PROVINCETOWN, TRURO AND WELLFLEET 3Q2023 FIGURES
Our real estate market is small and unique – geographically and numerically. And, while it does follow some national trends, the Outer Cape tends to often buck those same trends. Surrounded and landlocked by the priceless National Seashore (shared with our much-maligned great white sharks) developers are limited in their ability to locate new projects and choices for potential home buyers remain tight. Still, our real estate market continues to dazzle and attract buyers from everywhere who are looking to find their dream homes.
So far this year, sales in the three towns of the Outer Cape (Provincetown, Truro and Wellfleet) have decreased or held steady. Condominium sales are down 13% in Provincetown, single-family sales are down 36% in Provincetown, single-family sales are up 5% in Truro, and they are flat in Wellfleet.
However, prices on the Outer Cape continue an upward trend driven by this short supply and strong demand. This consistent set of circumstances is what drives the market conditions that we have been seeing for the last several years – even before the added pressures of Covid. A big question remains. Will high interest rates and affordability issues cause prices to moderate?
In Provincetown, the average sales price of condominiums was nearly flat year-to-date – from $927K to $929K. The median sales price was even at $842K. The number of sales decreased 13% down year-to-date to 80 from 92 last year. There are currently 25 condominiums on the market with an average listing price of $1.167M.
The average sales price of single-family properties was up 24% to $2.6M from $2.1M. The median sales price was up 5% to $2.3M from $2.2M. Single-family home sales were down 36% to 14 units year-to-date from 22 last year. Again, a result of very low inventory. Currently, there are only 16 single-family houses on the market with an average asking price of $4.8M. This average is skewed somewhat by the two exceptional, $10 million-plus properties, that are on the market right now.
TRURO AND WELLFLEET
The average sale price of single-family homes in Truro decreased 20% – down to $1.44M from $1.79M a year ago. And, the median price decreased 29% from $1.4M to $1.0M. There were a total of 20 sales, slightly higher than the 19 sales last year. Right now, there are only 13 single-family homes available on the market with an average asking price of $2.416M.
The average sales price of Truro condominiums decreased 16% – down from $578K last year to $486K year-to-date. The median price was flat at $450K. There were 17 condo sales, slightly lower than the 18 last year. Incredibly, there are only five condominiums on the market in Truro with an average listing price of $651K.
In Wellfleet, the average sales price of single-family homes was up 24% to $1.25M from $1.01M. The median sales price was up 20% to $1.1M from $916K last year. Total sales of single-family homes were even with last year at 44. There are currently 14 single-family properties on the market with an average asking price of $1.53M.
Historically, Wellfleet‘s inventory has been more plentiful than in Truro or Provincetown. In fact, Wellfleet’s 44 single-family sales year-to-date are the highest of all three Outer Cape towns. However, the average single-family sales price of $1.25M is still 15% less than Truro’s average of $1.44M. And, a rather significant 50% less than the average sales price of $2.6M for a single-family home in Provincetown.
FALL SETTLES IN WITH MIXED YEAR-TO-DATE RESULTS, BUT WITH A STRONG FOUNDATION OF HISTORIC GAINS AND A SEEMINGLY ENDLESS DEMAND TO BE PART OF OUR CAPE COMMUNITY
As you see, average sales prices were mixed, and the number of units sold were mostly down or flat in the three Outer Cape towns. However, buyer demand for property here remains consistently high. Happily, new properties will continue to come on the market, but unfortunately, not enough at the moment to bend us toward more of a balance between a buyer’s market and a seller’s market. Right now, it continues to be a seller’s market.
Higher prices and less sales. Are we seeing less sales because of higher prices or because of a scarcity of inventory? That remains the million-dollar question with the answer to be revealed slowly over the next several quarters. The good news is that the sales numbers in the report above represent 180 buyers who have found and purchased their dream homes in Provincetown, Truro and Wellfleet. Helping them navigate through this very tight market, these buyers have been well-prepared, well-informed,
and well-represented by smart and informed local buyer agents and brokers.
As always, my goal is to keep you engaged with 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 you are staying safe and healthy wherever you are and that the coming holidays treat you well. We realize how fortunate we are to be here at the tip of the Cape and look forward to seeing you very soon.