3Q Provincetown
What a summer we have had in Provincetown… the great energy that we began to see in the second quarter continued into Q3. Ongoing economic optimism and low interest rates continue to attract buyers. We are seeing a wonderful phenomenon here where buyers who have been on the sidelines have decided to jump into the market. With such a wide variety of properties for sale – both in price and character – buyers have much to choose from.
Year-to-date condominium sales through September 30 totaled 115 properties – a full 50% more than last year’s 76 sales. The average selling price for a condo was $411K – a 15% increase from last years $357K. The median selling price was $398K – up 19% from $334K last year. And condos sold at an average 95% of asking price.
Total sales volume in the condominium category was $47M year-to-date compared with $28M last year – a solid 68% increase. Days-on-market, an important indicator of market strength, decreased 30% to an average of 219 total days-on-market from last years 314. There are 134 condos on the market today with an average asking price of $481K with an average of 804 square feet and $598 per square foot.
Sales of single-family homes increased even more dramatically to 38 units – a 100% increase from last years 19 single-family home sales. The average selling price was $795K – a 1% decrease from $800K last year. Total sales volume on this category was $30M compared with $15M last year – a 100% increase. Average total days-on-market decreased 15% to 227 vs. 266 last year. There are 72 single-family properties on the market today with an average price of $1.388M and 2,295 square feet at $605 per square foot.
Fall is one of the busiest selling season’s here, so we look forward to more good news in our year-end reporting. But, that is a full three months away. A lot can happen in that time!
If you are visiting for Halloween, Holly Folly, or New Years, stop in to say hello.
