Below is an interesting post by Scott Van Voorhis contrasting sales and price performance in different towns on the Cape, as many towns are experiencing sales increases but with price decreases. Provincetown is experiencing a more positive cycle of price and sales increases. Through November 30 as per Cape Cod MLS the average sale price of a single family home in Provincetown was $827K a 5% increase with a median price of $762K. 46 single family properties have sold year to date, an increase of 45% over 2011 year to date.
Through November 30, the average sale price of condominiums in Provincetown was $413K, an increase of 10% year to date with a median price of $399K. 149 condos have sold year to date an increase of 49%.
See Scott’s post below.
Sales are up big time across the sandy spit, even as median prices fall in the Mid-Cape towns of Chatham, Harwich, Orleans, according to data from The Warren Group.
Chatham saw the biggest price decline, falling more than 14 percent, year-to-date, at the end of October to $550,000, while Orleans fell 3.7 percent, to $505,000, and Harwich slid 1.1 percent to $335,500.
Heading farther out towards Provincetown, Wellfleet prices dropped 5.7 percent to $511,250.
Other towns on or close to the Cape Cod Canal are also seeing prices fall. Sandwich is down 6 percent to $280,000, Mashpee fell 7 percent to $310,000, while Bourne saw a 5.8 percent decline to $251,500.
Venturing off Cape to the islands, Nantucket prices fell 9.1 percent to an ultra-affordable median of $1,090,000.
The Outer Cape appears to be bucking the trends, with Provincetown posting a 16 percent rise, to $680,000.
Brewster and Dennis also posted price increases as well.
Of course, there is the whole issue of rising sea levels and increasingly extreme weather – Cape living may not be a picnic in years to come. It’s an area already poorly served by the power companies and prone to outages.
The cost of insuring a home on the Cape is also soaring.
Still, I say go for it. But beware of beachfront bargains!