PROVINCETOWN 2017 SALES ACTIVITY
The year-end numbers are in!
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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
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| 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.