May 2020
THENANTUCKETREALESTATEREPORT
17BDaffodilLane$740,000
43DaysOnMarket
248&250PolpisRoad$23,500,000
203DaysOnMarket
4ForrestAvenue$1,150,000NotOnMarket
DanDunlap,Broker&MarketAnalyst
Bottom-line:Newnormal,recession,V-Shapedrecoveryand social distance are just a few termsbeingusedduringtheseunusualtimesandtheresultingimpactonoureconomy.Whetheryou live inL.A.,N.Y.C.,BostonorNantucket,allhavebeenimpactedbywhatthe killing of George Floyd andCOVID-19hasunleashed-socially,economicallyandpsychologically.With the lowest number of May closingssince2008andlowestdollarvolumesince2013 (would have been the lowest Maydollar volume since2011had it notbeenfor one $23.5M sale), Nantucket’s realestatemarketismerelyare\lectionoftheturmoilexperiencednationwide.However, while YTD sales activity andclosings are down from previous levels,interest in Nantucket real estate has notreallywained.BuyersandSellerscontinueto re-evaluate their options with brokersisland-wide \ielding new inquiries,showing properties and bringing on newlistings(14.4%higherthanlastmonth).Inthe\irst10daysofJunetherehavebeen4 accepted offers, 6 propertiesmoving toPurchase & Sale and 4 closings reported.This is the same number of closings, 2feweracceptedoffersandPurchase&SaleAgreementsthanin2019.Buyer’s continue to actively look for newopportunities and deals are comingtogetherbecauseNantucketisasafebet.
(Million)
With19fewertransactionsthisMaythanlast,dollarvolumewas$25.5Mlowerbutaveragepricesincreased$799,466(37.3%)duetoonesalefor$23,500,000.
MaySalesActivity
$23
$45
$68
$90
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Dollar Volume Number of Sales
19
383033
4031
42384130
$56
$81
$52$61
$68$58
$65$53
$81
$37
19
383033
4031
42384130
May2020SalesSta,s,cs
PropertyTypes SalesThisMonth
ChangeFromLastYear+/-
AverageDaysOn-Market*
%ofRecentAskingPrice*
NumberofProperties
CurrentlyOn-Market
Land $1,150,000 $2,385,000#ofSales 1 3 N/A N/A 55AveragePrice $1,150,000 $266,250Commercial $2,600,000 $6,305,000#ofSales 1 1 N/A N/A 15AveragePrice $2,600,000 $1,852,500Multi-Family $0 $1,633,000#ofSales 0 1 N/A N/A 6AveragePrice $0 $1,633,000Condos&Co-op $0 $4,667,000#ofSales 0 4 N/A N/A 11AveragePrice $0 $1,166,750Single-Family $52,171,350 $10,551,650#ofSales 17 10 121 89.8% 238AveragePrice $3,068,903 $745,829AllSales $55,921,350 $25,541,650#ofSales 19 19 121 89.8% 325AveragePrice $2,943,229 $799,466*Soldthrougharealestate\irm
LowestResidentialSaleHighestResidentialSale HighestLandSale
<$750K
$751K-$1M
$1M-$1.5M
$1.5M-$2M
$2M-$2.5M
$2.5M-$3M
$3M-$3.5M
$3.5M-$4M
>$4M 2
1
1
2
1
4
4
2
88.5%
92%
81.9%
93.7%
90.6%
96.8%
97%
87.6%
92%
81.9%
93.7%
72.4%
96.8%
83.5%
%OfOriginalPrice %OfMostRecentPrice• 58.8%ofresidentialsalesinMaysoldforlessthan$1.5M.
• 11.8%ofresidentialsaleswereformorethan$4M
ComparedtolastMaytherewere:• 15fewerresidentialclosings,• 4feweracceptedoffers,and• 14fewerpricereductions
2015 2016 2017 2018 2019 2020
17
32
2226
32
26
48
3
1815
20
14
28
2025
21
13
PriceReductions AcceptedOffers NumberofClosings
May’sResidentialStatistics
AverageDaysOn-Market
121
LandCommercialMulti-familyCondo's&Coop'sSingle-family
NumbersoldbypricepointAveragesalepriceasa%ofaskingprice
NoSales
NeithersoldthrougharealestateOirm
(soldthrougharealestateairm)
(Million)
(Million)
Year-To-YearComparison
$125
$250
$375
$500
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
113149192163196
148181132145122
$277$303
$411
$300$335$268$289
$152$221
$150
113149192163196
148181132145122
With36fewertransactionsthanlastyear-to-date,dollarvolumeis$26.2Mlower.
The16residentialpropertiessellingformorethan$4MYTDmakeup44.1%ofthisyear’stotaldollarvolumewhilethosesellingforlessthan$1.5Mmakeup18.5%butaccountfor52.2%ofsales.
10 South Beach Street | Nantucket, MA 02554 | 508.325.5800 | leerealestate.com
MonthsofInventoryCurrentlyOn-Market
14
19
18
PropertiesCurrentlyUnderContract
21
3
Land Commercial Residential
PercentOn-MarketLessThan100Days
32.9%34.5%
With43fewertransactionsthanlastyear,dollarvolumeis$74.2Mor35.9%lower.
Whileareductionwasexpected,thisisthelowestdollarvolumesince2013andfewestnumberof
transactionssince2009.
DollarVolume&NumberOfTransactions(ForSame3-MonthPeriodEndingMay31st)
2016
2017
2018
2019
2020
Properties Sold $ Volume$133
$207$194$193$21157
1009697
120
57
1009697
120
Year-to-dateRealEstateActivity
31.7%ofalllistings
CombinedAsk$58,084,000
Year-to-dateDollarVolume
Year-to-dateTransac,ons
AverageDaysOn-Market*
%ofRecentAskingPrice*
AverageSalePrice
MedianSalePrice
Land $19,172,700 15 192 97.4% $1,278,180 $845,750Commercial $6,985,000 4 124 99.1% $1,746,250 $2,005,000Residen,al $251,052,540 94 226 90.3% $2,670,772 $1,772,500AllProper,es $277,210,240 113 219 90.9% $2,453,188 $1,650,000
*Soldthrougharealestate\irm
Properties Sold In May 2020
(excludes foreclosures, timeshares and yardsales)
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
1 Webster Road $425,000 N/A* N/A* $353.87 27,007 N/A* 1,201 1 1
17 B Daffodil Lane $740,000 N/A* N/A* $1,067.82 7,405 N/A* 693 2 1
33 South Shore Road $775,000 N/A* N/A* $1,614.58 50,094 N/A* 480 1 1
19A Waydale Road $820,000 99.4% 99.4% $853.28 10,001 21 961 2 1
34 Fairgrounds Road $850,000 N/A* N/A* $522.11 34,848 N/A* 1,628 2 2
12 Margarets Way $950,000 95.0% 73.4% $455.85 121,968 181 2,084 3 2
15 Longwood Drive $1,325,000 100.0% 100.0% $637.02 119,790 21 2,080 3 2
8 Bayberry Lane $1,350,000 96.8% 96.8% $803.57 45,738 52 1,680 2 1
24 Lincoln Street $1,387,500 94.1% 94.1% $1,401.52 9,082 41 990 4 2
9 Swift Rock Road $1,400,000 N/A* N/A* $930.85 43,560 N/A* 1,504 3 2
73 Baxter Road $1,807,000 90.6% 72.4% $887.09 22,651 272 2,037 5 3
2 Blazing Star Road $2,266,850 94.6% 94.6% $660.50 4 122 3,432 4 4
42.5 Union Street $2,400,000 92.8% 92.8% $1,142.86 2,993 88 2,100 3 3
13 Quidnet Road $2,700,000 81.9% 81.9% $447.32 121,968 0 6,036 5 5
2 Kite Hill Lane $3,400,000 92.0% 92.0% $876.06 23,958 97 3,881 5 5
63 Boulevarde $6,075,000 91.0% 86.8% $1,121.06 34,256 351 5,419 5 5
248 & 250 Polpis Road $23,500,000 87.9% 87.9% $2,610.82 447,361 203 9,001 9 9
Total Residential Sales $52,171,350
Average: $3,068,903 93.0% 89.3% $963.89 66,040 121 2,659 3 3Median Of All Residential Sales: $1,387,500 93.5% 92.4% $876.06 34,256 93 2,037 3 2
Land Parcels Selling Price
% of Final Asking Price**
% of Original Price**
Lot size (sq. ft.)
Price per sq. ft.
Days On Market
4 Forrest Avenue $1,150,000 N/A* N/A* 22,651 $50.77 N/A*Total Land Sales $1,150,000
Average: $1,150,000 N/A N/A 22,651 $50.77 N/AMedian Of All Land Sales: $1,150,000 N/A N/A 22,651 $50.77 N/A
Commercial Properties Selling Price
% of Final Asking Price**
% of Original Price**
Lot size (sq. ft.)
Price per sq. ft.
Days On Market
Living Area Sq. Ft. Beds Baths
2 Teasdale Circle $2,600,000 N/A* N/A* 43,560 $429.61 N/A* 6,052 0 1Total Commercial Sales $2,600,000
Average: $2,600,000 N/A N/A 43,560 $429.61 N/A 6,052 0 1Median Of All Commercial Sales: $2,600,000 N/A N/A 43,560 $429.61 N/A 6,052 0 1
Current Inventory
Area Total Num
Avg DOM
AVG Asking Price
Brant Point 18 263 $6,841,333 $4,747,500 0 0.0% 1 336 $7,895,000 $7,575,000 $7,100,000 93.7% 90
Cisco 3 51 $4,389,667 $5,250,000 1 25.0% 2 184 $3,445,000 $2,974,500 $2,518,750 84.7% 8
Cliff 22 242 $7,410,909 $5,422,500 1 4.3% 8 180 $7,990,000 $7,849,375 $6,979,688 88.9% 14
Dionis 7 502 $8,432,857 $7,950,000 0 0.0% 1 n/a $1,400,000 $1,400,000 $1,400,000 0.0% 35
Hummock Pond 9 166 $3,151,111 $2,995,000 0 0.0% 3 223 $2,380,000 $2,328,333 $2,228,333 95.7% 15Madaket & Tuckernuck
11 286 $3,243,545 $2,495,000 1 8.3% 6 82 $956,250 $932,083 $876,667 92.8% 9
Madequecham 3 96 $3,753,000 $1,725,000 0 0.0% 0 n/a $0 $0 $0 0.0% N/A
Miacomet 8 209 $2,147,375 $1,667,500 2 20.0% 4 198 $1,743,750 $1,613,750 $1,557,500 0.0% 10
Mid Island 21 191 $1,277,143 $995,000 3 12.5% 18 123 $1,099,944 $1,053,722 $1,000,097 94.0% 6
Monomoy 3 54 $6,963,333 $8,900,000 0 0.0% 1 n/a $3,300,000 $3,300,000 $3,300,000 0.0% 15
Nashaquisset 0 0 $0 $0 0 0.0% 1 146 $1,399,000 $1,399,000 $1,325,000 94.7% 0
Naushop 5 245 $1,212,400 $1,247,000 2 28.6% 3 155 $1,311,333 $1,293,000 $1,208,333 93.5% 8
Pocomo 1 843 $2,100,000 $2,100,000 0 0.0% 0 n/a $0 $0 $0 0.0% N/A
Polpis 5 532 $3,646,000 $3,250,000 0 0.0% 2 218 $14,172,500 $14,172,500 $12,430,000 87.7% 13Quaise, Shimmo & Shawkemo
4 638 $5,598,500 $4,972,500 0 0.0% 3 261 $5,621,667 $5,521,667 $4,888,333 88.5% 7
Quidnet & Squam 5 432 $6,503,000 $4,995,000 2 28.6% 2 204 $3,397,500 $2,522,500 $2,175,000 86.2% 13
Sconset 24 189 $2,754,646 $2,547,000 1 4.0% 9 500 $2,743,333 $2,226,556 $2,048,556 92.0% 13
South of Town 0 0 $0 $0 0 0.0% 0 n/a $0 $0 $0 0.0% N/A
Surfside 15 274 $3,043,633 $2,500,000 2 11.8% 7 317 $3,217,143 $2,913,429 $2,654,550 90.8% 11
Tom Nevers 9 241 $2,559,444 $1,625,000 3 25.0% 2 146 $1,737,500 $1,737,500 $1,620,000 93.2% 23
Town 71 262 $3,735,775 $2,995,000 3 4.1% 18 178 $2,958,774 $2,723,219 $2,501,886 91.0% 20
Wauwinet 7 632 $7,406,429 $4,995,000 0 0.0% 2 n/a $5,140,000 $3,745,000 $3,394,000 90.6% 18
West of Town 4 246 $4,498,750 $4,950,000 0 0.0% 1 n/a $1,095,000 $1,295,000 $1,295,000 100.0% 20
All Residential 255 287 $3,942,124 $2,995,000 21 94 240 $3,145,877 $2,935,771 $2,670,772 92.3% 14
Type Total Num
Avg DOM
AVG Asking Price
Land 55 374 $1,806,964 $950,000 3 5.2% 15 192 $1,331,600 $1,308,600 $1,278,180 97.4% 18
Commercial 15 343 $3,185,000 $1,995,000 0 0.0% 4 124 $1,765,000 $1,765,000 $1,746,250 98.3% 19
*For sales through a real estate firm Data Source: LINK Nantucket, compiled by Dan Dunlap** Based on activity during this period
Avg Final Listing Price
Avg Sale PriceResidental Properties Median
Asking PriceTotal Num
% Pending To All
Listings
Pending Sales
For Sale
YTD 2020 Real Estate Activity
Sales 1/1/20 - 5/31/20
In Months**
Land & Commercial Median Asking Price
Total Num
% Pending To
Listings
Sale Price To Recent
Asking Price*Months**
Total Num
Avg DOM*
Total Num
Avg DOM*
Avg Orig List Price
Avg Final Listing Price
Avg Sale Price
Sale Price To Recent
Asking Price*
Avg Orig List Price
