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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.

 

Sotheby's International Realty Brand Wins 'Best in Category' for Fifth Consecutive Year

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PARSIPPANY, N.J. (March 5, 2012) - Sotheby's International Realty Affiliates LLC today announced it won Franchise Business Review's Best in Category for Real Estate Franchisee Satisfaction award for the fifth year in a row. The Best in Category award measures franchisee satisfaction with their franchisors and is part of the 7th annual Franchisee Satisfaction Awards presented by Franchise Business Review. In addition to its real estate ranking, the brand also came in second overall among the Top 50 Large Franchise Systems, which is a ranking of all franchise systems with more than 200 units across all categories. "We are very proud to earn this honor for the fifth year in a row," said Michael R. Good, chief executive officer, Sotheby's International Realty Affiliates LLC. "We are dedicated to providing the best service we can to our valued network members, whom we hand select to affiliate with our brand. This recognition is a testament to the value we provide them in making their businesses more prosperous and successful." Franchise Business Review surveyed more than 22,000 franchisees from more than 300 leading systems for the 7th annual Franchisee Satisfaction Awards. Franchises were evaluated in five areas: training and support, franchise system, franchisor/franchisee relations, financial opportunity and overall satisfaction. Additionally, demographic and lifestyle questions gave a 360-degree view of the franchise ownership experience. Franchise Business Review is a national franchise market research firm that performs independent surveys of franchisee satisfaction and franchise buyer experiences. For a complete list of this year's award winners, go to www.FBR50.com. "What impresses me most about the Sotheby's International Realty brand is that they really 'get' the value of their franchisee satisfaction data," said Franchise Business Review president Michelle Rowan. "Despite being at the top of our awards list every year, they take the time to thoroughly digest their data and use it to improve their franchisee satisfaction year after year." The Sotheby's International Realty® network currently has nearly 12,000 sales associates located in approximately 590 offices in 44 countries and territories worldwide. About Sotheby's International Realty Affiliates LLC Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a full Sotheby's International Realty Affiliates LLC 1 Campus Drive Parsippany, NJ 07054 ??? franchise system by Realogy's subsidiary, Sotheby's International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby's auction house, established in 1744. For more information, visit www.sothebysrealty.com.

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).

Truro 2009 Year End Sales Report

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This week, we review Truro's final sales figures 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 58 properties sold in Truro in 2009 with a total sales volume of $28,710,230. There were 74 properties sold in Truro in 2008 with a total sales volume of $42,903,850. There were 61 properties sold in Truro in 2007 with a total sales volume of $36,974,833.

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

29 / $542,180

44 / $605,400

33 / $587,500

Income/Multi Family

----

----

1 / $600,000

Lots and Land

4 / $197,500

7 / $640,000

5 / $360,000

Comm/Indust/Bus

1 / $385,000

----

1 / $4,525,000

Condominium

24 / $266,500

23 / $219,000

21 / $239,000

Hotel/Motel

----

----

----

TOTAL

58 Properties Sold

74 Properties Sold

61 Properties Sold

Table 2:  Average Days on Market of Sold Properties

2009

2008

2007

Single Family

231

251

185

Income/Multi Family

---

---

58

Lots and Land

450

531

328

Comm/Indust/Bus

150

---

589

Condominium

162

171

203

Hotel/Motel

---

---

---

Table 3: Percentage of Sale Price to List Price

2009

2008

2007

Single Family

89%

90%

93%

Income/Multi Family

----

----

100%

Lots and Land

96%

90%

93%

Comm/Indust/Bus

86%

----

70%

Condominium

92%

92%

92%

Hotel/Motel

----

----

---

Highs and Lows

The lowest priced condominium property to sell this year was a cottage located at 17 Shore Road which sold for $78,000. The unit is seasonal and has 168 SF. The lowest priced single family was located at 55 Shore Road and sold for $275,000.  It is a 73BR/2BA home with approximately 1659 SF and in need of a total renovation.

The highest priced condominium to sell was a seasonal cottage located at the newly constructed waterfront property, Seaside Condominiums, at 482 Shore Road.  The 878 SF waterfront unit with 1BR/1.5BA sold for $550,000.  The highest priced single family home to sell was the newly constructed single family compound, Arcadia, at 101 Prince Valley Road, located high on a bluff within the National Seashore.  The property consists of 3 BR main house with water views and a 2BR guest cottage. The property was on the market for 636 days.