Provincetown Sales Activity

Sotheby's International Realty Launches New Website!

  • By
  • Posted

We are pleased to announce the launch of the newly redesigned Sotheby's International Realty SIR.COM, which was built to showcase the network’s listings in an immersive and visual way that is unique to the industry.

“The new sir.com was created to tell the story of a home in a more editorial way, not the commoditized approach that can often be found in our industry,” said Wendy Purvey, chief marketing officer, Sotheby’s International Realty Affiliates LLC.  “We believe the art of marketing a home is based on showcasing its soul, so every aspect of the new site works toward this goal.”

The design changes include an increased focus on full-screen, high-definition video throughout the site, from the homepage to property detail pages, to allow for a more immersive consumer experience.  High-resolution photography also plays a more prominent role.  The property detail pages feature: slideshows that tell a home’s story via the captions, custom video, location overviews that provide insight into the local area via video and text, and a seller or expert quote that offers a personal view of the property.  

Consumers still can search for a home based on lifestyle and amenity but now have the ability to sort their results by various home features including pools, kitchens and views, and compare visual images of that feature among their search results. 

“At the foundation of the Sotheby’s International Realty brand is our focus on lifestyle,” said John Passerini, vice president of interactive marketing for the brand.  “Our lifestyle search is more visual, and our focus on video and photography allows our affiliates to showcase the various lifestyles a home offers that cannot be properly articulated in words only.  Our fully responsive site works on any mobile device and allows our network members to do what we believe they do best: uniquely showcase extraordinary homes around the world anytime, anywhere and in any language.”

“We are proud to be part of the Sotheby’s International Realty network and believe consumers worldwide will benefit from the groundbreaking features of the new brand website,” said Emily Flax, Broker and co-owner of Atlantic Bay Sotheby's International Realty. “The homes Atlantic Bay Sotheby’s International Realty represents in Provincetown, Truro and Wellfleet are unique, and the new sir.com allows us to showcase the heart of what makes them so special.”

Atlantic Bay Sotheby’s International Realty in Provincetown, MA, offers exclusive Sotheby’s International Realty marketing, advertising and referral services designed to attract well-qualified buyers to the firm’s property listings. In addition, the firm and its clients benefit from an association with the Sotheby’s auction house, which promotes real estate referral opportunities with auction house clientele.

As a Sotheby’s International Realty affiliate, the firm also has the unique ability to refer its real estate clientele to the auction house for jewelry, art, unique furniture and collectible appraisal services. Property listings from Atlantic Bay Sotheby’s International Realty also are marketed on the sothebysrealty.com global website, as well as on the firm’s local website, www.atlanticbaysir.com.

Atlantic Bay Sotheby’s International Realty is located at 168 Commercial Street, Provincetown.  For additional information, please contact 508-498-2430. The Sotheby’s International Realty network currently has more than 16,500 sales associates located in approximately 760 offices in 60 countries and territories worldwide.    Each office is independently owned and operated.

Provincetown Real Estate Sales 2012: The Year in Review

  • By
  • Posted

The market is rebounding!  Provincetown Real Estate Sales volume for 2012 was up nearly 52% over 2011!!!  To follow, find the year-end statistics for Provincetown.  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 229 properties sold in Provincetown in 2012, with a total sales volume of $127,089,190.

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

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.*

*Sales figures exclude timeshare properties.

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

2012# Properties Sold/Average Price 2011# Properties Sold/Average Price 2010# Properties Sold/Average Price 2009# Properties Sold/Average Price
Single Family 52 / $911,490 31 / $828,481 23/$1,086,804 25 / $718,284
Income/Multi Family 4 / $768,750 15 / $808,053 8/$719,563 8 /  $662,301
Lots and Land 3 / $248,333 4 / $465,750 6/$257,167 2 / $235,000
Comm/Indust/Bus 2 / $129,000 3 / $1,268,333 5 / $415,500 5 / $316,750
Condominium 166 / $420,721 113 / $400,170 124/$395,094 104 / $412,864
Hotel/Motel  2 / $2,887,000 3 /$1,093,000 6/$1,555,000 0 / 0
TOTAL 229 Properties Sold 169 Properties Sold 172 Properties Sold 144 Properties Sold

 

Table 2:  Average Days on Market of Sold Properties

2012 2011 2010 2009
Single Family 225 220 287 279
Income/Multi Family 79 310 186 115
Lots and Land 1450 444 498 719
Comm/Indust/Bus 266 202 343 218
Condominium 196 234 249 213
Hotel/Motel 750 231 550 -----

 

Table 3: Percentage of Sale Price to List Price

2012 2011 2010 2009
Single Family 87.66% 91.60% 90.66% 90%
Income/Multi Family 91.06% 91.06% 91.9% 87%
Lots and Land 57.44% 92.77% 66.77% 62%
Comm/Indust/Bus 86.32% 78.26% 88.7% 76%
Condominium 95% 94.08% 92.61% 93%
Hotel/Motel 91.65 90.86% 87.01% -----

Activity Summary

The market in 2012 was very robust!  Volume was up significantly over last year, percentage of sale to list price was up in the most active category of condominium sales, and average market times for condominiums shortened by 16% over last year.  Interest rates remained low all year, and played a large role in prodding buyers to come into the market.  Sales were also prompted by the fear of 2013 changes in capital gains tax and the onset of the  3.8% Medicare Surtax on Investment Income in 2013, resulting in a greater number of December sales than usual.

From our perspective,  the bottom of the market is in the rear view mirror.  Shorter market times, higher average sale prices, and lessening inventory are all relevant factors.

The total volume of MLS sales in 2012 was $127,089,190.  That is approaching the volume of Provincetown's highest volume year of 2005, which topped out at $139,366,255.  The number of properties sold this year, 229, exceeded the 228 that were sold in 2005.

Highs and Lows

The lowest priced residential condominium to sell last year was studio unit on Union Wharf in the West End . The unit has 150 SF and sold for $106,896.

The highest priced residential condominium was a free-standing, 2 bedroom/2.5 bath, waterfront townhouse at 79 Commercial Street, Unit #1. The unit has 1,600 SF and sold for $1,550,000.

The lowest priced single family residence to sell last year was a three bedroom house at 217 Bradford Street that needed a complete rehab. It has 1,140 SF and sold for $212,500.

The highest priced residence was an Atlantic Bay Sotheby's sale at 29 Commercial Street.  This is a spectacular four bedroom, 3.5 bath, bay-front home in a very desirable stretch of the West End waterfront. It has 2,940 SF and sold for $2,925,000.  We proudly represented the buyers and the sellers of this lovely property.

21105561_0121105561_33

 

 

 

 

 

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

  • By
  • Posted

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

  • By
  • Posted

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

  • By
  • Posted

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

  • By
  • Posted

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.