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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.