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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.