Nantucket Housing Needs Covenant Program Statistics
Currently, there are 43 homes in the Covenant Program. Since the program's inception in 2003, there have been 53 transactions of these homes. Ten of these transactions were resales, and one was a foreclosure.
Number of Sales per Price Range:
|
|
'03 |
'04 |
'05 |
'06 |
'07 |
'08 |
'09 |
'10 |
'11 |
'12 |
<$300K |
|
|
1 |
1 |
4 |
|
|
|
|
|
$300K-$349K |
|
1 |
|
2 |
|
|
|
|
|
|
$350K-$399K |
1 |
8 |
3 |
4 |
3 |
|
|
1 |
|
|
$400K-$449K |
|
2 |
4 |
3 |
6 |
1 |
2 |
|
|
|
$450K-$499K |
|
|
|
|
|
1 |
1 |
1 |
|
|
$500K-$549K |
|
|
|
|
|
|
|
1 |
1 |
1 |
>$550K |
|
|
|
|
|
|
|
|
|
|
Total |
1 |
11 |
8 |
10 |
13 |
2 |
3 |
3 |
1 |
1 |
The Resale Market
Once the covenant home is owned by an income qualified purchaser/s, they may resell it at any time to another qualified purchaser. A common concerm among Covenant Home buyers is whether they will realize a profit when they resell. The following chart represents the resale price as a percentage of the purchase price:
Resale Price as % of Purchase Price |
Number of Resales in this Range |
125%-130% |
1 |
120%-124% |
1 |
115%-119% |
1 |
110%-114% |
0 |
105%-109% |
2 |
100%-104% |
2 |
95%-99% |
2 |
90%-85% |
1 |
Total |
10 |
The following graph shows the Maximum Sales Price Cap as it relates to the Median and Average Transaction values:
Historical Data on the Maximum Sales Price Cap and the values which determine this number is shown below:
Maximum Sales Price Historical Data |
|
|
|
|
Year |
Max Sales Price Cap |
Median Family Income |
Interest Rates |
2012 |
$ 707,896 |
$ 103,300 |
4.50% |
2011 |
$ 570,746 |
$ 89,500 |
5.13% |
2010 |
$ 514,833 |
$ 88,900 |
6.00% |
2009 |
$ 523,333 |
$ 84,400 |
5.38% |
2008 |
$ 461,296 |
$ 81,800 |
6.25% |
2007 |
$ 449,912 |
$ 81,900 |
6.50% |
2006 |
$ 442,498 |
$ 80,550 |
6.50% |
2005 |
$ 445,164 |
$ 77,900 |
6.10% |
2004 |
$ 433,562 |
$ 74,900 |
6.00% |
2003 |
$ 406,162 |
$ 68,500 |
5.75% |
How do future interest rates and median income affect the Maximum Sales Price Cap? Please download our spreadsheet and manipulate the figures to reflect your views:
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