The Goode and Farmer Report July 2014

Provincetown, Truro and Wellfleet Real Estate market 2Q2014 Figures 

Condominium prices continue to rise and single-family properties remain scarce.

 

Year-to-date sales through the 2nd quarter in Provincetown were strong with condos leading the way in the number of sales and price increases. Winter weather kept many away in the first quarter, but as always, spring does finally come and sales increased substantially in the second quarter.

The average sale price of condos sold in Provincetown increased 18% to $459K from $390K last year, and the number of sales recorded in MLS were 18% higher than last year at 59. The silver lining in the first half sales figures are the non-MLS recorded sales of 13 condos that closed at Seashore Point* with an average sales price of $405K and a total sales volume of $5.27M. When added to the MLS totals, YTD sales show huge increases of 44% to 72 sales with an increase in sales volume of 66% to $32.4M. *Seashore Point sales represent the second phase of the over-55 facility located on Alden Street in the center of town.

The average price of single-family properties sold year-to-date is $903K – even with last year’s $905K. There were 16 single-family sales which is a decrease from last year’s 22. Total sales volume was $14.5M – down from $19.9M last year. The decrease is partially because of a lack of new inventory in the single-family market particularly in the desirable West End neighborhoods of Provincetown.

The $1M Plus market was slower with four sales and $5.9M volume compared to nine sales last year with a volume of $12.9M.

As of July 15th there were 109 condos available with an average asking price of $471K and an average price per square foot of $455. There are 49 single-family properties on the market with an average price of $1.459M and an average price per square foot of $565K. Average days on market for condos is 184 and single family’s 246. While DOM’s aren’t nearly as important an indicator in a second home market, it is always interesting to compare.

The broad range of condo inventory is creating increased momentum going to the summer/fall sales season – as usual, Provincetown leads the way on the Cape with higher sales and prices.

 

ptown chart

 

 

 

 

 

 

 

 

 

 

 

Other towns on the Outer Cape did relatively well too.

The average sales price for single-family properties in Truro is up an impressive 42% to $866K from $607K in 2Q2013, but the number of sales was down to 19 sales from 26 sales last year. Even with fewer sales, volume was up 4% to $16.5M. The Truro market consists mostly of single-family homes.

Wellfleet turned in a solid performance as the number of sales increased 25% to 40 from 32 for the same quarter in 2013. The average sales price of single-family properties sold was even with last year at $559K. Wellfleet remains a predominantly a single-family sales market too.

As of July 15 there were 80 single-family homes on the market in Truro with a median price of $752K. In Wellfleet there were 60 single family-homes available with a median price of $634K.

Positive buyer and seller attitudes coupled with a continuation of relatively low mortgage rates and an improving economy bode well for 2014 being a great year to jump into the market.

 

Truro chart

 

 

 

 

 

 

 

 

 

 

 

Please call or stop in if you are considering selling or buying, or if you are just curious as to what your home is worth. Our business philosophy has always been that the best-informed buyers and sellers are most satisfied with their real estate results. And that’s what we do best!