Tag: Cape Cod

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NAR Report Prices Rise In Q3

Below is a great Agent Genius post putting perspective on the national real estate market.

by  in Economy, News – Agent Genius 

 New data shows strength of prices rising

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.

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3Q Ptown. Condo sales Up 50% YTD (No Kidding!)

3Q Provincetown

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.

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Herring Cove

A great Boston Globe article below. The Herring Cove Bathhouse’s last hurrah!

Events to honor Cape Cod  bathhouse

By Cate McQuaid

|  GLOBE CORRESPONDENT  SEPTEMBER 27, 2012

 

Artist Jay Critchley places a found flag on bathhouse benches outside the Herring Cove Beach bathhouse in Provincetown as part of his upcoming art installation/show.

JULIA CUMES

Artist Jay Critchley places a found flag on bathhouse benches outside the Herring Cove Beach bathhouse in Provincetown as part of his upcoming art installation/show.

PROVINCETOWN — The bathhouse at Herring Cove Beach is on its last legs. The nearly 60-year-old modernist structure dominates this little slip of the National Seashore at the tip of Cape Cod, but the floors are cracking, and the second floor was condemned years ago. Demolition will begin in October.

But the bathhouse is going out with a bang. Artist and impresario Jay Critchley has spearheaded “Ten Days That Shook the World: The Centennial Decade,” featuring art installations, performances, panel discussions, video screenings, and more at the bathhouse and on the beach, Sept. 28-Oct. 7. Friday’s opening includes a campfire and marshmallow toasting on the beach, with music by Screem Along with Billy/Clap for Sue and Magic & the Reggae Stars.

“It’s a classic modernist structure, built as a fortress to protect us from nature, and now nature is encroaching,” Critchley said of the bathhouse. On a blustery, sunny day earlier this week, as electricians laid cable through sand and artists busily worked around the bathhouse, he was taking a break in the musty-smelling lifeguard lounge.

Critchley is known for running the Provincetown Swim for Life & Paddler Flotilla benefit, and for a variety of comic, politically incisive art projects. These include his massive multi-artist 2007 installation “The Beige Motel,” for which he completely encrusted a North Truro motel in sand and invited artists to create installations in the rooms. But even with Critchley’s experience organizing such events, “Ten Days That Shook the World” has been a marathon run at a sprinter’s pace.

Ten Days That Shook the World: The Centennial Decade

Herring Cove Beach bathhouse, Cape Cod National Seashore, Provincetown 508-487-0011. www.10daysofart.org

Opening date:
Sept. 28-Oct. 7.

“The bathhouse was originally going to be torn down in 2014,” he said, and he had spoken to George Price, National Park Service superintendent for the Cape Cod National Seashore, about doing the project then. “But money came in early, and I got a call from George in July.” Critchley said. “It was a two-year planning project in two months.”

More than 30 events will touch on themes such as the environment, time and impermanence, and Provincetown’s inception as an art colony 100 years ago, between 1910 and 1920. “Ten Days That Shook the World” is held under the auspices of the Provincetown 10 Days of Art 2012 Festival and the Provincetown Community Compact. The event’s title refers to journalist and activist John Reed’s account by the same name of the Russian Revolution in 1917. Reed was also an early member of the Provincetown Playhouse, founded in 1915.

“That decade was the progressive era in American history,” said Critchley. “There was suffrage, birth control — Margaret Sanger was in Provincetown. There was the labor movement, muckrakers. Then World War I came, and the government started cracking down on activists.” He sees parallels today, he added.

History-themed events will include actor Tim Babcock’s performance “1912 or 2012? You Decide,” a couple of renditions of plays by Eugene O’Neill, a Provincetown Playhouse founder, and a panel discussion, “Provincetown’s Centennial Legacy: State of the Art Colony.”

While Critchley spoke about “Ten Days,” artists were at work on their installations. Vicky Tomayko and Maryalice Johnston had set up a work table covered with paint and stencils in the men’s changing room, and were painting female figures and fish in the shower stalls. Jennifer Hicks had filled the original electric utility room with sand, gauzy fabric, and sparkles, and intended to create a nest on the floor complete with giant eggs visitors might sit on.

“It’s about the tree swallows roosting around here right now,” Hicks said. “There are thousands of them, eating bayberries.” In addition to her installation, Hicks is scheduled to lead a free class in Butoh, an image-based Japanese dance tradition, on Sept. 29 followed by a performance on Sunday. “I’ve got everyone a hazmat suit, and people will be painting birds on their backs as they move,” Hicks said.

Outside, Paul Wirhun was covering the concession stand with designs and illustrations in tape. He planned to paint the walls, then remove the tape to reveal a seascape. Inside, photographer Marian Roth had boarded over the windows of the hot dog stand in order to turn it into a giant pinhole camera. According to Critchley, performance artist Heather Kapplow will take over another portion of that building Oct. 6, and invite visitors to make their own concessions.

Every evening, there will be a campfire on the beach, and the bathhouse will be lit.

Next summer, visitors to Herring Cove Beach will have new facilities. Several smaller shingled buildings, linked by boardwalks, will provide a more intimate experience compared with the bulwark of the old structure.

“This isn’t charming,” said Critchley. “This is monolithic. It’s out of character with the landscape and architecture of Cape Cod. But this is a monument. People wouldn’t build anything like this again. It’s an excess of material, an excess of space.”

He was standing on the concrete platform that separated the building from the beach, squinting at the few tiny windows along its beige walls. “There’s a determinism to this building, that it will last forever. It is a self-righteous and in a way arrogant building. And it has held its ground for 60 years,” he said.

The wind riffled his shirt. “But the times are a-changing,” he said, “and the climate is a-changing.”

 

Cate McQuaid can be reached at [email protected].

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Condo Association Hints

We recently had a closing where the buyers had always owned single family homes and never a condominium, so didn’t have any idea of how Condo Associations worked. So…an HOA (home owners association) primer follows. Yes, condo documents are boring, association meeting notes are boring, budgets are boring… but get to know your new new homeowners association! Don’t be surprised by assessments, crazy leadership, unreasonable rules..get to know your HOA and then work with your HOA to make your property a better investment. Below is a great post from Inman News.

Inman News

Here are a few guidelines for buyers-to-be and new owners of condos and other properties in HOAs:

1. Read the HOA disclosures — thoroughly. When you get into contract on a home that is located within an HOA, you receive a bulky stack of documentation about the association. It can be a mind-numbing, eye-twitch-inducing pile of bank account statements, historical documents and legalese. However, these materials are uber-important, as they provide the details and contours of this new business and interpersonal relationship you are about to embark on with your neighbors.

Things like the HOA’s plans for ongoing maintenance and upgrades, the HOA budget, the cash they have in reserve — all these things have the potential to impact your household budget.

For example, if the building needs a new roof and there’s not enough cash to cover the costs, most HOAs have the power to levy a special assessment on each owner for their share of the cost! The fact that you own your place means you also own some share of the responsibility for the building. That’s what owning in an HOA is all about.

Additionally, as you’ve learned the hard way, there are loads of HOA guidelines that may impact your lifestyle and your plans for your home. I have received dozens and dozens of notes over the years from condo owners like yourself protesting HOA restrictions on everything from parking to pet size and even flooring material and paint colors! Yes, the place belongs to you, but when you buy into a condo you opt into following the guidelines the HOA has in place for ensuring every owner can enjoy their home and all can live in peace.

I suspect the fee of concern to you covers the management company’s processing of your plans for modifying your home to ensure their compliance with HOA and other guidelines.

The ideal here is to read these documents thoroughly as part of your decision-making about whether to buy the property while you still have time to back out of the transaction if you don’t want to be bound by the HOA’s strictures.

2. Read more casual HOA member documents. Along with the formal HOA disclosures, condo buyers often receive a set of more casual documents, including a copy of the building rules and regulations, and the community newsletters. In my experience, these documents can actually be even more telling than the formal ones in terms of previewing for you the daily experience of living in the community. Yes, you’re likely to see a fair amount of minutiae, like recipes and block party announcements.

But you’re also likely to see things like board meeting agendas with line items like discussions of whether to raise the HOA dues, and conversations about any concerning, large repairs that might need doing. If you haven’t read these documents yet, you should now, to prevent further nasty or costly surprises.

In the same vein, I encourage condo buyers and new owners to talk with the building manager about common complaints and community issues (including fee increases) that are on the horizon, as well as connecting with other homeowners in the building or complex about their experience and any surprise costs or unpleasant rules they have encountered.

3. Participate in your HOA. Read the agendas of your HOA’s board meetings before they happen, attend the meetings and even participate on your board if possible. HOA boards ultimately have the power to impose dues increases, select the accounting and insurance vendors whose work and fees are so critical to the costs of living in the community, and select the contractors who do major building and community upgrades and repairs.

If you have a very strong issue with fees or rules that are currently governing your experience as a homeowner, the best way to address them is to become a vocal, active participant in your HOA board.

 


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Cape Cod More Affordable

 

There was an interesting article in the Sunday Globe speaking to the fact that retirement housing, and housing in general on Cape Cod is more affordable after “seven down years in the real estate market have lowered prices to the point where owning a retirement home on Cape Cod is again an achievable dream for some baby boomers.”.

 

We are seeing variations of this in Provincetown as many  buyers are taking a solid look at their buying options after being on the fence for several years.  They feel better about the economic outlook. They feel that prices have moderated enough to warrant a second look, and they are seeing the benefits both financially and personally of buying a second home or transition to retirement home, and most of all buyers are honestly enjoying the personal adventure of looking for the home of their dreams in Provincetown and the Cape in general.

Below is the article by Globe correspondent Sarah Shemkus.

Massachusetts native Judy Watkins left the state more than 30 years ago, moving to Florida to escape the harsh New England winters.

Over the past few years, however, her thoughts have again turned northward. Approaching retirement, Watkins, now 67, started thinking about buying property on Cape Cod, where she could spend half the year enjoying the beaches, natural beauty, and people of her home state.

So she kept an eye on the market, watching as prices fell and options multiplied. Then, last month, she made her move, buying a two-bedroom, three-bath ranch home on a tree-ringed lot in East Falmouth for $185,000. The moment, she said, was right.

“This is absolutely, definitely the time to buy, for sure,” Watkins said

Cape Cod, with its relatively mild weather, low property taxes, and laid-back lifestyle, has long been a desirable destination for retirees.

During the real estate boom, however, even the coziest of cottages soared in price, effectively shutting many middle-income would-be buyers out of the market. Then, the economy crashed, leaving many people worried about their jobs and their investments, and disinclined to make a major real estate purchase.

Now however, seven down years in the real estate market have lowered prices to the point where owning a retirement home on Cape Cod is again an achievable dream for some baby boomers, according to financial planners and real estate agents.

“We see prices on the Cape are low and properties are starting to move again,” said Walter Herlihy, a financial planner with Beacon Financial Planning, which has offices and Centerville and Easton.

The median price for a single-family home in Barnstable county is now down to $320,000, from a high of $390,000 at the market peak, according to real estate data firm Warren Group. Prices in middle-market communities can be much lower, such as $239,000 in Bourne and $235,500 in Yarmouth, while the high-end communities remain more expensive. The median home price in Truro, for example, is $638,000, and in Chatham is $550,000.

A surge in homes for sale has helped bring prices down considerably. During the recession, many second-home owners concerned about their finances decided to sell their vacation properties. At the same time, rising foreclosure numbers meant more distressed and bank-owned homes were up for sale at depressed prices.

Furthermore, low interest rates have made it much easier for boomers to buy real estate. As recently as 2006, mortgage rates hovered near 6 percent; now a 30-year fixed rate is down to 3.55 percent. On a 30-year $300,000 mortgage, that’s a savings of about $450 a month.

“A lot of folks in that age bracket can remember the 12 to 18 percent rates of the late ’80s,” said Russ Pelletier, an agent with William Raveis Real Estate in Falmouth. “So a 3 percent mortgage now is almost looking like free.”

Potential buyers are, for the most part, also feeling more secure about their finances than they were a few years ago, during Wall Street’s more tumultuous period, financial planners report. Many experienced temporary losses during the worst of the Great Recession, but most have recovered and even made modest gains, Herlihy said.

“They’ve held on through the downturn and come out ahead of the game,” said Herlihy. “People are more confident than they were.”

However, while investors may be feeling more secure, they have not returned to the abandon that marked the peak of the real estate market, said David McPherson of Four Ponds Financial Planning in Falmouth and Hingham.

“Overall, many people are more cautious than they were five or six years ago,” he said.

Nonetheless, the combination of falling prices, low interest rates, and improving financial confidence has translated into a surge of sales activity, real estate agents report. Sales of single-family homes are up nearly 30 percent over last year, according to the Cape Cod and Islands Association of Realtors.

“People who have been on the fence, waiting to make that decision, they’ve become more active because they’ve realized prices have hit bottom,” Pelletier said

And most of those buyers, agents said, are people planning to turn a second home into a permanent residence once they retire.

“Three-quarters of the sales I’ve been involved in this year are people planning for their retirement,” said Marie Kelly, an agent with Realty Executives Cape Cod in Brewster. “They’re jumping in now on their retirement home.”

For Watkins, the buyer’s market helped convince her to commit to a property in her home state, rather than in Tennessee, the other destination she had considered. Though homes in Tennessee are less expensive than those on Cape Cod, falling prices and growing inventories made East Falmouth a viable choice, she said.

“There’s more for your money right now,” she said. “The Cape is just a great place to be.”

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Provincetown Core Condo Market Facts

23 Captain Berties Way, #3, sold for $437

I was doing a report for one of our sellers in the $400K to $600K range, the core of the condo market here in Provincetown and came up with an interesting fact.

I found that in the last twelve months 45 condos sold (3.75 per month) in this range and that there are currently 45 condos for sale in this price range. This illustrates a 12 month supply of inventory if properties sell at the same speed in the next twelve months as they did in the last twelve months. Just  a little coincidence to share with you along with a handful of properties that sold in this segment over the last 12 months.

23 Captain Berties Way, #3, sold for $43
4 Holway St #4, sold for $510K

 

 

 

 

 

 

 

 

 

12 Brewster St sold for $575K
22 Pearl St #1, sold for $466K.

 

 

 

 

 

 

 

 

 

56 West Vine St, #C, sold for $565K
18 Miller Hill Road #10, sold for $450
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June Sales In Provincetown – 5 Of My Favorites

There are so many interesting properties here. In fact, almost every one is special. Down a dirt lane, up on a hill, built in the 1700’s, owned by a sea captain or a police chief, 195 square feet on the beach, a small stand-alone condo nestled in the woods – every turn you make and every open house you go to, something wonderful intrigues you about a property.

3 Atlantic Ave, $1.065M

 

3 Atlantic Avenue has always been one of my favorite houses in town.  This is one of the town’s oldest homes dating back to the 1700’s.  One lot in from Commercial Street with peeks of the bay, this charmer recently received a total renovation. The previous owners brought this three-quarter Cape back into the 21st century preserving the original architectural details and adding the highest quality contemporary fixtures. This incredible 1,604 square foot, 3 bed/2 bath home sold for $1.065M.

 

 

 

5 Creek Round Hill, $910K

 

5 Creek Round Hill Road is a large 2,592 square foot, 3 bed/3bath single-family home in the far West End with panoramic views of the Moors. Sited to maximize views and privacy this home has multiple decks, fireplaces, a sun room and a home gym. It also includes the adjacent lot of .295 acres. This property had been on the market for 262 days and sold for a very reasonable $910K.

 

 

 

3 Thistlemore, $575K

 

Another interesting single-family home sale was 3 Thistlemore Road.  This was a really well-priced, single-family home nestled in the wooded hills of the Somerset Heights neighborhood in the East End. This house has 3 bed/2 bath, a den, 1,967 square feet and a 20′ x 20′ rooftop deck with treetop and dune views. There is a master suite on the top floor with a sitting area, fireplace and a large master bath. The outdoor gardens have been lovingly planted with perennials and herb gardens and includes a garden shed. This property was updated in 1997. See what I mean? It was a great value at $575K. 

 

 

54 Harry Kemp Way $665K

 

There have been two interesting condominium sales so far this month. One was at 54 Harry Kemp Way in the White Pines complex and sold for $665K. This is a sought after group of condos – many have great farmer porches and some are stand-alone condos reading like single-family homes. This 3 bed/3 bath home has 2,500 square feet, four floors of living space including a large master suite, 2 guest bedrooms with central air and 2 parking spaces. Talk about value!

 

 

 

46 Pleasant St #D, $435K

 

46D Pleasant Street is a terrific 1,200 square foot,  2 bed/3 bath condo in the four-unit Pleasant View complex. This property provides privacy and seclusion from the street. Handsome cabinetry, wood flooring and a newly renovated bath add to this very comfortable and attractive space. The ground level has a spacious sitting room and a cedar- walled bathing-suite. (their words, not mine). It sold for $435K and was on the market for a relatively short 51 days.

You can see why these are my favorites of all the properties sold this month. I will report on all June sales at the end of the month.

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Bradford Street Ideal

Of course I am upbeat about the buying opportunities in Provincetown. At every price point, in every category, there is something of interest that makes sense for buyers. Whether you are looking for property as an investment  or for a combination vacation home and rental, as a full time residence or second home, there is much to like in this market.

My goal is always to provide you some new information, or perhaps an insight into a market, a location or a property. Here the focus is on one of the properties we have listed here at Beachfront Realty. This property perfectly illustrates what is great about the Provincetown market. This “fits the bill” on so many levels as an ideal Provincetown property offering. As an investment property, a second home or a combination of the two.

49 Bradford #8 is being marketed for $529,000. It has a great rental history as it has two equal size bedrooms, parking for two cars and is an easy walk to Commercial Street. It has everything a second home buyer or an investor/vacation home buyer would want. Close to all in the near West End, a block from Joe’s Coffee and the Boatslip and beautifully done.

As you look at these pictures you see a well designed and appointed living level with a black granite kitchen and breakfast island, stainless steel appliances, and hardwood floors throughout. There is plenty of room for a separate dining room area and a well scaled living room with doors out to the wonderful garden-patio.

On the second floor (pics above) there are two equal size bedrooms, a deck and a full bath. The bedrooms have high ceilings, tons of light and ceiling fans. There is central air, two parking spaces and a good size attic and basement storage room.

This is the most popular market segment in town, (and pretty much everywhere else!). That “perfect” 2 bedroom, 2 bath property. There are 41 properties being marketed in this category with an average asking price of $546K.  48 Bradford is priced slightly below the average in this category and is close to the average size of 1,113 square feet.

Hopefully this property snapshot gives you additional perspective and some context to the condominium market in Provincetown. It is an exciting market with opportunity for all. Go to “Ask Jon” if you have any other questions around the real estate market here on the Outer Cape and I will respond in a post.

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The Goode and Farmer Report – Provincetown 1Q2012

The Provincetown market has been relatively stable year over year especially in the context of regional and national volatility being experienced in most markets.

First quarter figures for the Provincetown market are in and are great!  As in Boston the mild winter weather has kept buyers and sellers in the market and sales activity has been very strong. Keep in mind that the first quarter numbers in most markets in the northeast don’t show huge numbers so sampling is relatively small, but when compared with the first quarter last year  condo sales have increased by 40% to 28 properties and single family sales increased 71% from 7 to 12 properties in the first quarter. Not huge numbers but a positive indicator of interest and activity in Provincetown real estate

The average selling price of those condos sold was $405K, up 29% from last years average of $314K. On average it took 262 days to sell these properties, exactly what it took last year. The lowest selling price was $141K and the highest was $829K which was a beautiful 1754 square foot 2 bedroom, 2 bath penthouse in the East End on Commercial Street. (pic to left)

 

 

 

The average selling price of single family homes increased 6% to $807K from $762K     in 2011. Single family  home sales almost doubled from 7 to 12 sales in the first quarter. The lowest selling price was $212,500 for a sweet little  fixer upper home at 217 Bradford Street, and the highest selling price was $1.8M for a fabulous 4 bedroom waterfront home in the far East End on Winston Ave. (pic to left) There were no multi family properties sold in the first quarter.

 

 

There are currently 129 condominiums for sale with an average asking price of $447K. There are 55 single family homes for sale with an average asking price of $1,472K and 14 multi family homes for sale with an average asking price of $1,356K. These figures represent a terrific range of buying opportunities. Inventory is at a fairly balanced level and not necessarily weighted toward a buyers market or sellers market.

As the Outer Cape and Provincetown readies itself for the spring onslaught, meant in a very positive way… we will keep you posted week to week as to real estate activity of interest in Provincetown and on the Outer Cape.

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Bill Farmer Joins Beachfront Realty in Provincetown

With over 25 years of experience, Bill Farmer has made the move to Provincetown where he will continue helping buyers and sellers with all their outer Cape Cod and Boston real estate needs.

Bob O’Malley, broker/owner of Beachfront Realty says, “I’m so excited to have Bill on board. I really appreciate his years of professionalism, honesty and integrity. Please stop by, say hello and help us welcome Bill to Beachfront Realty.”

“I’m thrilled to be selling real estate in Provincetown after assisting buyers and sellers in Boston and Minneapolis for so many years,” adds Bill Farmer. Bill can be reached at 617.823.2444 or by email at [email protected].