The year-end numbers are in! Over the next few updates, we will review the final sales figures from MLS along with a comparative analysis of this year in relation to the prior two years. We’ll start with Provincetown this week, and we’ll look at Truro and Wellfleet in the coming weeks.
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 172 properties sold in Provincetown in 2010 with a total sales volume of $92,695,116.
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.*
* Sales figures exclude timeshare properties.
Table 1: Number of Properties sold with Average Sale prices.
| 2010
# Properties Sold/Average Price |
2009
# Properties Sold/Average Price |
2008
# Properties Sold/Average Price |
|
| Single Family | 23 / $1,086,804 | 25/$718,284 | 31 / $971,742 |
| Income/Multi Family | 8 / $719,563 | 8/$662,301 | 8 / $906,250 |
| Lots and Land | 6 / $257,167 | 2/$235,000 | 2 / $387,500 |
| Comm/Indust/Bus | 5 / $415,500 | 5 / $316,750 | 3 / $1,015,000 |
| Condominium | 124 / $395,094 | 104/$412,864 | 105 / $319,551 |
| Hotel/Motel | 6 / 1,555,000 | 0/0 | 2 / $3,525,000 |
| TOTAL | 172 Properties Sold | 144 Properties Sold | 151 Properties Sold |
Table 2: Average Days on Market of Sold Properties
| 2010 | 2009 | 2008 | |
| Single Family | 287 | 279 | 292 |
| Income/Multi Family | 186 | 115 | 362 |
| Lots and Land | 498 | 719 | 462 |
| Comm/Indust/Bus | 343 | 218 | 374 |
| Condominium | 249 | 213 | 155 |
| Hotel/Motel | 550 | — | 65 |
Table 3: Percentage of Sale Price to List Price
| 2010 | 2009 | 2008 | |
| Single Family | 90.66% | 90% | 83% |
| Income/Multi Family | 91.9% | 87% | 84% |
| Lots and Land | 66.77% | 62% | 89% |
| Comm/Indust/Bus | 88.7% | 76% | 86% |
| Condominium | 92.61% | 93% | 94% |
| Hotel/Motel | 87.01 | — | 78% |
Activity Summary
This year’s market activity shows promise for the end of the downturn. Sales volume was up almost 30% over last year and the number of transactions are up significantly. The most notable segment of the market to demonstrate a rebound is the Hotel/Motel category. With no guest house transactions since July of 2008, we saw 7 transfer in 2010 (1 was a non-mls sale and does not appear in the above statistics). It’s also notable that there were 6 land sales in 2010 versus 2 in 2009.
From our perspective, we saw many buyers coming back to the market. The selling season was steady throughout last year without any lulls in activity. In addition, it appears that the volume of inventory is finally lessening, which bodes well for values holding steady.
Highs and Lows
The lowest priced residential property to sell last year was a bank owned studio condominium at Ship’s Bell Condominium at 586 Commercial Street. The unit has 285 SF and sold for $130,000.
The highest priced property to sell was a single family home at 7 Harbour Drive in the East End’s newly built subdivision, Bay Harbour. The brand new 5BR/4.5BA 4000 SF single family home sits right on the beach and offers extraordinary views of Provincetown. The construction and finishes are all high-end and the property also has a detached garage. It sold for $3,000,000 at the end of July 2010. (2009’s highest priced sale was $1,600,000).