Provincetown, Truro, and Wellfleet Real Estate Market 2012 Year-End figures.
For a year filled with anxiety and trepidation, a polarizing presidential election and talk of falling off the fiscal cliff, the real estate market in many places started to purr like a fine tuned engine. Many cities and towns throughout the country experienced substantial increases in the number of sales as well as climbing prices. In some places such as the downtown Boston market, sales and prices were up as inventory fell to low levels not seen in many years. The news on the Outer Cape was as positive and the year-end sales reports surpassed what many in the industry expected.
Total sales in Provincetown were up 36% from 169 units in 2011 to 229 in 2012 and volume closed was up 51% from $84M to $127M in 2012. There were 166 condominium sales in 2012 totaling $70M vs. 113 condos sales in 2011 totaling $43M – an increase of 63%. The average sale price for condominiums in Ptown was up 12% over 2011 to an average sale price of $421K.
Single family sales in Provincetown were also very strong with 52 sales in 2012 totaling $47M vs. 31 sales for $23M in volume in 2011 – a whopping increase of 104% in volume. The average sale price for a single-family home was up 21% to an average of $912K. Provincetown leads the way on the Cape for positive real estate news and tends to follow the key downtown Boston in performance stats more than other towns on the Cape. Downtown Boston experienced a 23% increase in sales and an average increase in sales price of 5%.
An important development in Provincetown is that inventory of properties for sale has dropped by around 25% since last year at this time. For the past several years the number of condos and single-family homes for sale year after year had remained relatively stable. This market dynamic begins to build a case for spring 2013 being a historically opportune time for those sellers who have been waiting on the sidelines to put their property on the market. This evolving supply and demand dynamic may be the best for sellers in several years.
Other towns on the Outer Cape did well too. The number of sales in Truro was up 49% over 2011 with 97 sales in 2012 vs 65 in 2011 and an increase in total volume of 60% to $51M. The Truro market consists mostly of single-family homes.
In Wellfleet, the number of sales increased 54.5% from 66 sales in 2011 to 102 in 2012 with a total sales volume of $49M, representing a 60% increase. Wellfleet is predominantly a single -family sales market too. These sales and volume increases in both Wellfleet and Truro are representative of the entire outer Cape real estate market.
So, we have heard it from all corners…real estate is back! And nowhere is this more evident than in Provincetown and the outer Cape.
We don’t want to be accused of having “irrational exuberance,” but we are seeing and feeling buyer excitement that we have not seen in many years. But, buyers do need more choices. Sellers are more confident as well that this is the time to sell. These buyer and seller attitudes coupled with a continuation of rock bottom mortgage rates and an improving economy bode well for 2013 being a great year to jump in the market and own a piece of paradise.
Please call or stop in if you are considering selling or if you are just curious as to what your home is worth. Our business philosophy is that the best-informed sellers are the happiest and that is what we do best!
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.
Posted by Scott Van Voorhis
If you are looking for a second home, there may be bargains to be had right now on the Cape.
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!
Scott always has good posts. This one is surprising showing MA is #1, (in the continental US) or #2 in the whole USA when it comes to the average listing price for single family homes. To put that in context, Provincetown’s average singe family listing price today is $1.378M, more than twice the state average.
High listing Prices? Massachusetts has them beat!
Posted by Scott Van Voorhis
Basically, the good old Bay State is No. 1 in the continental U.S. when it comes to the listing price of a typical four-bedroom, two-bath suburban home, Coldwell Banker finds in a new survey.
The average listing price here is pushing half a million at $489,063 for your basic subdivision home. That’s far above the national average, which weighs in at $292,152.
Now to be clear here, Hawaii ($742,551) actually has the highest listing price for the entire country, but given the obvious land constraints of the island state, it’s a little like comparing apples and oranges.
Interestingly, Massachusetts listing prices even beat out California ($431,625), New Jersey ($425,625) and Connecticut ($411,884), which has the hedge fund capital of the world in Stamford.
We also have more than are our share of spots in the top 100 when listing prices for two-bedroom, two-bath homes are broken down by individual towns and cities.
With an average listing price of $1.1 million for a two-bedroom, two-bath home, Weston ranks No. 14 in the country. But Los Altos in Silicon Valley has anything in Massachusetts beat, with an average listing price of $1.7 million.
So what’s happening here? We are heading into our third decade here in Massachusetts of anemic construction of suburban, single-family homes, with no change in sight.
The problem is well-paid professionals who relocate here to take jobs in our growing biotech and high-tech fields aren’t selling their spacious 4,000-square-foot colonials in Texas and North Carolina and saying gee, can’t wait to move into a tiny 1,100-square-foot condo next to a train station up in Massachusetts.
Instead they are bidding up whatever available suburban homes they can find within the 495 beltway, and, if they have the bucks, paying for teardowns in which new, outsized homes replace old capes and ranches in Concord, Wellesley, Hingham and other upscale suburbs.
According to the latest quarterly report by the National Association of Realtors, growth in metropolitan area median home prices increased in the third quarter, and more areas are showing gains. The median existing single-family home price rose in 120 out of 149 metropolitan statistical areas (MSAs) based on closings in the third quarter compared with same quarter in 2011, while 29 areas had price declines, up from 110 areas with annual improvement in the second quarter. In the third quarter of 2011, only 39 metros improved, marking stronger home increases.
Dr. Lawrence Yun, NAR’s Chief Economist, said in a statement, “Housing inventories have been gradually trending down from a record set in the summer of 2007,” he said. “Earlier this year, a broad equilibrium began to develop in most areas between home buyers and sellers, which led to a sustained upturn in home prices. We expect fairly normal appreciation patterns in 2013, but there is a risk of price acceleration if builders are unable to increase supply to meet the needs of our growing population and household formation.”
The national median existing single-family home price was $186,100 in the third quarter, up 7.6 percent from $173,000 in the third quarter of 2011, which is the strongest year-over-year price increase since the first quarter of 2006 when the median price rose 9.4 percent. In the second quarter the price increased 7.2 percent from a year earlier.
The median price is where half of the homes sold for more and half sold for less; medians are more typical than average prices, which are skewed higher by a relatively small share of upper-end transactions.
Some of the price gain resulted from a smaller share of distressed home sales in the market, but the higher prices significantly reflect a market recovery. Distressed homes accounted for 23 percent of second quarter sales, down from 30 percent a year ago.
A separate breakout of income requirements to buy a home on a metro area basis shows buyers in the vast majority of areas had ample income in the third quarter, assuming they could meet stringent mortgage credit standards.
Total existing home sales rose 3.2 percent
Total existing-home sales rose 3.2 percent to 4.68 million in the third quarter from 4.54 million in the second quarter, and were 10.3 percent higher than the 4.25 million pace during the third quarter of 2011. At the end of the third quarter, 2.32 million existing homes were available for sale, which is 20.0 percent below the close of the third quarter of 2011 when 2.90 million homes were on the market.
According to Freddie Mac, the national commitment rate on a 30-year conventional fixed-rate mortgage averaged a record low 3.54 percent in the third quarter, down from 3.80 percent in the second quarter and 4.31 percent in the third quarter of 2011.
NAR President Moe Veissi said affordability conditions are a big factor in rising sales. “Historically low mortgage interest rates are encouraging many buyers who were on the sidelines,” he said. “Sales this year are notably higher than the levels seen in 2008 through 2011, so we’re clearly in a recovery phase with rising sales, declining inventory and rising prices. Of course the recovery would be stronger and more stable if we could return to safe but sensible mortgage underwriting standards.”
First time buyers.
First-time buyers purchased 32 percent of all homes in the third quarter, down from 34 percent in the second quarter; they were 32 percent in the third quarter of 2011.
The share of all-cash home purchases was 27 percent in the third quarter, down from 29 percent in the second quarter and 29 percent in the third quarter of 2011. Investors, who make up the bulk of cash purchasers and compete with first-time buyers, accounted for 17 percent of all transactions in the third quarter, down from 19 percent in the second quarter and 20 percent a year ago.
“The modest decline in first-time buyers and investors shows the impact of limited inventory in the lower price ranges from a shrinking share of distressed homes, which are popular with both of these groups,” Yun explained.
Regional performance varied
Regionally, existing-home sales in the Northeast increased 1.7 percent in the third quarter and are 9.8 percent above the third quarter of 2011. The median existing single-family home price in the Northeast slipped 0.3 percent to $246,900 in the third quarter from a year ago.
In the Midwest, existing-home sales rose 5.2 percent in the third quarter and are 17.8 percent higher than a year ago. The median existing single-family home price in the Midwest increased 4.2 percent to $151,100 in the third quarter from the same quarter in 2011.
Existing-home sales in the South increased 5.4 percent in the third quarter and are 11.7 percent above the third quarter of 2011. The regional median existing single-family home price rose 5.7 percent to $165,400 in the third quarter from a year earlier.
In the West, existing-home sales slipped 1.2 percent in the third quarter due to limited supplies, but are 2.1 percent higher than a year ago. With the tight inventory, the median existing single-family home price in the West surged 20.2 percent to $247,400 in the third quarter from the third quarter of 2011.
What a summer we have had in Provincetown… the great energy that we began to see in the second quarter continued into Q3. Ongoing economic optimism and low interest rates continue to attract buyers. We are seeing a wonderful phenomenon here where buyers who have been on the sidelines have decided to jump into the market. With such a wide variety of properties for sale – both in price and character – buyers have much to choose from.
Year-to-date condominium sales through September 30 totaled 115 properties – a full 50% more than last year’s 76 sales. The average selling price for a condo was $411K – a 15% increase from last years $357K. The median selling price was $398K – up 19% from $334K last year. And condos sold at an average 95% of asking price.
Total sales volume in the condominium category was $47M year-to-date compared with $28M last year – a solid 68% increase. Days-on-market, an important indicator of market strength, decreased 30% to an average of 219 total days-on-market from last years 314. There are 134 condos on the market today with an average asking price of $481K with an average of 804 square feet and $598 per square foot.
Sales of single-family homes increased even more dramatically to 38 units – a 100% increase from last years 19 single-family home sales. The average selling price was $795K – a 1% decrease from $800K last year. Total sales volume on this category was $30M compared with $15M last year – a 100% increase. Average total days-on-market decreased 15% to 227 vs. 266 last year. There are 72 single-family properties on the market today with an average price of $1.388M and 2,295 square feet at $605 per square foot.
Fall is one of the busiest selling season’s here, so we look forward to more good news in our year-end reporting. But, that is a full three months away. A lot can happen in that time!
If you are visiting for Halloween, Holly Folly, or New Years, stop in to say hello.
The $1M and above market in Provincetown has been relatively active this season. The above $1M price range is from $1M to a high of $4.75M. Of the 136 properties (single family, Multi-family and condos) that have sold YTD in 2012, 8 have sold above $1M, and they were all single family properties. These 8 property sales equals 5% of total unit sales year to date.
There are 218 properties (singles, multis, and condos) for sale in Provincetown of which 55 are priced above $1M, which represents 25% of the total.
5% of sales, 25% of the available properties for sale… it is crowded! For buyers in this price range there are plenty of properties to look at for price and amenity comparison. Currently there are 5 properties under contract with asking prices above $1M. I will profile these once they close.
Below are descriptions of the properties that have sold over $1M year to date. Once again a caveat. I took the descriptions straight from MLS, so errors in syntax and grammar are out of my hands.
67 Bayberry Ave SOLD $1.05M
67 Bayberry Ave, a contemporary home, impeccably maintained, this home is bright and airy, white washed in a soft colors, and is ideal for entertaining with an open plan along with 3 bedrooms. Enter through glass doors to a spacious living room with fireplace, a kitchen & separate dining room that comfortably seats 10. The living room has two sets of atrium doors leading to a covered deck and large terrace. The kitchen has custom cabinetry, and limestone counter tops. There is a guest room with deck on this level with full bath. Next level has an open den, and mb suite with separate bedroom and sitting room with fireplace, bath and deck. The 3rd bedroom is on this level with another bath. Up one more level is an intimate sun room with 3 decks.
510 Commercial St SOLD $1.05M
510 Commercial Street is a lovely single family home with water views. The 1st floor has a spacious living room with fireplace, generously sized dining room, recently renovated kitchen, laundry area and full bath. There is also an adjoining one bedroom, one bath apartment with exclusive outdoor space, perfect for guests. Upstairs there are two master bedrooms with ensuite baths, one of which has direct water views. A second guest room with water views and full bath complete this level. The home is well set back from Commercial St allowing for a spacious front yard and privately situated side yard with patio. Driveway parking for 3 cars in tandem.
3 Atlantic Ave SOLD $1.065M
3 Atlantic Ave. Very few people have enjoyed the pleasure of owning this West End historic home. One of Provincetown’s oldest homes, dating back to the 1700’s, this A+ quality recent restoration makes this pristine home an exceptionally rare opportunity. The original architectural details have been painstakingly preserved side-by-side with the highest quality contemporary fixtures, appliances, systems, windows, doors, and more. The value is further magnified by both the central location-steps from the beach-and the generous enclosed yard space for parking, entertaining and gardening. The current owners have taken extreme care to bring this three-quarter Cape style home into the 21st century with a great deal of love and attention.
19 Berry Lane SOLD $1.093
19 Berry Lane. Steps from the Beach and Views from Every Room! Here is Your Opportunity to Own a Custom Built Provincetown Home in the Quiet East End. From the Moment you enter the Foyer you will feel a sense of peace and serenity. The Living Room has Custom Stained Glass Windows from an old N.H. Church (easily removed, decorative only), hardwood floors and balcony access. The 2 Story Family Room offers a solid wall of windows, designed to maximize the expansive views,Brick fireplace with Bluestone Hearth and accent wall. Watch the Harbor lights from the Dining Room. Entertaining is a breeze in this Spacious, light filled Kitchen! Upstairs you’ll find the Owner’s Suite with Spa Quality Bathroom and the Guest Wing with 2 Bedrooms with views. Full Daylight BSMT also w/ views, 2 car garage.
9 W Vine St SOLD $1.2M
9 West Vine Street. Completely renovated 5 bedroom 4 bath home located in the heart of the West End. There is a spacious living room, dining area and kitchen on the first floor which opens to a blue stone patio and fenced in yard. The kitchen features a large center island, granite countertops, a farm sink & marble backsplash. There is a master bedroom suite with a private tiled bath and separate entrance, a second bedroom and tiled bath on the first floor. The second floor features a second living or family room with gas fireplace, in addition to an office, three more bedrooms. Stained pine & fir flooring in all living areas, Laundry room, ample closet space, an unfinished attic, outdoor shower, & 2 car parking.
525 Commercial St SOLD $1.25M
525 Commercial Street. Funky East End bay front home with multiple personalities. The original structure appears to be a marine related or mercantile structure dating from pre-1800 and is now known as the Not So Great Room with soaring 2 story ceiling and original folk art found object installation by Jackson Lambert. A 20th century addition is a large sunken living room with brick fireplace, wood floors and bay windows facing Commercial St and the bay. The most recent custodians of this gem added a contemporary solarium and deck on the bay and updated the kitchen and second floor bath a few years ago. Estate sale. Offers are subject to estate obtaining a license to sell from probate court. Town sewer outstanding betterment of only $2,295.41, to follow deed
107 Commercial St SOLD $1.6M
107 Commercial Street. There are only 15 single family waterfront homes in the west end – not since 2004 has one come to the market below $2M. Don’t miss this opportunity to purchase the perfect beach house in the perfect location that usually exists in dreams. This charming 3-BD, 2-BA waterfront home enjoys great privacy and spectacular views. 1st floor has an open floor plan, exposed beams, wood-burning stove and fireplace (not in working order), with sliders leading to front and side yards and large waterfront deck with steps to the beach. Also on this level are a full bath and laundry. The 2nd level has 2 waterfront bedrooms with sliders to a common deck with ladder to rooftop deck. There is also a 3rd BD and BA on this level. 3-car parking, Sewer Connection.
6 Winston Ave SOLD $1.8M
6 Winston Ave. Spectacular Waterfront Home with breathtaking views of Cape Cod Bay from almost every room. Talk about inspiration and beauty! There are 4 bedrooms in this magnificent home with the master on the second floor, gas fireplace, dazzling views of the water, a large elegant master bath, and a door leading to your private deck overlooking the water. Another bedroom shares those same views and deck, along with a full bathroom that separates the second and third bedrooms upstairs. First floor is full of light with a virtual wall of sliders that open to an expansive deck for your sunny enjoyment and relaxation. A large stunning kitchen with Granite counter tops, a first floor bedroom or office and a new artist studio with more gorgeous views of the water. Offered at $2,350,000.
This is an interesting blend of East End, West End, and downtown properties. My favorites are 3 Atlantic as it is in the near east end on Atlantic and Commercial and just smack in the middle of things on one of the most special streets in town. 107 Commercial is a favorite as it is one of those special properties right around the bend from the Coast Guard Station in the west end that is the epitome of casual downtown beachfront living… everyone who walks by it says…”I wish I owned that house.”
*Data is for single families, multi families and condos only sold from 1/1/12 to 8/31/12. There are some additional properties for sale in Provincetown like hotel/motels, and commercial properties which I do not generally include in my analysis of residential sales. All data from Cape Cod and Islands MLS.
August in Provincetown….what a month of gorgeous weather… tons of fun, and great real estate activity. You have read posts of mine speaking to the positive energy around real estate in Provincetown. It continues!
Ten condos sold in August with an average selling price of $423K and averaging 792 square feet. Some of these condos are highlighted below. One caveat… these descriptions come directly from Cape Cod MLS… so if there are typos or issues with content or syntax , please don’t blame me.
There are currently 130 condominiums on the market with an average asking price of $481K.
163 Bradford St #3, sold, $220K, 1/2, 506 sf.
163 Bradford Street sold for $220K, and is in the near East End of Provincetown. This bright, updated and spacious first floor condominium offers a master bedroom with en-suite bathroom and a second full guest bathroom. Comes with a deeded tandem parking space. Custom built- ins and electric fireplace.
57 Pleasant St #1, sold, $379K, 2/2, 586 sf.
57 Pleasant Street sold for $379K, and is in the neighborhood that we live in…and it is… a charming West End location, beautiful and spacious grounds and in a neighborhood of newly constructed properties. There is a large and lush fenced, exclusive backyard and patio area, as well as a good sized exclusive flagstone patio in front. There are two bedrooms, one with a sliding door that leads onto a small deck and the back lawn. The sunny living room has a gas fireplace and the galley kitchen is fully applianced with a gas stove, dishwasher and stacked washer/dryer and a door that leads out to the back. There are oak floors throughout .
11 Conant St #3, sold, $400K, 2/1, 635 sf.
11 Conant is in the near West End on a quiet side street and sold for $400K. a 2-bedroom, 1-bath penthouse is in meticulous condition with granite counter tops and kitchen island, stainless steel appliances and tiled bath and shower with glass block. Lots of charm in this renovated unit blending the old and the new with bead board walls and hand painted floors. Close to the gym and the Boatslip on a popular side street. 2-Car tandem parking, air conditioning, washer/dryer, exclusive patio plus lovely spacious common area to the side of the house.
5 Cottage St. sold $479K, 1/2, 880sf
5 Cottage is in the West End and sold for $479K. This very large one bedroom home is in a picture perfect West End location with views of Cape Cod Bay from the deck and living area! The home is completely renovated with every modern convenience and beautiful pine floors throughout. The kitchen features stainless appliances, granite counter-tops and opens to a large dining area and living room with wood stove, skylights and cathedral ceiling. There is direct access through sliders to the exclusive use mahogany deck, private yard with views of the harbor and an outdoor shower! The large bedroom has wall air conditioning, a private entrance and a tiled master bath with an over-sized shower and laundry. This turnkey home is a perfect second home and has a very strong rental history!
19 Creek Rd, #A, sold, $595K, 2/2, 1,175 sf.
19 Creek Road is in the West End close to Victors restaurant and sold for $595K. This tri-level condo has two master bedroom en-suites, with additional half bath. This three unit association is currently being constructed with all the newest hurricane-force code requirements, and a fire sprinkler system. Painted clapboard and stained shingles, Anderson true-divided light windows, old brick patios and sidewalks, mahogany decks and a fully landscaped site will create an inviting exterior for each townhouse (+/- 1,174 sq.ft.). Careful attention has also been provided to the interior custom finishes and features, including oak floors, tile/stone bathrooms, crown moulding, 5-panel doors and choice kitchen cabinets and appliances and bathroom fixtures.
Six single family properties closed in August with an average sale price of $992K and of an average size of 1,562 square feet. Some of them are highlighted below. Currently there are 69 single family properties on the market with an average asking price of $1.501M.
6 Duncan Lane sold $759K
6 Duncan Lane is down a sweet gravel lane in the East End of town and sold for $795K. This gorgeous single family home provides tranquil & private refuge, yet less than a mile to the center of town, & a little over 1 block to the beach. Built in 2009 this light-filled home features expansive sunny open plan living, with hard wood floors, gas stove & a stunning wood panel ceiling. The kitchen has recycled quartz counter tops & stainless appliances. A sliding door onto a large deck with outside shower. Den/guest bedroom & full bathroom, with subway tiled tub/shower, granite-topped vanity. The 2nd floor has cathedral ceilings, and is used as an office includes a master suite with a large en suite bathroom.
9 Arch St sold $800K
9 Arch Street is in the near East End between Bradford and Commercial near the library and sold for $800K. Renovated home located on a quiet, narrow street, 1/2 block to Commercial st. Enter the home through a secluded garden into open mud room . The first floor open plan has a spacious kitchen with center island and breakfast bar, and custom cabinetry. The dining area leads to a spacious living room with fireplace with imported tile surround. Ceilings are open beamed with original wood. Full bath with marble flooring and shower room with imported glass tile. The second floor has the 3 bedrooms with lots of light and peaks of the bay! The master has built-in cabinetry. The third bedroom serves as an office.
9 W. Vine St sold $1.2M
9 West Vine is between tremont St and Commercial in the near West End of town and sold for $1.2M. Completely renovated 5 bedroom 4 bath home located in the heart of the West End. There is a spacious living room, dining area and kitchen on the first floor which opens to a blue stone patio and fenced in yard. The kitchen features a large center island, Jenn-Air stainless appliances, granite counter-tops, a farm sink & marble back-splash. There is a master bedroom suite with a private tiled bath and separate entrance, as well as, a second bedroom and tiled bath on the first floor. The second floor features a second living or family room with gas fireplace, in addition to an office, three more bedrooms.
525 Commercial St sold $1.25M
525 Commercial Street sold for $1.25M and was marketed and sold by our office. It is a Funky East End bay front home with multiple personalities. The original structure appears to be a marine related or mercantile structure dating from pre 1800 and is now known as the Not So Great Room with soaring 2 story ceiling and original folk art found object installation by Jackson Lambert. A 20th century addition is a large sunken living room with brick fireplace, wood floors and bay windows facing Commercial St and the bay. The most recent custodians of this gem added a contemporary solarium and deck on the bay and updated the kitchen and second floor bath a few years ago.
107 Commercial St sold $1.6M
107 Commercial Street sold for $1.6M. There are only 15 single family waterfront homes in the west end – not since 2004 has one come to the market below $2M. The perfect beach house in the perfect location that usually exists in dreams. This charming 3-BD, 2-BA waterfront home enjoys great privacy and spectacular views. 1st floor has an open floor plan, exposed beams, wood-burning stove and fireplace (not in working order), with sliders leading to front and side yards and large waterfront deck with steps to the beach. Also on this level are a full bath and laundry. The 2nd level has 2 waterfront bedrooms with sliders to a common deck with ladder to rooftop deck. There is also a 3rd BD and BA on this level.
The properties illustrated above are all interesting in their own right. As a whole they illustrate the wide and attractive diversity of property for sale in town. My next property post will be a review of $1M properties sold and available for sale in town.
I always find it interesting to see the differences in home values across the country. In Boston and Provincetown we are in solid real estate markets with values substantially above the national average. In Boston, including all neighborhoods the median price of single family homes sold through Q2 was $364K, up 3% from last years $353K. In Provincetown the median sales price for a single family homes sold year to date through Q2 was $675K, up 15% from $586K last year. (I don’t always use median prices for comparison but since this report does I wanted to compare apples to apples.) The post below illustrates pretty mediocre northeast performance compared to these gains we have seen in Boston and Provincetown.
See Inman post below.
Top 10 metros for median price gains
NAR: Prices up from a year ago in 110 of 147 metros
Median home prices for single-family homes posted year-over-year gains in 110 out of 147 markets tracked by the National Association of Realtors during the second quarter, compared with 74 markets that saw annual appreciation during the first quarter. Some of the improvement in prices is due to a smaller share of sales in low price ranges where inventory is tight said NAR Chief Economist Lawrence Yun.
But Yun predicted even more markets would post gains in the quarters ahead, which will improve the equity position of existing homeowners, many of whom owe more on their mortgages than their home is worth.
At the national level, the median sale price of existing single-family homes during the second quarter was up 7.3 percent from a year ago, to $181,500. That’s the biggest annual increase in six years, but still left the national median home price down 20.1 percent from the 2006 peak.
Nearly 1 in 4 markets tracked by NAR (34) saw annual price declines. Seven of the 10 markets experiencing the biggest declines were in the Northeast.
The Northeast region saw median home prices fall 1.6 percent from a year ago, to $241,300.
Metropolitan area
Median price, Q2 2011
Median price, Q2 2012
Change from year ago
Bridgeport-Stamford-Norwalk, Conn.
$430,500
$374,900
-12.9%
Edison, N.J.
$328,600
$297,500
-9.5%
Gulfport-Biloxi, Miss.
$111,000
$100,600
-9.4%
Elmira, N.Y.
$115,200
$105,700
-8.2%
Atlantic City, N.J.
$237,000
$218,700
-7.7%
Pittsfield, Mass.
$197,100
$182,200
-7.6%
Charleston, W.Va.
$134,700
$126,700
-5.9%
Green Bay, Wis.
$137,800
$129,800
-5.8%
Manchester-Nashua, N.H.
$225,700
$212,700
-5.8%
Hartford-West Hartford-East Hartford, Conn.
$236,800
$226,300
-4.4%
Source: National Association of Realtors
Among markets seeing the strongest annual price appreciation, many experienced sharp declines at the beginning of the downturn, including Detroit, Phoenix and Fort Myers, Fla. In all but one of the 10 markets showing the biggest year-over-year gains, the median sales price was well below the national median.
Top 10 markets for median price gains
Metropolitan area
Median price, Q2 2011
Median price, Q2 2012
Change from year ago
Detroit-Warren-Livonia, Mich
$46,600
$60,200
29.2%
Phoenix-Mesa-Scottsdale, Ariz.
$115,000
$148,400
29.0%
Boise City-Nampa, Idaho
$113,600
$138,200
21.7%
Florence, S.C.
$112,900
$136,100
20.5%
Akron, Ohio
$100,200
$116,700
16.5%
Buffalo-Niagara Falls, N.Y.
$113,000
$131,600
16.5%
Bismarck, N.D.
$169,000
$194,000
14.8%
Cumberland, Md.-W.Va.
$89,500
$102,700
14.7%
Cape Coral-Fort Myers, Fla.
$114,200
$130,700
14.4%
Peoria, Ill.
$114,800
$128,900
12.3%
Source: National Association of Realtors
Total existing-home sales including single-family and condos were down 0.7 percent from the first quarter to a seasonally adjusted annual rate of 4.54 million, with distressed homes (foreclosures and short sales) accounting for 26 percent of transactions, down from 33 percent a year ago.
NAR estimates that first-time buyers, who historically have accounted for 40 percent of home purchases, purchased 34 percent of all homes in the second quarter, up from 33 percent during the first quarter but down from 35 percent a year ago.
Investors, who often pay cash and compete with first-time buyers, accounted for 19 percent of all purchases in the second quarter, down from 22 percent in the first quarter but about the same as a year ago. Some 29 percent of sales were “all cash,” down from 32 percent in the first quarter and 30 percent a year ago.
From a low of $254K to a high of$3.995M here are six of the 18 new properties that came on the market in the last two weeks in Provincetown. These properties represent some of the best of the new inventory. From small stand alone condos to fabulous waterfront homes, the diversity of properties for sale in Provincetown is well represented.
262 A Bradford St $254K
This adorable cottage condo is nestled in the woods in the east End. 300 square feet of charm! It has painted hardwood floors, new windows, and a washer dryer. Sliders open to a secluded stone patio. One block from the bay beach.
2 Georges Path #B $440K
The Georges Path complex is a bucolic little neighborhood out by Shankpainter Road and Cemetery Road. It is a mix of 2 unit condo buildings on a sweet cul-de-sac with mature woodland surrounding it, yet only a ten minute walk to town. This 900 square foot, 2 bed, 1.5 bath condo in the Georges Path complex is being marketed for $400K. The main floor has an open plan with stainless appliances in the kitchen and new cabinets. Large sliders in the living room open to a private deck that looks out to mature gardens. The second floor has 2 bedrooms, a full bath and a washer/dryer. There are hardwood floors throughout and a full unfinished basement.
290-C Bradford St $469K
This single family home was built in 2009, and is a charmer inside and out. It is a 649 square foot 1 bed 2 bath home. The main living level has bamboo floors, lots of windows, bead board, birch cabinets, a gas fireplace, and a half bath. The second floor has a master suite. The outdoor space is superb with patio, decks and a covered porch. There are two bonus spaces in the attic and in the lower level basement area. It is in a sweet east End mini neighborhood right past the East End tennis courts. (Excuse the winter picture!)
12 Howland St #C, $489K
12 Howland Street #C is a well appointed freestanding cottage set back from the street. The cottage is approximately 844 square feet and lives like a single family home and is being marketed at $489K. . (We love this description in Provincetown as it does truly describe the benefits of this type pf condo cottage) The first floor features wide plank hardwood floors and separate living and dining rooms, a large bedroom, bathroom, and eat in kitchen with period cabinets and stainless steel appliances. There is a patio located off the kitchen. The second floor features a loft area with a full height bedroom and sitting area.
40 Pleasant St #1 $525K
This is a perfect Provincetown West End retreat, located 1.5 blocks from Commercial Street in one of the sweetest neighborhoods in town and is being marketed for $525,000. This 2 bedroom, 1 bath home was totally renovated in 2005 and has been gently used by second home owners and never rented. This property has hardwood floors throughout, granite and stainless kitchen, good sized bedrooms, and a lovely large fenced private yard with blue stone patio and professional landscaping. This is one of my favorites….it’s also one of our terrific listings!
73 Commercial St $3.995M
This fabulous waterfront home is on the market for the first time in 16 years and is priced at $3.995M. Beautifully renovated and restored, each level of this residence offers a feast for the eyes. Perched at the peak of the house, is the master suite with a beamed cathedral ceiling, ensuite bath and home office. On the second floor is the main living room with beamed ceilings, wonderful built-ins and a large bayside deck. There is also a guest bedroom and full bath on this level. The first floor has another guest bedroom with ensuite BA. The large eat-in kitchen with high end appliances opens onto a deck and the lush lawn and well tended gardens. This is a stunning property!
I have taken some of the descriptive copy for these properties from MLS and added some comments of my own. Hope you enjoy!
Tara Steele is the News Director at AgentGenius, a terrific real estate blog, covering real estate news, technology news and everything in between. Below are excerpts of one of her recent posts asking the questions: Are lowering inventory levels good or bad for housing? Are reduced sales a good sign or not? Is housing recovering, or are these just signs of life? I have posted about the shrinking inventory levels and how this is pushing up demand and prices. It’s a great question to ask. While it is a positive development that inventory is being absorbed, especially foreclosures, the lack of good inventory which is required to to fuel a recovery is an issue.
Is it time to call it a comeback?
Housing has had some recent signs of health, causing a frenzy in traditional media outlets who are calling a comeback for housing, but is it too soon? When a coma patient who has been nearly beat to death opens one eye, no doctor would call the patient recovered, rather showing signs of hope for a potential recovery some day. As housing has been beaten to a pulp and opens one eye and two or three indicators show improvement, many are desperate to cling to hope that everything is recovered, but that just is not the case, and pushing that idea that everything has recovered is unhealthy for those looking for the recovery. Let’s just say that the moment anything backslides, the overly enthusiastic commentators and their following will feel slighted.
At AG, we are not calling it a comeback, in fact, you’ll see with the positive reports coming out of housing recently, we say as much in the first few lines, so that when good news is delivered, there is a huge “but” on the delivery.
Economist, Dr. Kolko weighs in
We have noted that while some economists are allowing themselves to get worked up by tiny signs of life, Dr. Jed Kolko, Chief Economist at Trulia.com agrees with us that the good news should be taken as part of the whole picture, not independently as a sign of recovery.
Yesterday, the National Association of Realtors (NAR) reported that home prices have risen, but inventory is tight, explaining the lowered sales numbers.
Dr. Kolko agreed that the sales data reflects the tightening inventory, as it fell 24.4 percent year-over-year, telling AGBeat that “Although sales increased year-over-year, they’re only 35% of the way back to normal. The June sales level of 4.37m is much closer to the worst of the recession (3.77m in Nov 2008) than to its long-term normal level (5.5m).”
“The shrinking supply of foreclosed homes drives the drop in inventory and sales,” added Dr. Kolko. “The share of distressed-home sales fell from 30% one year ago to 25% in June. Sales of homes priced under $100,000 in the West – which includes lots of distressed homes — fell 36% year-over-year.”
Low inventory levels: good or bad?
Dr. Kolko notes that while inventory feels tight when compared to recent years, “it’s actually only slightly below normal levels. ‘Normal’ inventory is 2.5m, which is roughly 5-6 months of supply when sales are at their normal rate of 5.5m. Now, inventory is 2.39m, which is very near ‘normal’ but way below the elevated level of the past few years.”
Many are enthusiastic about inventory levels, but who does it benefit, and does it hurt anyone? Dr. Kolko said, “Tight inventory is good for some and bad for others. Tight inventory hurts buyers, helps sellers, and hurts real estate agents and others in the industry who depend on sales for their income.”
“Tight inventory is a necessary step on the road to recovery,” said Dr. Kolko. “As prices start to rise, buyers get impatient but sellers want to hold off. Longer-term, rising prices will encourage new construction and lift homeowners above water, both of which will bring more homes onto the market and increase inventory. But inventory has to shrink first before it expands.”
