Blog :: 2018

New 3D Tour Posted! 584 Commercial Street, Provincetown

We are proud to present a 3D Tour of the beautiful water view property located at 584 Commercial Street in Provincetown's East End.

The property is a two-family but lives nicely as a single family with an in-law apartment.

Come inside and stay as long as you like!

 

Provincetown Real Estate Market Report: 2017 The Year in Review

 

PROVINCETOWN 2017 SALES ACTIVITY

The year-end numbers are in!

CLICK HERE FOR THE FULL REPORT

 

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 239 properties sold in Provincetown in 2017 with a total sales volume if $183,842,137.

•    There were 254 properties sold in Provincetown in 2016 with a total sales volume of $175,573,888.

•   There were 219 properties sold in Provincetown in 2015 with a total sales volume of $135,175,955.

 

INVENTORY

New listings inventory compared to previous year:

  • 2017 listings 308 / 2016 listings 332 =   -24/332 = -.0722 or 7% decrease from 2016
  • 2016 listings 332 / 2015 listings 421 =   -89/421 = -.2114 or 21% decrease from 2015
  • 2015 listings 421 / 2014 listings 362  =   59/362  =  .1629 or 16% increase from 2014

 

Percentages of Sales in comparsion to previous year:

  • 2017 sales 239 / 2016 sales 254 = -13/254  = -.0511 or 5% decrease from 2016 (lack of inventory)
  • 2016 sales 254 / 2015 sales 219 = 35/219   = .1598 or 16% increase from 2015
  • 2015 sales 219 / 2014 sales 211 =  8/211    = .0379 or 3.79% increase from 2014

 

 

2017

# Properties

2017

Average

2016

# Properties

2016

Average

2015

# Properties

2015

Average

Single Family

48

$1,344,867

38

$1,094,353

34

$1,008,015

Condominium

163

$578,087

187

$536,380

160

$497,431

Income/Multi-Family

11

$912,875

16

$1,291,594

  9

$810,056

Lots and Land

    2

$135,000

  3

$173,500

  8

$329,812

Comm/Ind/Bus

12

$597,396

  5

$1,374,500

  5

$746,600

Hotel/Motel

   2

$2,950,000

  5

$997,000

  3

$2,546,333

B&B

   1 

$1,750,000

  0

 

  0

 

TOTAL

239

 

254

 

219

 

 

 

MARKET SHIFT 2017

While the overall annual sales volume shows growth of 23%, that growth was fueled entirely by an increase in the number of single family homes sold (+ 26%) as the number of condominium sales actually declined (- 13%) from the previous year.

 

HIGHS and LOWS

The lowest priced residential property to sell last year was a 1BR/1BA condominium at Beach Point Club in Provincetown’s far east end, at the border of North Truro. The 260 SF condo sold in April for $155,000 after being on the market for 296 days.

The highest priced property to sell was a single family home at 8 Telegraph Hill in the West End’s hilltop subdivision of the same name. The 3BR/3.5BA 3500 SF home built in 2002 has sweeping panoramic views of Provincetown Harbor, with views of the Monument and the ocean. It sold for $3.25 million in April of 2017 after being on the market for 56 days. This is a 38% increase over 2016’s high sale of $2.35 million. Atlantic Bay Sotheby’s International Realty proudly represented both the buyer and the seller in this transaction.

 

8 Telegraph Hill, Provincetown

 

 

MARKET TIME - Average Days on Market

 

2017 DOM

2016 DOM

2015 DOM

Single Family

223

275

235

Condominium

160

178

169

Income/Multi-

209

167

251

Lots and Land

112

151

762

Comm/Ind/Bus

246

228

396

Hotel/Motel

89

167

395

B&B

280

0

0

 

PERCENTAGE OF LIST PRICE TO SALE PRCIE

 

2017

2016

2015

Single Family

95%

93%

92%

Condominium

97%

95%

96%

Income/Multi-

89%

92%

90%

Lots and Land

93%

89%

89%

Comm/Ind/Bus

89%

90%

88%

Hotel/Motel

92%

95%

97%

B&B

92%

N/A

N/A

 

ACTIVITY SUMMARY

This year’s market activity for Provincetown shows a further tightening of inventory as the percent of sale price to list price increased by two percentage points, to 95% for single family homes, and 97% for condominiums.