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