The Provincetown market has been relatively stable year over year especially in the context of regional and national volatility being experienced in most markets.
First quarter figures for the Provincetown market are in and are great! As in Boston the mild winter weather has kept buyers and sellers in the market and sales activity has been very strong. Keep in mind that the first quarter numbers in most markets in the northeast don’t show huge numbers so sampling is relatively small, but when compared with the first quarter last year condo sales have increased by 40% to 28 properties and single family sales increased 71% from 7 to 12 properties in the first quarter. Not huge numbers but a positive indicator of interest and activity in Provincetown real estate
The average selling price of those condos sold was $405K, up 29% from last years average of $314K. On average it took 262 days to sell these properties, exactly what it took last year. The lowest selling price was $141K and the highest was $829K which was a beautiful 1754 square foot 2 bedroom, 2 bath penthouse in the East End on Commercial Street. (pic to left)
The average selling price of single family homes increased 6% to $807K from $762K in 2011. Single family home sales almost doubled from 7 to 12 sales in the first quarter. The lowest selling price was $212,500 for a sweet little fixer upper home at 217 Bradford Street, and the highest selling price was $1.8M for a fabulous 4 bedroom waterfront home in the far East End on Winston Ave. (pic to left) There were no multi family properties sold in the first quarter.
There are currently 129 condominiums for sale with an average asking price of $447K. There are 55 single family homes for sale with an average asking price of $1,472K and 14 multi family homes for sale with an average asking price of $1,356K. These figures represent a terrific range of buying opportunities. Inventory is at a fairly balanced level and not necessarily weighted toward a buyers market or sellers market.
As the Outer Cape and Provincetown readies itself for the spring onslaught, meant in a very positive way… we will keep you posted week to week as to real estate activity of interest in Provincetown and on the Outer Cape.