MORE CHOICES
LESS DRAMA
MARKETS TEND TO MODERATE THEMSELVES, OUR MARKET IS A WORKING EXAMPLE OF THIS.
Remember, we live in the one of the most incredible places in the world. Yes, we have $6M houses, but we also have great condominiums close to the water in the $400K’s, and a municipal government that is laser-focused on providing lots of additional housing. So, for a small micro-market, we’re in very good shape.
Over the last several years, pre-COVID, during-COVID, and post-COVID, prices in our market have increased most every quarter. Supply remained low and demand was high. Historic lack of inventory was always a problem. Well, that is changing. Happily, the last few quarters have shown an increase in inventory. There were years past where we had 150 condos on the market at one time in Provincetown and 50 single-family properties. I don’t think that will happen again anytime soon, but inventory has increased year-over-year. There are now 39 condos and 30 single-family properties on the market in Provincetown. A healthy increase in available properties that provide more choices for buyers.
Sales in Provincetown and Truro were up, but down in Wellfleet. Prices have increased in most categories, but single-family prices were down in Provincetown and Wellfleet. This increase in inventory of properties for sale is a welcome development that is giving buyers additional choices, as well easing their frustration from the past several quarters of limited choices.
PROVINCETOWN
In Provincetown, prices continue their upward trajectory. The average sale price of condominiums increased 18% to $1.1M from $929K last year. The number of sales was even with last year at 82. There are currently 39 condominiums on the market with an average price of 1.5M. Last year, there were 25 condos on the market with an average price of $1.167M.
The average sales price of single-family properties was down 6% to $2.45M from $2.6M last year. The median sales price was down 13% to $2M from $2.3M. The number of single-family home sales was up 29% to 18 units from 14 last year. There are currently 30 single-family properties on the market with an average price of $3.7M. Last year at this time, there were only 16 single-family houses on the market with an average asking price of $4.8M.
TRURO AND WELFLEET
The average sale price of single-family homes in Truro saw a big increase – up 19% to $1.72M from $1.44M. The median sales price increased 65% to $1.65M from $1M. But, because of the small sample and a few very high sales, skewed the averages higher. Sales were up 15% to 23 from 20 last year. There are 20 single-family homes available on the market with an average asking price of $1.7M.
The average sales price of Truro condos increased 7% to $518K from $486K. And the median price increased 15% to $516K. There were 16 sales – almost even with 17 the sales last year. There are currently 13 condos on the market with an average price of $463K. Last year there were only 5 condos on the market with an average listing price of $651K.
In Wellfleet, the average sale price of single-family homes was down 14% to $1.07M from $1.25M last year. The median price was down 17% to $915K from $1.1M last year. And sales were down 14% to 38 from 44. There are currently 26 single-family properties on the market with an average price of $2.2M. Last year there were 14 single-family properties on the market with an average asking price of $1.53M. However, we can’t read too much into Wellfleet’s unusual down year, as it has historically been a top performing market.
By, comparison the average sale price of single-family properties was $2.45M in Provincetown, $1.72M in Truro and $1.07M in Wellfleet. The average single-family sales price of $1.07M is 60% less than Truro’s average of $1.72M. Truro’s $1.72 average is 42% less than the Provincetown average of $2.45M for a single-family home. Interesting statistics!
BUT – IT’S ALL RELATIVE.
Average sale prices were mixed, but key categories were strong. Sales have rebounded from the lethargic performances of last year. Buyer demand for Outer Cape property remains consistently high and inventory levels have increased – giving buyers more choices. Sellers are still in control, but buyers with more choices, are helping to cool down the market.
The sales numbers in my marketing report above represent 172 buyers having bought their dream property in Wellfleet, Truro and Provincetown. They have been prepared, informed, and represented by smart local buyer agents and brokers.
As always, 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. I hope you are staying safe and healthy wherever you are and that the coming holidays treat you well. We realize how fortunate we are to be here at the tip of the Cape and look forward to seeing you very soon.
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