PROVINCETOWN, TRURO AND WELLFLEET 3Q2021 FIGURES
As we begin the last quarter of the second “year like no other” we are again comforted and inspired by the way everyone stepped up smartly and safely to help make this summer season as successful as it could be. It’s also great to be able to say with confidence that the Outer Cape real estate market has weathered the pandemic better than anyone could have expected. Demand for properties on the Outer Cape remains high.
Unfortunately, coupled with this high demand, the market is experiencing a severe lack of inventory. The steadfast economic principle of supply and demand continues to be strongly at work here with higher sales prices seen in every category.
PROVINCETOWN
In Provincetown, the average sale price of condominiums increased 16% from $656K to $762K. The median sales price increased 26% to $750K from $595K, but the number of sales plummeted by 31% to 75 from 109. This represents the first substantial YTD decrease in sales in years.
There are currently only 18 condos on the market with an average listing price of $1.082M. Last year at this time there were 56 condos on the market with an average asking price of $741K.
Single-family home sales were down 28% to 26 units – a substantial decrease from 36 last year. Again, this is the result of very low inventory. The average sales price was up 30% to $1.71M from $1.42M. The median sales price was up 2% from $1.268M to $1.30M.
There are only 12 single-family houses on the market vs. 17 last year. The average asking price is $3.11M.
TRURO AND WELLFLEET
The average sale price of single-family homes in Truro skyrocketed 60% to $1.25M from $782K. The median price increased 54% to $1.049M from $682K. There were 48 sales, down 6% from 51 sales last year.
There are only nine single-family homes on the market, vs. 19 last year. The average asking price has increased from $1.26M to $1.72M.
The average sale price of Truro condominiums in the 3rd quarter increased 13% to $387K from $338K last year. The median price increased 24% to $375K from $302K. Sales increased 32% to 37 from 28 last year. This is the ONLY category that saw an increase in sales YTD. This price point is very attractive to buyers who want an affordable way into the market as well as the opportunity to live on the waterfront.
In Wellfleet, the average sales price of single-family homes was up 20% to $891K from $744K. The median price was up 35% to $803K from $597K. Sales were down 7% to 54 from 58 last year.
There are currently only eight single-family properties on the market compared with 16 last year. The average asking price of $1.651M from $1.089M last year.
Average sales prices were up in all categories in all three towns. Sales units were down everywhere. Buyer demand for Cape property and specifically Outer Cape property remains extremely high. This historic lack of inventory was caused by the surge in sales that started in May, depleting available inventory which has not been replaced. The upward pressure on prices caused by this increased demand and lack of inventory will undoubtably continue to effect sales in the fourth quarter of this year.
Properties continue to be shown safely and transactions are closing in person or virtually. Our goal is to keep you engaged in the outer Cape Real Estate market 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.
We hope you are staying safe and remaining healthy wherever you are during these unprecedented times. We realize how fortunate we are to be here at the tip of the Cape and look forward to seeing you soon.