Tag Archives: Provincetown Real Estate

Provincetown Real Estate Sales 2010 Wrap up

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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).

Provincetown 2009 Year End Sales Activity

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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.

2009

# Properties Sold/Median Price

2008

# Properties Sold/Median Price

2007

# Properties Sold/Median Price
Single Family

25/$590,000

31 / $694,000

26 / $682,500
Income/Multi Family

8/$527,000

8 /  $925,000

9 / $1,000,000
Lots and Land

2/$235,000

2 / $387,500

1 / $525,000
Comm/Indust/Bus

5 / $265,000

3 / $720,000

7 / $500,000
Condominium

104/$371,500

105 / $340,000

122 / $386,000
Hotel/Motel

0/0

2 / $3,525,000

0 /  0
TOTAL

144 Properties Sold

151 Properties Sold

165 Properties Sold

Table 2:  Average Days on Market of Sold Properties

2009

2008

2007
Single Family

279

292

222
Income/Multi Family

115

362

336
Lots and Land

719

462

113
Comm/Indust/Bus

218

374

192
Condominium

213

155

167
Hotel/Motel

—

65

—

Table 3: Percentage of Sale Price to List Price

2009

2008

2007
Single Family

90%

83%

93%
Income/Multi Family

87%

84%

91%
Lots and Land

62%

89%

84%
Comm/Indust/Bus

76%

86%

88%
Condominium

93%

94%

94%
Hotel/Motel

—

78%

—

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 Incredible Shrinking Interest Rate

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The 30-year fixed mortgage rate fell again this week to the lowest level in at least 38 years, according to Freddie Mac’s weekly survey.

Mortgage rates have been pushed lower by weak housing demand and rising foreclosures. In addition, Treasury prices have risen, indicating that investors and financial institutions are retreating from riskier bets, and sending yields lower. Mortgage rates tend to follow the yields.

Earlier this week, the National Association of Realtors said its forecasting gauge of housing-market activity climbed to its highest level in more than three years in October. Last week, the association said October sales of existing homes jumped 10% as buyers continued to take advantage of a first-time-home-buyer tax credit, low prices and low mortgage rates.

The 30-year fixed-rate mortgage averaged 4.71% for the week ended Thursday, down from last week’s 4.78% average and 5.53% a year ago. Rates on 15-year fixed-rate mortgages were 4.27%, down from last week’s prior low of 4.29% and 5.77% a year earlier. Freddie has tracked 15-year rates since 1991.

Excerpted from The Wall St. Journal

First Time Homebuyer Tax Credit Extended!

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This week, we saw unanimous support in Senate and overwhelming support in the House for an extension of the First Time Home Buyer Tax Credit. Here’s a quick summary of the bill that the President has signed:

* First time home buyers must have a sale agreement in hand by April 30 and close escrow by June 30, 2010 and would get the full $8,000

* NEW ADDITION: CURRENT HOMEOWNERS looking for a new home could also qualify for a $6,500 credit if they have lived in their existing PRIMARY residence for at least FIVE (5) YEARS

* CHANGE IN INCOME RESTRICTIONS: The home buyer’s credit would be available to: individuals with earnings up to $125,000; or $225,000 for couples. This is up from $75,000 for individuals and $150,000 for couples under the current law

* EXCLUSIONS FROM THE TAX CREDIT: Homes that cost more than $800,000 are NOT eligible and the buyer must be over the age of 18 years old to claim the credit. Those who SELL their new home or STOP USING IT AS THEIR PRIMARY RESIDENCE within THREE (3) years would have to REPAY THE CREDIT

Staging to Sell

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Spring selling season is upon us and it’s time for a refresher on staging tips. With inventory still high, and so many properties competing with yours, you will want to do everything you can to help your property stand out from the others.

Real estate expert Barbara Corcoran said recently during an interview that a buyer decides if he or she has interest in a property within 8 seconds of walking through the door. That doesn’t leave much time to make a good impression! Use every second wisely by considering some of the following suggestions.

1. Curb appeal is important. When a buyer approaches your house, he or she makes the first judgment. Make sure your house is nicely painted. Repair that broken screen door. Tidy the front yard and plant some flowers. The buyer should feel drawn into the house and made to feel welcome by a warm and inviting entry hall.

2. Clear your house of clutter and personal belongings and scrub the house to within an inch of its life. Since your goal is to move out of the house, start packing today. Eliminate as many knick knacks as possible. Pack away any collections and replace photos of friends and family with neutral artwork. As far as cleanliness, everything should sparkle.

3. Straighten your closets and cabinets. Expect that buyers will open every door and cabinet. If your closets are packed to the gills, it will leave the buyer with the impression that the house does not have enough storage space.

4. Take the packing a step further and put extra furniture in storage. A sparse and simple approach to furnishings will make your rooms appear larger. Define a use for each room and furnish it accordingly. If you have a bedroom that has become a ‘junk room,’ pack the junk away and make the bed with inviting linens. It is important to show the buyer how the space can be used. When rearranging furniture, pull pieces away from the walls and keep in mind that you want to have a clear walking path between rooms.

5. A fresh coat of paint is inexpensive and goes a long way to making your home feel clean and fresh. Keep the colors earthy and neutral to appeal to the broadest audience. If you have a brightly colored room, consider re-painting it.

6. Shed some light on the subject. Open the blinds and turn on all the lights for showings. Bright spaces appear larger and overall create a positive impression. If you have heavy or dark drapes, consider replacing them with light colored window treatments.

7. Remove evidence of pets. When you are expecting a showing, pack up the pets and take a drive. That includes stowing away dog beds, crates and food dishes.

8. Make sure the house smells nice. Baking cookies before a showing makes the house smell yummy and inviting. This bit of advice is an oldie but goodie.

The common thread behind all of these suggestions is to present your home in as neutral a manner as possible so that the potential buyer can envision him or herself living in the property. While it is possible to achieve these goals on your own with very little expense, don’t rule out calling a professional stager to assist you if you are feeling overwhelmed. Being a proactive seller will ensure that you have done everything possible to help your property rise above its competition.

Third Quarter Sales Activity Report

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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

Sold 1/1/08 – 9/30/08

Sold YTD

2009

Current Inventory

Pending

DOM/Sold

2009

Single Family

25

13

57

11

325

Condos

97

55

185

30

198

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

Sold 1/1/08 – 9/30/08

Sold YTD
2009

Current Inventory

Pending

DOM/Sold
2009

Single Family

33

15

95

8

282

Condos

18

15

51

6

182

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

Sold 1/1/08 – 9/30/08

Sold YTD 2009

Current Inventory

Pending

DOM/Sold
2009

Single Family

24

24

87

16

184

Condos

5

15

30

6

178

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.