PROVINCETOWN, TRURO AND WELLFLEET 1Q2024 FIGURES
MARKET ACTIVITY REMAINS SLOW BUT STEADY WITH A PERSISTENT LACK OF INVENTORY BUT NEW CONSTRUCTION CONTINUES FULL FORCE.
Spring in Provincetown. Restaurants and shops are beginning to open and Commercial Street is getting its annual reset with businesses everywhere, renovating and simply freshening up. This year’s mild winter allowed for an inordinate amount of new construction and renovations to continue throughout Provincetown. Most of these construction projects are private renovations, but there are several projects that will eventually add to the available sales inventory over the next few months. We are looking closely at market developments in April which will help detect the overall direction of the market this spring.
First quarter results are becoming even more difficult to analyze because of the smaller number of sales. Not surprisingly, demand remains consistently high and inventory remains consistently low. This market dynamic will continue to impact sales in most categories. First quarter results are all over the board. Sales are down in Provincetown and up in Truro and Wellfleet. Single-family prices are down in Provincetown and Wellfleet, but up in Truro. Condo prices are up in Provincetown and Truro.
Lower sales provide less of a sample from which to derive trends. Only three single-family properties sold in Provincetown in the first quarter of 2024, and only five sold in Truro! There is not a lot of data to analyze, but I will do my best to provide insights as well as provide all the empirical data which is in the charts below.
PROVINCETOWN
Condominium sales in Provincetown were down 22% to only 18 from 23 for the first quarter of the year. The average sale price increased 11% to $940K from $848K. There are 25 condos on the market as of April 13 with an average listing price of $1.4M. For some interesting context: 10 years ago in 2014, there were 112 condos on the market!
Single-family home sales were down 25% to only 3 from 4 this first quarter. The average sale price decreased 13% to $1.98M from $2.3M. There are 21 single-family homes on the market as of April 13 with an average listing price of $3.5M. 10 years ago, there were 49 single-family properties on the market!
TRURO AND WELFLEET
In Truro there were only five single-family home sales, up from four last year. These five sales included one $4M+ and two $2M sales skewing the average sale price up 118% to $2.01M from $920K last year. The median price was up substantially as well to $1.97M from $915K. As of April 13, as we “go to press” there are eight single-family properties on the market for sale in Truro with an average listing price of $2.2M.
There were six condominium sales in Truro – an increase of 50% from four last year. The average sales price was up 22% to $474K from $389K. There are only 5 on the market with an average listing priced of $711K!
In Wellfleet, the average price of single-family homes was down 21% from $1.15M to $911K. Sales were up 36% from 7 to 10. There are only 11 single-family homes available for sale with an average listing price of $3.5M.
FROM “STUDS TO SHINGLES” – NEW CONSTRUCTION AND RENOVATIONS EVERYWHERE SHOW REAL CONFIDENCE IN OUR LOCAL REAL ESTATE MARKET
With Spring in full bloom, sounds of construction can be heard all around Town along with the wonderful Spring songs of the returning birds. Inventory, like the number of warmer days is increasing slowly. Hopefully, this will drive a healthier real estate market in the coming months. Regardless, it looks to be a slow adjustment over the next several quarters. With interest rates hovering in the 6% range, fundamentals still need to change in order to return to a more balanced market between buyers and sellers.
Prepared buyers are still finding their dream homes though, and sellers are taking advantage of the still historically strong seller’s market. Patience, knowledge, preparedness and flexibility are key – whether buying or selling in these truly unusual times.
My goal is to keep you engaged in this unprecedented 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 to see you on the streets soon. Stay well.