PROVINCETOWN, TRURO AND WELLFLEET 4Q2024 FIGURES
Provincetown Condos Roar Back, But Other Categories Show Mixed Results!
In the past several years, the lack of inventory pretty much defined our market. After the pandemic buying spree, there was very little available. In the last several quarters we have seen inventory increases which have created some welcome market balance in 2024. We do have more inventory, but still not enough for everyone.
However, we’re still seeing mixed results even with these increased inventory levels. Fluctuations within categories is the norm now – even without this one major issue defining it. The availability of more condos in Provincetown, means increased sales. Less single-family availability in Wellfleet, means fewer sales. Interestingly, for the last few years, Wellfleet had the most balanced market with plenty of inventory, increasing sales and prices. But last year, both sales and prices were down.
More inventory creates more choices for buyers and more competition for sales within each category. Still, when compared with many other markets, our inventory is very limited. Stubbornly higher interest rates – currently around 7% – will continue to put additional pressure on the market.
But, we must always remember when analyzing the Outer Cape real estate market, that the sample sizes are really small, compared with other markets on the rest of the Cape and elsewhere. And one outsized sale in any market can skew averages wildly. Provincetown and Outer Cape real estate performs like the best neighborhoods in many cities. This market will always outperform the rest. That will not change going into 2025.
PROVINCETOWN
In Provincetown, condominiums and single-family property sales were both up. Condo prices were up but, single-family prices were down slightly.
• Condominium sales were up 13% to 113 from 100. Sale prices were up 19% to $1.110M from $937K.
• 27% of condo sales were over-asking. This means many properties are selling at or below asking prices.
• There are 25 condominiums on the market listed in MLS as of January 7. The average asking price for these condominiums is $1.17M ($1,890 per square foot).
• Single-family home sales were way up, 53% to 29 from 19 sales last year! However, the average sales price decreased 9% to $2.24M from $2.4M.
• There are currently 19 single-family properties on the market with an average asking price of $3.12M ($1,370 per square foot).
TRURO & WELLFLEET
Truro single family homes and condominiums both performed well. However, single-family sales and prices in Wellfleet were down. Historically, Wellfleet has been one of the best-balanced markets of the three towns of the Outer Caper. Reduced inventory in Wellfleet, however, has become an issue with only seven on the market as of Jan 6! And of course, fewer properties available for sale, means fewer overall sales.
• The average single-family sales price in Truro was flat at $1.6M. Sales were up 3% to 36. Currently, there are only 10 single-family properties on the market with an average asking price of $1.7M ($1,729 per square foot).
• Truro condominium sales were down 17% to 20 from 24 last year. The average sale price increased 8% to $535K from $495K. There are only 8 condominiums on the market with an average asking price of $410K ($1,023 per square foot).
• Wellfleet saw an uncharacteristic down year. The average sales price of single-family homes was down 13% to $1.05M from $1.2M. Sales were down 20% to 53 from 66. There are currently only 7 single-family properties on the market in Wellfleet with an average asking price of $1.8M ($730 per square foot).
As we welcome the New Year, we will continue to see strong market activity on the Outer Cape. Demand just doesn’t stop!
I believe we will continue to see higher average sales prices along with this continuing demand. And this upward pressure on prices will continue to effect sales throughout 2025.
Outside forces can affect our wonderful Provincetown and Outer Cape real estate market, but we can still take comfort in knowing we will continue to outperform most other markets. And patient buyers, who are actively searching for a new home, here on the Outer Cape, will hopefully find just what they are looking for in the new year.
I am committed to providing you with the safest means to view, purchase and sell real estate on the Outer Cape. My business philosophy has always been that the best-informed buyers and sellers are the most satisfied with their results.
Watch for interesting stories in your email and on social media at jon.goode.com. I look forward to seeing you soon. And leave it to me to keep you informed.