Property Values

Sales volume surges on the outer Cape! A look at the first two quarters...

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Sales are up over last year in all three Outer Cape towns for the first two quarters of this year.    We can attribute this to high inventory, record-low interest rates and a general sense that the bottom of the market is creeping into our rear view mirror.  Also pushing buyers with cash into the real estate market is a volatile stock market.  All of these factors have combined to push sales volume up 36% in Provincetown, 102% in Truro, and 26% in Wellfleet.

Truro and Wellfleet saw their biggest surge in the sales of single family homes, where Provincetown surged in the sale of single family homes and condominiums.  Median sale prices also climbed in Provincetown and Truro for residential properties.  Wellfleet traditionally lags the other two markets, as is evident by its statistics.

 

Provincetown

Sales Volume

# of properties sold

Average DOM for SF & Condos

2012 (Jan 1-June 30)

$51,269,400

103

196

2011 (Jan 1-June 30)

$37,759,350

78

212

Highs and Lows

There have been 5 single families over $1M to sell so far this year, as compared with only 3 during the first 6 months of last year.  The highest priced sale YTD was a 4BR/3BA waterfront home with 2647 SF for $1,800,000 in Provincetown's far East End.   The buyer was represented by Atlantic Bay Sotheby's International Realty.

The lowest priced property to sell this year was a bank owned 2BR condominium for $141,000.    Last year's lowest priced condominium sold for $91,500.

 

Truro

Sales Volume

# of properties sold

Average DOM for SF & Condos

2012 (Jan 1-June 30)

$29,578,180

47

252

2011 (Jan 1-June 30)

$14,641,878

33

393

Highs and Lows

There have been 3 single families over $1M to sell so far this year, as compared with only 1 during the first 6 months of last year.  The highest priced sale YTD was a 4BR/4.5BA bay front home with 4786 SF for $2,750,000.

The lowest priced property to sell this year was free-standing seasonal cottage at Salt Air condominiums for $110,000.    Last year's lowest priced condominium was a connected cottage for $66,000.

 

Wellfleet

Sales Volume

# of properties sold

Average DOM for SF & Condos

2012 (Jan 1-June 30)

$20,040,900

41

297

2011 (Jan 1-June 30)

$15,957,286

32

214

 Highs and Lows

There has been only 1 single family home over $1M to sell so far this year, as compared with 2 during the first 6 months of last year.  The highest priced sale YTD was a 3BR/2BA bay front home with 3000 SF for $1,150,000.

The lowest priced property to sell this year was free-standing seasonal cottage at Pilgrim Acres condominiums for $187,500.    Last year's lowest priced condominium was a cottage for $97,500.

 

2011 Year In Review Provincetown Sales

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The year-end numbers are in!

Our data comes from the Multiple Listing Service and does not reflect private sales.  However; in this market, the vast majority of sales are MLS sales.

There were 169 properties sold in Provincetown in 2011 with a total sales volume of $84,080,775.

By comparison, there were 172 properties sold in Provincetown in 2010 with a total sales volume of $92,695,116

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

*Sales figures exclude timeshare properties.

 

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

2011# Properties Sold/Average Price 2010# Properties Sold/Average Price 2009# Properties Sold/Average Price
Single Family 31 / $753,821 23 / $1,086,804 25 / $718,284
Income/Multi Family 15 / $704,898 8 / $719,563 8 /  $662,301
Lots and Land 4 / $425,000 6 / $257,167 2 / $235,000
Comm/Indust/Bus 3 / $1,015,000 5 / $415,500 5 / $316,750
Condominium 113 / $376,392 124 / $395,094 104 / $412,864
Hotel/Motel 3 /$953,833 6 / $1,555,000 0 / 0
TOTAL 169 Properties Sold 172 Properties Sold 144 Properties Sold

 

Table 2:  Average Days on Market of Sold Properties

2011 2010 2009
Single Family 220 287 279
Income/Multi Family 310 186 115
Lots and Land 444 498 719
Comm/Indust/Bus 202 343 218
Condominium 234 249 213
Hotel/Motel 231 550 -----

 

Table 3: Percentage of Sale Price to List Price

2011 2010 2009
Single Family 91.60% 90.66% 90%
Income/Multi Family 91.06% 91.9% 87%
Lots and Land 92.77% 66.77% 62%
Comm/Indust/Bus 78.26% 88.7% 76%
Condominium 94.08% 92.61% 93%
Hotel/Motel 90.86% 87.01% -----

 

Activity Summary

2011's market summary shows a stable, relatively flat market. Sales volume was down slightly over last year, but the good news, is that the average days on the market was less in almost every category. This tells us that asking prices are more in line with market value and the buyers are responding positively. The percentage of sale to list price also edged up a bit in 2011 further reflecting a slightly improving market.

From our perspective, we saw some old inventory get absorbed, after years on the market.  We also saw the return of many buyers to the market after years of waiting on the sidelines. The selling season was steady throughout last year, save for a 2 month lull after the volatile stock market activity in August.  The year also distinguished itself by showing an increase in the number of cash sales over previous years.

 

Highs and Lows

The lowest priced residential condominium to sell last year was a year-round studio near Beach Point at 962 Commercial Street, Unit #6. The unit has 195 SF and sold for $91,500.

The highest priced residential condominium was a free-standing, three bedroom, waterfront townhouse at 523 Commercial Street, Unit #1. The unit has 2,237 SF , was in need of updating, and sold for $926,500.

The lowest priced single family residence to sell last year was a three bedroom house at 3 Webster Place that needed a complete rehab and did not have parking. It has 1,322 SF and sold for $278,000.

The highest priced sale of a residence was at 5 Harbour Drive, in Provincetown's East End at the luxury subdivision of Bay Harbour.  This is a spectacular and brand new three bedroom, five bath, bay-front home. The 2850 SF home sits on almost an acre of land,  includes an in ground swimming pool and it sold for $2,950,000.  Atlantic Bay Sotheby's International Realty proudly represented the buyers.

 

 

 

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.

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.

Working with Atlantic Bay Sotheby's

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Provincetown, Truro and Wellfeet Real Estate services. The most experienced broker for Outer Cape Cod.

Welcome to the end of the Cape! An astounding combination of natural beauty and New England charm awaits you on the far reaches of Cape Cod. The engaging towns of Provincetown, Truro, Wellfleet and Eastham offer pristine beaches, quaint villages, and beautiful dunescapes. You'll find the ideal setting for the home you've always dreamed of.

As your guides to living on the Outer Cape, the professionals of Atlantic Bay Sotheby's International Realty are ready to help you make the right connections, choose the best path and make your experience of buying, selling or renting property on the Cape easy and enjoyable. Whether you are planning an all-too-brief visit, or have decided to make your home here, we offer you unmatched resources, contacts and experience. We hope to have the pleasure of working with you.

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