PROVINCETOWN TRURO AND WELLFLEET 1Q2025 FIGURES

CONFIDENCE IN KNOWING THAT OUR REAL ESTATE MARKET WILL ALWAYS OVERPERFORM
Confidence is catchy. Recent economic developments have upended everything we think of as normal across world markets. The irony is that while our lives may well be impacted by all the volatility, the comfort of spring in Provincetown is visceral. The season is approaching like normal, and boy is that a good feeling. Restaurants and shops are beginning to open and Commercial Street is getting its annual reset. This year’s mild winter allowed for an inordinate amount of new construction and renovations to continue throughout Provincetown. We will be looking closely at market developments in April which will help detect the overall direction of the market this spring.
Demand remains high and inventory remains at the new normal level. First quarter results are generally mixed. As I say every first quarter, results are so difficult to analyze because of the small number of sales. Single-digit sales are hard to attach any significance to, but the first quarter does begin to set the tone for the spring selling season. Sale prices are up in every category except for Truro single-families. Provincetown and Truro single-family property sales are up, sales in other categories are down.
Lower overall sales numbers provide less of a sample from which to derive real trends! There is simply not a lot of data to analyze, but I will do my best to provide insights as well as provide all the empirical data that you will see in the charts below.
PROVINCETOWN
Condominium sales in Provincetown were down 16% to only 15 from 18 for the first quarter of the year. The average sale price increased 26% to $1.2M from $940K. There are 34 condos on the market as of April 13 with an average listing price of $1.2M – last year there were 25. Eleven years ago in 2014, there were 112 condos on the market!
Single-family home sales were up 33% to 4 from 3 this first quarter. The average sale price increased by 3% to $2M from $1.98M. There are 22 single-family homes on the market as of April 13, with an average listing price of $3.7M.

TRURO & WELLFLEET
In Truro, there were only six single-family home sales, but up from five last year. The average sale price was down 25% to $1.5M from $2M last year. The median price was down substantially to $1.2M from $2M. As of April 13, as we “go to press” there are seventeen properties on the market versus eight last year. The average listing price is $1.7M.
There were only two condominium sales in Truro. The average sales price was up 78% to $846K from $474K. There are only eleven on the market with an average listing priced of $550K.
In Wellfleet, the average price of single-family homes was up 13% to $2.1M from $1.15M. Sales were down 80% to 2 from 10. There are 22 single-family homes available for sale with an average listing price of $1.7M. Last year, there were only 11.

NEW CONSTRUCTION AND RENOVATIONS EVERYWHERE THIS SPRING SHOW ONGOING CONFIDENCE IN OUR LOCAL REAL ESTATE MARKET

Sounds of ongoing construction can be heard all around Town. In my neighborhood alone, the “Franklin Hills” – (Franklin Street and Race Road) almost every property is being renovated or updated. This illustrates the confidence that we all see in our local real estate market. However, with interest rates hovering in the 7% range, other fundamentals still need to change in order to return to a more balanced market.
Prepared buyers are still finding their dream homes though, and sellers are taking advantage of the strong seller’s market. Patience, knowledge, preparedness and flexibility are key – whether buying or selling in these truly unusual times.
As always, my goal is to keep you engaged in the Outer Cape Real Estate market by providing you with news and market developments as they happen. Watch for interesting stories in your email and on social media at jon.goode.com. I hope to see you on the streets soon. Stay well.