Archive for the 'Provincetown Sales Activity' Category

The year-end numbers are in!  We will review the final sales figures for Provincetown from MLS along with a comparative analysis of this year in relation to the prior two years.

Our data comes from the Multiple Listing Service and does not include private sales.  The vast majority of sales that occur in this market are MLS sales.

There were 144 properties sold in Provincetown in 2009 with a total sales volume of $67,930,378.

There were 151 properties sold in Provincetown in 2008 with a total sales volume of $88,098,251.*

There were 165 properties sold in Provincetown in 2007 with a total sales volume of $85,902,800.

* Sales figures exclude timeshare properties.

Table 1:  Number of Properties sold with Median Sale prices.

The median reflects the sales price that is exactly in the middle of all the figures for that category.  For example, if 26 properties sold, 13 were priced above the median, and 13 were priced below the median.

Table 2:  Average Days on Market of Sold Properties

Table 3: Percentage of Sale Price to List Price

Activity Summary

During the first part of 2009, sales activity was extremely slow.  Following the collapse of Lehman Brothers and all the government bailout activity last fall, the real estate market in Provincetown was at a virtual standstill for early months of the year.  Sometime in June, however, the market came alive again, and sales activity ramped up and continued steadily until the end of the year.  83% of this year’s sales occurred after June 1.

Highs and Lows

The lowest priced residential property to sell this year was a studio condominium 54 Bradford Street #2-3 at the Shank Painter Sails Condominiums in the center of town.  The unit has 280 SF and sold for $137,000.

The highest priced property to sell was a single family home at 9 Oppen Lane.  The property sits high atop a hill in the West End and offers nice privacy and some of Provincetown’s most extraordinary views.  The house was gutted following a fire, and was purchased in an unfinished state.  It has 4BR and 3BA with 3666SF.  It sold for $1,600,000. Atlantic Bay Sotheby’s proudly represented both the buyers and the sellers in this chart topping transaction.

The summer real estate market picked up markedly beginning in June and July, resulting in many third quarter sales. Many buyers, who had been waiting out the market for the past few years, came off the sidelines this summer and decided to buy. Low interest rates and the first time homebuyer credit have also helped to spur activity. The general feeling is that the market has leveled off and is not expected to drop significantly further. Despite the increased summer activity, the number of sales in Provincetown and Truro are still down about 50% off of last year’s figures while Wellfleet held fairly even with last year’s sales (which had already suffered a large decrease over the previous year).

The following charts compare year-to-date sales figures with the same period last year and report on the average Days on Market of the property that sold.

Provincetown

The most active segment of the condominium market has been in the $300K – $600K range, which is accounts for 36 of the 55 sales and comprises 16 of the 30 pending sales.  In the single family market, most of the activity is in the $750K and under market, with 9 sales thus far in this category and 6 more pending.

Truro

Most of the activity in Truro is in lower priced single family homes.  8 of the 15 sales were under 600K.  3 Sales were between 600K-800K and 4 were over 1M.  There have been no sales this year between 800K – 1M.

Wellfleet

In Wellfleet, interest in single family homes comprises most of the activity in this market.  The heaviest concentration of sales has been between 300K-600K, with all of the sales being under 900K.