Posted by
Dan Dunlap on Fri, Feb 17, 2012 @ 11:51 AM
For Nantucket real estate, the first 48 days of 2011 have been busy. Here are just a few interesting numbers compared to the same time period in 2010 and 2011...
Posted by
Dan Dunlap on Tue, Feb 07, 2012 @ 04:16 PM
While most of us have heard of Easy Street, very few of us actually know anyone who lives there. Fortunately, on Nantucket you don't have to "know someone" or "be somebody" to spend time on Easy Street, you just have to get there.
Nantucket's Easy Street is is just that...a place where you can take it easy. It's a great area to shop, wander through galleries, grab something to eat or simply take-in an incredible view of the harbor.
So the next time you're on Nantucket kick-back, relax and spend a little time on Easy Street; you'll be glad you did.
Oh, and if you're not exactly sure where it is, stop by upstairs at 58 Main Street and we'll point the way.
Posted by
Dan Dunlap on Wed, Feb 01, 2012 @ 02:42 PM
It is somewhat surprising that with so few people on-island this time of year, we are still very busy with real estate activity. Perhaps it is the intermittent warm and sunny days that has been stimulating property visits…perhaps it has simply been the ideal time to be looking for that perfect vacation home on an island 27 miles out to sea.
Whatever the reason, there are buying opportunities on Nantucket. Here’s a look at what happened in real estate on-island in 2011.
-
A total of 384 properties were sold. 2nd, 3rd and 4th Quarters tied in terms of the number of properties sold; there were 105 properties sold in each Quarter. 69 properties were sold during 1st Quarter. While the total number of properties sold declined 7.47% from the 415 properties sold in 2010, they were 21.86% higher than the 300 properties sold in 2009 and 25.78% higher than the 285 properties sold in 2009.
4th Quarter’s total volume of $172.48 million in sales was followed by 2nd Quarter’s $154.46 million, 3rd Quarter’s $141.46 million and 1st Quarter’s $74.01 million.
The average real estate transaction in 2011 was $1.413 million, which was 15.03% lower than 2010’s $1.663 average sale price, 4.78% lower than 2009’s $1.484 average sale price and 29.1% lower than 2008’s $1.993 million average sale price.
Average home price in 2011 was $1.635 million, 26.15% lower than 2010’s average price of $2.214 million, 26.88% lower than 2009’s average price of $2.236 million and 36.16% lower than 2008’s average price of $2.561M.
Single-family dwellings sold, on average, for approximately 88.5% of their most recent asking price, 83.1% of their original asking price and 101% of their current tax valuation. Moreover, while there were exceptions, since late 2010 we have continued to observe a strong correlation between a property's tax valuation and its actual selling price.
The good news: the number of island foreclosures dropped to its lowest point in three years to 23 units representing 2% of market (down from 35 units and 7% of market in 2010 and 25 units and 6% of market in 2009).
Average sale price for land was $1.853 million for a 76.48% increase over 2010’s average sale price of $1.050, 128.2% higher than 2009’s average sale price of $812,000 and 19.55% higher than 2008’s average sale price of $1.550 million.
In 2011 four land parcels sold for more than $5 million each (ranging from $5M – 12.6M). Without these properties, average land prices were $1,063,350 or 1.28% higher than 2010’s average sale price and 30.9% higher than 2009’s average sale price.
The change in Nantucket sale prices in 2011 definitely reflects the downward correction many primary housing markets have also experienced. However, the difference is that while most primary markets experienced this adjustment within about a two-year period it took nearly four years to equally affect real estate values here on-island.
Conclusion: We may have reached our market’s low point. In December 2011 and January 2012 there has been increased activity that’s translated into sales. Buying opportunities exist and this may be a very good time to invest in Nantucket real estate. For Sellers, this may be a good time to list their property. Inventory is at its lowest point, for this time of year, since 2008…a good environment to introduce properties into the marketplace.
Posted by
Dan Dunlap on Mon, Jan 23, 2012 @ 02:26 PM
The following information reflects the results of Lee Real Estate's sales efforts in 'Sconset in 2011.
For only 29.5 square miles in size, the diversity found on Nantucket is truly surprising. Diversity found not only in its population, but in the style, architecture and lifestyle of the people who live here (part-time and full-time). Each area of the island has its own personality and the variety of homes is as varied as the individuals who inhabit them…but you need to spend some time on-island to really know that.
To a person who has never been to our island, Nantucket may look like a bunch of homogenous gray-shingled houses – right? Wrong - Nantucket couldn't be more diverse. From whaling captain's houses on Main and Orange Streets to cottages on Broadway in 'Sconset to sprawling estates on Eel Point in Dionis to beach homes in Madaket to the bustling neighborhood’s of Nashaquisset and Naushop, no two areas of the island are the same.
In fact, Nantucket homeowners are known to have a fairly intense preference for the area of the island where they reside, and no story exemplifies this better than the one told by Skip Cabot in Cary Hazlegrove's book Nantucket - Seasons on the Island.
As Mr. Cabot recalls, "I was in an airport in Athens, Greece, standing behind this lady in the ticket line, and she had a lightship basket. I tapped her on the sholder and said, "Ma'am, you're from Nantucket, so am I," and she said, "My dear, I'm from 'Sconset'". Maybe the lady from 'Sconset was simply proud of where she lives, or maybe she knew something Mr. Cabot didn't know at the time; that 'Sconset was going to be one of the hottest areas for real estate activity in 2011.
Real Estate Sold In Sconset
Number Of Properties Sold In Sconset
So the next time you see someone wearing a tee-shirt that says “Meet me at the gray shingled house with white trim”, smile - they’ve been to Nantucket and you understand what they mean.
Posted by
Dan Dunlap on Wed, Dec 07, 2011 @ 11:49 AM
While not normally the strongest real estate month on Nantucket; this past November was the 3rd highest volume month and 2nd highest month in number of units sold in 2011. November real estate sales were $65,730,500, or 17.32% higher than in October, only 5.33% lower than September and 42.3% higher than August. The actual number of properties sold increased slightly, up a little more than 10% from October’s numbers but 23.8% below September’s numbers.
Most telling is that in both 2009 and 2010, November was the 3rd and 4th (respectively) most active real estate month in terms of volume and 3rd most active month in terms of properties sold. During the first eleven months of 2011, only 2 months had higher sales volumes and a greater number of units sold than what occurred this past November.
A total of 32 properties sold on Nantucket in November 2011 compared to 39 in 2010 and 32 in 2009. While the number of properties sold were 17.9% below 2010 levels and equal to 2009 levels, the sales volume of $65,730,500 was 8.67% higher than 2010 levels and 9.84% above 2009 levels.
November also marked the fourth month in a row that the average and median price of properties sold on Nantucket increased. The average real estate transaction during the month of November was $2,054,078, compared to an average of $1,689,699 year to date. The median price for real estate purchased in November was $1,260,000, or 6.11% higher than the year to date median price of $1,187,500. Included in November's numbers were three sales over $4,000,000 (one of which was $17,000,000) which raised year to date average and median prices.
Below is a breakdown of single-family dwellings sold on Nantucket during November.
Bottom line: While the Nantucket real estate market may appear sluggish to some, November's numbers show continuing improvement in the marketplace. With 257 price reductions this year, 27 within the last 30 days, a significant portion of Nantucket real estate listed for sale has been repriced to reflect current market conditions. While inventory remains relatively high at 568 properties for sale (401 single-family dwellings), properties are selling. If you have been looking for property on Nantucket, December will provide ample opportunity to find what you’re looking for - both in price and location.
Posted by
Dan Dunlap on Sat, Nov 26, 2011 @ 07:09 AM
As we get closer to the end of 2011, we at Lee Real Estate are being asked if this is still a good time of year to try to sell property. "Isn't winter a poor time to put a house on the market; won't it just sit there and become stale?". "Isn't winter the slowest time of year for real estate?" "Shouldn't I wait until Spring and hope that real estate activity will be better in 2012?"
Nantucket is no different than anyplace else when it comes to housing inventory levels reflecting the healthiness of a particular real estate market. As experienced nationally, Nantucket's real estate environment has also been impacted by the high level of inventory available (575 properties currently for sale versus 647 in August).
But there is good news for sellers during this time of year:
- There are buyers. While waiting for prices to bottom out (or get close to it), they still want to buy property on Nantucket .
- Mortgage rates continue to remain at historically low levels.
- Because most sellers don't put their homes on the market during the last (or first) couple of months of the year inventory levels tend to dwindle, providing an opportunity for new listings.
While the real estate market in general tends to slow down over the holidays, now is a great time to take advantage of the increased visitor traffic Nantucket will enjoy in December by either listing your property or keeping it on-market through January.
Bottom line: Quality properties, competitvely priced, sell regardless of what time of year it is. Maybe that's why December has been the 3rd highest selling month for the past two years (after September and October).
Posted by
Dan Dunlap on Mon, Nov 07, 2011 @ 02:23 PM
September and October are traditionally strong real estate months on Nantucket; this year was no exception. While September 2011 sales were second only to June's sales numbers, they were still considerably below 2010 levels (both in number of properties sold and total dollar volume sold) but higher than 2009 levels, during this same time period. October 2011 sales were below 2009 and 2010 levels in both categories (number of properties and volume).
A total of 29 properties were sold in October 2011 compared to 51 in 2010 and 41 in 2009. While the number of properties sold were 43.1% below 2010 levels and 24.5% below 2009 levels, the sales volume of $56,024,346 was 44.5% lower than 2010 levels and 36.2% below 2009 levels.
October also marked the 4th straight month of steady increases in the average and median price of properties sold on Nantucket. The average real estate transaction during the month of October was $1,931,874 compared to an average of $1,463,960 year to date. The median price for real estate purchased in October was $1,290,000, or 33.47% higher than the year to date median price of $966,463.
Included in October's numbers was the sale of one residence that sold for $11,800,000. Without this particular transaction, October's numbers would have been significantly less.
Below is a breakdown of single-family dwellings sold on Nantucket during October.
Bottom line: While real estate activity remains somewhat sluggish on Nantucket, compared to previous years, prices are beginning to solidify. Lower priced properties have been moving throughout 2011 and higher priced properties are beginning to see more action. Inventory remains relatively high but properties are selling. If you have been looking for property on Nantucket, now may be a good time to be more agressive in your search.
Posted by
Dan Dunlap on Thu, Oct 27, 2011 @ 03:31 PM
Lee Real Estate announced the sale of 199 Eel Point Road today marking the first sale of a single-family residence above $10,000,000 in 2011. The sale price was $11,800,000, or 83.1% of original asking price and 195% of current assessed valuation. The property is only one of two properties sold in 2011 for more than $10,000,000 and the only personal residence to sell above that point.
While there have been 11 other properties sold for more than $5 million dollars this year, only seven were single-family dwellings and four were land sales. The closing price of 199 Eel Point Road was 71.9% higher than the next highest priced single-family home, 7 Huckleberry Lane at $6,865,000.
Posted by
Dan Dunlap on Tue, Oct 25, 2011 @ 05:35 AM
The sale of properties over $10 million has declined significantly on Nantucket with only one sale in excess of $10 million occurring through October 24th of this year. This marks an 86% decline in the number of properties sold at this price point and a 91.1% drop in total sales volume.
There were 8 real estate transactions on Nantucket priced higher than $10 million during the same time period in 2010. The one sale occurring this year was for 28.8% less than the average price paid in 2010 for similarly priced properties. While we expect a few more transactions in excess of $10 million to close before year-end, we do not expect to see anything near the volume or number of transactions that occured in 2010.
In case you're wondering: the lack of sales is not due to high-end properties not being available on Nantucket. There are currently 15 properties on-market with price tags ranging between $10,250,000 and $25,000,000. Now may be a great time to buy one...