Q1 2015


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Date: May 6, 2015

Nantucket Real Estate: First Quarter, 2015

1. $ Volume: Q1 2014 & Q1 2015

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Total Sales in the First Quarter (Q1) of 2015 were down by 8% compared to the First Quarter of 2014. The slight drop in sales could be perhaps attributed mostly to the bad weather conditions, which persisted throughout the first three months of the year and caused substantial damage. Heavy snow and wind not only froze local businesses but also made it difficult for potential buyers and sellers to travel to and from the island. There were quite a few days when the ferry lines and flights were canceled due to the inclement weather. Despite the harsh winter, it is still safe to conclude that real estate in 2015 is off to a good start.

1 (a) Each Property Type as a % of Total $ Volume

Q1 2015

Q1 2014 Residential

Commercial

Land

Residential

10%

6%

11%

Land

15%

79%

79%

1 (b) Total $ Volume for each Property Type

Q1 2014 and Q1 2015, $ Volume 2014

This year, the total dollar volume in Q1 for all property types was $156,175,882, which was $14,318,343 lower than last year. Residential and commercial sales were down by 8% and 55%, respectively, and land was up 38%. Table 1(c) lists the total dollar volume for all three main property types and their subcategories. In addition, section 1(b) graphically represents the dollar volume for the three main property types: residential, commercial and land. Single Family homes, which are the largest residential subcategory, attributed almost 80% of total sales in the Q1 of both 2014 and 2015. The pie charts in 1(a) represent each property type as a percentage of total sales for the Q1 in 2014 and 2015, respectively.

Commercial

2015

$133,850,225 $123,736,282

$19,533,000 $8,847,700

Residential

Commercial

$17,111,000

$23,591,900

Land

1 (c) Q1 2015 % change in $ Volume for each Property Type PROPERTY TYPE Residential ($) Single Family ($) Multi Family ($) Condo ($) Co-Op ($) Commercial ($) Land ($) Total ($)

Q1 2014 $133,850,225 $126,549,975 $3,763,750 $2,813,000 $723,500 $19,533,000 $17,111,000 $170,494,225

Island Properties Real Estate 35A Old South Road, Nantucket, Massachusetts. 02554 • (508) 228-6999

www.islandpropertiesre.com

Q1 2015 $123,736,282 $118,742,811 $1,410,000 $3,583,471 $0 $8,847,700 $23,591,900 $156,175,882

%+-8% -6% -63% 27% / -55% 38% -8%

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Island Properties Real Estate

Nantucket Real Estate: First Quarter, 2015

Real Estate Spotlight… Highest Sale: 62 Hulbert Avenue – Brant Point

This property sold on January 9th for 13% less than the original asking price. Selling Price: $10,875,000 Original Ask: $12,500,000 Days on Market: 384 Days to Sale: 497 Lowest Sale: 2 Sanford Road #2 - Mid Island, sold for $250,000.

2. # of Transactions: Q1 2014 & Q1 2015 There were 56 residential transactions in Q1 of this year, which was 31% lower than the same time period in 2014. This is attributed mostly to the significant drop in the number of sold Single Family homes, which is the main residential subcategory. In retrospective, that number in Q1 2014 was 71 compared to 47 this year. The number of commercial transactions increased by one, from 7 to 8, a 14% increase for this property type. In Q1, land sales have proven very popular with the number of land transactions significantly increased, by almost 80%. This jump in the sale of land is displayed on the pie charts in 2 (a). Furthermore, table 2(c) gives more details by showing the percentage change in the number of transactions in Q1 of this year for the three main property types and their subcategories. Overall, the number of all real estate transactions decreased by 13%, from around 102 transactions in Q1 2014 to 89 in Q1 2015.

2 (a) Each Property Type as % of Total # of Transactions

2015

2014 Residential

Commercial

Residential

Land

14%

Commercial

Land

28%

7% 9%

63%

79%

2 (b) # of Transitions for each Property Type

Q1 2014 and Q1 2015, # of Transactions 81 56

Residential

2014

2015

7

8

25

14

Commercial

Land

2 (c) Q1 2015 % change in # of Transactions for each Property Type PROPERTY TYPE Residential (#) Single Family (#) Multi Family (#) Condo (#) Co-Op (#) Commercial (#) Land (#) Total (#)

Q1 2014 81 71 3 6 1 7 14 102

Island Properties Real Estate 35A Old South Road, Nantucket, Massachusetts. 02554 • (508) 228-6999

www.islandpropertiesre.com

Q1 2015 56 47 2 7 0 8 25 89

%+-31% -34% -33% 17% / 14% 79% -13%

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Island Properties Real Estate

Nantucket Real Estate: First Quarter, 2015

3. Average & Median Selling Price: Q1 2014 & Q1 2015

The average selling price for residential properties was $2,209,576 but the median was $1,398,750. Both of these numbers are higher than in Q1 of 2014. The increase in the average price of residential real estate was driven by the increase in the price of its largest subcategory, single family homes. The average price for a single family home increased by 42% and was $2,526,443. This sounds like a significant increase, however, it is useful and relevant to look at the median selling price in parallel, which increased by 29% to $1,762,500. The average and median selling prices for the remaining residential categories, such as Multi Family and Condo, dropped and there were no co-ops sold in the Q1 of this year. The average and median prices for commercial and land listings decreased compared to the same quarter last year. Tables 3(a), 3(b) and 3(c) contain the specifics as well as the percentage change for each of these categories.

3 (a) Avg. Selling Price($) for each Property Type & Subcategories AVERAGE SELLING PRICE ($) Q1 2014

Q1 2015 $2,790,429

$2,526,443 $2,209,576 $1,652,472

$1,782,394 $1,254,583 $705,000 $511,924 $723,500 $468,833

$1,222,214 $1,105,963 $943,676

$0 Residential ($)Single Family Multi Family ($) ($)

Condo ($)

Co-Op ($)

Commercial ($)

Land ($)

3 (b) Median Selling Price($) for each Property Type & Subcategories MEDIAN SELLING PRICE ($) Q1 2014

Q1 2015

$1,762,500 $1,398,750 $1,262,500 $1,365,000

$1,413,750

$1,350,000

$723,500

$705,000 $500,000 $414,500

$1,222,214

$605,000

$750,000

$0 Residential Single Family Multi Family ($) ($) ($)

Condo ($)

Co-Op ($)

Commercial ($)

Land ($)

3 (c) Q1 2015 % change in Average & Median Selling Price ($)

 PROPERTY TYPE Residential ($) Single Family ($) Multi Family ($) Condo ($) Co-Op ($) Commercial ($) Land ($)

AVERGE SELLING PRICE, ($) Q1 2014 Q1 2015 %+$1,652,472 $2,209,576 34% $1,782,394 $2,526,443 42% $1,254,583 $705,000 -44% $468,833 $511,924 9% $723,500 $0 / $2,790,429 $1,105,963 -60% $1,222,214 $943,676 -23%

MEDIAN SELLING PRICE, ($) Q1 2014 Q1 2015 %+$1,262,500 $1,398,750 11% $1,365,000 $1,762,500 29% $1,413,750 $705,000 -50% $414,500 $500,000 21% $723,500 $0 / $1,350,000 $605,000 -55% $1,222,214 $750,000 -39%

Island Properties Real Estate 35A Old South Road, Nantucket, Massachusetts. 02554 • (508) 228-6999

www.islandpropertiesre.com

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Island Properties Real Estate

Nantucket Real Estate: First Quarter, 2015

In Focus… In the following section, there are 4 representative single family listings, which is the most popular and largest group in terms of the number of transactions as well as dollar volume. The following 4 single family listings are closest to the average and median price for the first quarter of 2015, as of today, May 5th, 2015. Keep in mind that these listings are just an example; prices typically vary depending on the property’s location, condition, year built, nearest comps, current market conditions, etc. However, the listings are intended to provide an idea of what the average and the median price could buy on Nantucket. As of May 5th, 2015 the listings below are closest to the average and median single-family home price in Q1, 2015 Average Price for Single Family Home in Q1 2015: $2,526,443 The following 2 listings are currently closest to the Q1 2015 Average Single Family Home Price. 27 Pine Street, Town, $2,495,000

Median Price for Single Family Home in Q1 2015: $1,762,500 The following 2 listings are currently closest to the Q1 2015 Median Single Family Home Price. 5 Chester Street, Town, $1,750,000

For details please visit:

For details please visit:

http://www.islandpropertiesre.com/listing/80202/27-pinestreet-nantucket-ma/

http://www.islandpropertiesre.com/listing/79404/5-chesterstreet-nantucket-ma/

32 Monomoy Road, Monomoy, $2,495,000

3 Finback Lane, South of Town, $1,750,000

For details please visit:

For details please visit:

http://www.islandpropertiesre.com/listing/80181/32monomoy-road-nantucket-ma/

http://www.islandpropertiesre.com/listing/80364/3-finbacklane-nantucket-ma/

* Sales data taken from LINK, all information is reliable but not guaranteed.

Island Properties Real Estate 35A Old South Road, Nantucket, Massachusetts. 02554 • (508) 228-6999

www.islandpropertiesre.com

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