commercial   transactions   in   December   totaling  $2.2M.   With   18   sales   totaling   $14.4M   in   2013,   sales   of  commercial  properties  may   only  be  3  properties   behind   the  21  sold  in  2012,  but  are  $21.2M  behind  its  $40M  in  dollar  volume.  

Availability:On   December   31st,   there   were   344   listings   on-­‐market,   275   of  which  were   residential;   compared   to   419   listings   at   the   end  of  November   (343   residential).   Of   the   27   properties   brought   to  market   in   December,   33.3%   (9   listings)  were   previous   listings  brought  back  on-­‐market  averaging  338  days  on-­‐market.

Bottom-­line:With   almost   3/4   of   a   billion   dollars   in  Nantucket   properties   trading   hands   last  year,   it  would  be  easy  to  focus  on  the  “big  sales”  -­‐  properties  selling  for  $3M...$7M...$10M...$20M   and   more   (granted,   those  50  sales  over  $3M  totaled  $332M  making  up  44.4%  of  total  dollar  volume  yet  only  10.8%   of   transactions);   but   there’s  more...• There   are   now   343   new   homeowners  and  165  of  them  purchased  their  home  for  less  than  $1M.  

• There   are   94   new   land   owners   who  purchased   a   total   of  almost   129  acres  that  are  sure  to  be  developed  some  day.

• 18   commercial   properties   changed  hands   with   only   one   selling   for   more  than  $1.5M.  

Ever   hear   the   old   adage   that   the   best  time  to   invest  in  real  estate  was  10  years  ago?  While   it  may   not   be   so   true   today,  465  new  Nantucket  property  owners  are  betting   that   10   years   from   now   it   will  be...and  I  think  they’re  right.

Dan  Dunlap

Land Parcels Selling Price

% of Final Asking Price**

% of Original Price**

Lot size (sq. ft.)

Price per sq. ft.

Days On Market

10 Spearhead Road $210,000 *N/A *N/A 5,227 $40.17 *N/A

12 1/2 Pine Tree Rd $239,500 92.47% 92.47% 5,227 $45.82 104

18 Bayberry Lane portion of $286,000 *N/A *N/A *N/A *N/A *N/A

6 Sleepy Hollow Road $295,000 *N/A *N/A 10,019 $29.44 *N/A

92 Goldfinch Drive $310,000 88.83% 88.83% 5,227 $59.31 41

62 South Shore Road $565,000 94.96% 94.96% 80,150 $7.05 4

13 Swayzes Drive $725,000 91.19% 91.19% 26,136 $27.74 821

12 Oak Hollow Ln Lot # 2 & #3 $1,325,000 87.17% 87.17% 87,991 $15.06 84

78 Union Street $4,500,000 *N/A *N/A 40,075 $112.29 *N/ATotal Land Sales $8,455,500

Average: $939,500 90.9% 90.9% 32,507 $42.11 211Median Of All Land Sales: $310,000 91.2% 91.2% 18,077 $34.81 84

Commercial Properties Selling Price

% of Final Asking Price**

% of Original Price**

Price per sq. ft (space)

Space (sq. ft.)

Days On Market

44 Center Street # Unit 2 $830,000 92.74% 92.74% $1,456.14 570 104

24 Amelia Drive $1,430,500 95.69% 95.69% $236.52 6,048 135Total Commercial Sales $2,260,500

Average: $1,130,250 94.2% 94.2% $846.33 3,309 120

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

33 South Cambridge Street $325,000 98.48% 98.48% $245.28 Condo 1 1,325 3 2

8 Nickanoose Way $450,000 *N/A *N/A $331.37 Condo *N/A 1,358 3 2

15 Pine Tree Road # Front $520,000 96.30% 96.30% $257.94 Condo 2 2,016 3 2.5

21 Woodland Drive $545,000 100.00% 100.00% $432.54 Condo 5 1,260 4 2

252 Madaket Road $675,000 *N/A *N/A $514.48 Condo *N/A 1,312 3 3

9 Ipswich Street $685,000 *N/A *N/A $411.66 7,841 *N/A 1,664 3 2

52 Miacomet Avenue $692,000 92.39% 87.04% $360.42 23,087 177 1,920 3 2.5

1 South Cambridge Street $692,500 99.64% 99.64% $636.49 27,878 10 1,088 3 2

11 Hawthorne Lane $716,100 86.38% 86.38% $495.57 37,026 127 1,445 3 2

59 Goldfinch Drive $740,000 92.85% 87.57% $328.89 5,663 296 2,250 3 2.5

8 Bluebird Lane $845,000 88.95% 85.44% $315.30 6,534 542 2,680 5 3.5

1 Gardner Perry Lane $845,000 84.92% 84.92% $273.99 10,454 11 3,084 0 0

17 Cynthia Lane $850,000 *N/A *N/A $282.20 6,743 *N/A 3,012 7 6

34 Long Pond Drive $850,000 94.55% 58.62% $261.30 45,302 534 3,253 4 3.5

154 Surfside Road $870,000 88.78% 82.86% $679.69 12,632 431 1,280 3 2

15 Meadow View Drive $925,000 92.96% 82.22% $658.83 20,038 183 1,404 3 2

4B Evergreen Way $1,000,000 86.96% 86.96% $1,818.18 54,886 74 550 4 4

67 North Liberty Street $1,065,000 99.07% 76.34% $608.57 5,663 195 1,750 3 2

21 Kendrick Street $1,100,000 81.18% 81.18% $440.00 161,172 154 2,500 4 2.5

6 & 8 Lily Street $1,200,000 92.38% 92.38% $969.31 4,792 0 1,238 5 2.5

6 King Street $1,225,000 90.74% 90.74% $883.20 3,485 144 1,387 4 3.5

42 Union Street $1,250,000 89.29% 83.33% $362.84 10,890 260 3,445 0 0

3 Plainfield Road $1,250,000 87.72% 78.37% $463.99 20,909 359 2,694 4 3

7 Paul Jones Road $1,385,000 92.64% 92.64% $775.91 7,405 160 1,785 4 2.5

1 New Street $1,525,000 95.61% 95.61% $847.69 9,148 29 1,799 3 2.5

9 E Street $1,700,000 77.27% 70.83% $1,339.64 11,326 159 1,269 1 2

27 North Beach Street $1,775,000 88.97% 80.87% $834.51 8,712 150 2,127 5 3.5

14 Nonantum Avenue $1,870,000 100.00% 100.00% $404.76 34,848 27 4,620 6 7

29B Brewster Road $2,250,000 91.84% 81.82% $793.93 43,560 529 2,834 4 3.5

1 Esthers Island Road $2,600,000 78.91% 78.91% $1,083.33 600,257 133 2,400 3 1.5

9 Hoicks Hollow Road $2,644,525 92.79% 81.37% $864.51 126,324 153 3,059 5 5

75 Cliff Road $4,850,000 97.10% 92.38% $1,637.96 11,761 188 2,961 6 5.5

12 Wannacomet Road (9 Maxey Pond Road) $4,950,000 100.00% 100.00% $888.69 100,624 39 5,570 5 5.5

48 Monomoy Road $18,000,000 78.28% 78.28% $3,441.02 43,996 230 5,231 6 7.5

Total Residential Sales $62,865,125

Average: $1,848,974 87.7% 86.4% $733.65 50,447 177 2,281 4 3Median Of All Residential Sales: $1,032,500 92.4% 85.9% $561.53 12,632 154 1,968 3.5 2.5

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

Properties Sold In December 2013 (excluding foreclosures)

Area Total Num

Avg DOM

AVG Asking Price

Brant Point 14 362 $4,591,071 $2,045,000 3 17.6% 7 13 293 $3,479,231 $3,205,769 $3,017,385 93.7% 5.3

Cisco 2 140 $1,295,000 $1,295,000 1 33.3% 4 6 124 $2,577,500 $2,461,500 $2,320,833 92.3% 1.7

Cliff 15 292 $7,537,200 $4,875,000 6 28.6% 22 22 179 $3,914,091 $3,812,864 $3,416,977 89.6% 3.2

Dionis 6 405 $6,896,667 $5,950,000 0 0.0% 5 6 170 $4,650,833 $4,150,833 $3,465,217 83.5% 6.0

Hummock Pond 5 181 $1,578,000 $1,575,000 2 28.6% 3 8 66 $1,477,388 $1,461,138 $1,342,838 89.6% 3.0

Madaket 13 512 $1,608,154 $1,195,000 2 13.3% 14 21 190 $1,077,143 $1,021,114 $906,476 88.2% 3.4

Madequecham 1 2156 $2,695,000 $2,695,000 2 66.7% 2 3 922 $1,563,333 $1,298,333 $1,206,667 92.9% 1.2

Miacomet 6 134 $3,458,833 $2,330,000 2 25.0% 7 10 79 $947,650 $934,550 $900,350 95.6% 3.0

Mid Island 22 143 $1,029,995 $727,000 12 35.3% 22 57 163 $549,963 $533,595 $509,367 94.7% 1.9

Monomoy 6 442 $7,872,500 $6,647,500 1 14.3% 11 8 204 $4,998,000 $4,947,500 $4,058,250 82.9% 4.0

Nashaquisset 1 68 $749,000 $749,000 0 0.0% 3 4 39 $741,750 $741,750 $722,375 96.9% 1.5

Naushop 5 145 $769,400 $789,000 3 37.5% 6 18 106 $622,000 $740,500 $711,361 94.8% 1.4

Pocomo 6 207 $5,601,667 $5,747,500 1 14.3% 5 1 148 $12,995,000 $12,995,000 $11,200,000 86.2% 18.0

Polpis 10 229 $8,937,000 $4,322,500 0 0.0% 5 4 159 $5,668,250 $5,573,250 $5,394,500 96.3% 15.0

Quaise, Shimmo & Shawkemo 6 497 $8,168,333 $8,745,000 0 0.0% 4 4 24 $4,941,000 $4,941,000 $4,775,000 96.5% 9.0

Quidnet & Squam 2 222 $12,425,000 $12,425,000 0 0.0% 4 4 155 $10,454,750 $9,906,000 $9,457,250 93.4% 3.0

Sconset 30 263 $2,527,633 $1,947,500 2 6.3% 25 30 174 $2,731,600 $2,652,033 $2,407,606 89.8% 5.6

South of Town 1 248 $1,695,000 $1,695,000 0 0.0% 3 7 137 $934,924 $917,052 $887,352 96.6% 0.9

Surfside 17 164 $1,477,941 $1,050,000 6 26.1% 20 23 130 $1,389,640 $1,349,423 $1,277,995 93.7% 3.5

Tom Nevers 18 158 $1,854,167 $1,495,000 2 10.0% 14 17 201 $1,768,941 $1,623,588 $1,502,353 92.3% 5.7

Town 76 430 $2,753,934 $1,995,000 7 8.4% 74 77 215 $1,614,852 $1,502,902 $1,363,712 90.3% 5.4

Wauwinet 7 539 $2,175,571 $1,695,000 1 12.5% 6 5 246 $2,095,760 $1,846,760 $1,747,760 93.4% 7.0

West of Town 6 268 $4,905,000 $3,462,500 2 25.0% 3 9 146 $1,202,333 $1,205,111 $1,137,111 94.1% 3.3

All Residential 275 342 $3,399,491 $1,995,000 55 269 357 178 $1,967,034 $1,885,135 $1,724,849 90.8% 4.0

Area Total Num

Avg DOM

AVG Asking Price

Land 59 326 $1,919,254 $1,000,000 12 16.9% 38 94 N/A $1,308,353 $1,292,694 $1,258,162 95.7% 3.3Data Source: LINK Nantucket

Real Estate Activity On Nantucket

Pending Sales

For Sale

Off-Market In The Last 6 Months Inventory Available

Sold In 2013

Avg Orig List Price

Avg Final Listing Price

Avg Sale Price

Residental Properties Median Asking Price

Total Num

% Pending To Listings

Total Num

*Sale Price

To ListMonths

LandMedian

Asking PriceTotal Num

% Pending To Listings

Total Num

Total Num

Avg DOM

Avg Orig List Price

Avg Final Listing Price

Avg Sale Price

*Sale Price

To ListMonths

Total Num

Avg DOM