8 Meadow Lane #2, $529K, is a 2 bedroom, 2 bathroom condo with 954 square feet. Located in the West End, a short bike ride or walk to Herring Cove beach, this sunny and immaculate town home built in 2006 offers spacious living on three levels. The main floor is comprised of an open living and dining area and a kitchen with granite countertops and stainless appliances. The bedrooms have nice separation and privacy from one another, with a bedroom and full bath each on the top floor and the lower level. A deck off the kitchen and a french door from the lower level both lead to a lovely stone patio out back for outside living. The unit has pine floors throughout, air conditioning, a washer/dryer hookup and deeded parking.
This is a great condo in the West End near the bike shop in a well run condo association. The two bedrooms are separated by the living floor; there is a very private walk out garden and patio off the lower level bedroom; and there is tons of light from the oversize windows especially on the main floor.
While this freestanding condo may sound expensive it is one of those rare, new construction properties right on the water…in the West End. It is a great property offering designed and built with what looks like great attention to quality and detail.
67 Commercial Street #4, $1.899M, 2/2, 969 sf. (copy direct from MLS) Quintessential, waterfront, West End free standing 2 bedroom, 2 bath Cape home with spectacular views of the harbor & Long Point. This luxury home has been completely rebuilt with contemporary finishes yet true to its Cape roots. The main living area has wide plank Scandinavian bleached white oak floors, bead board wainscoting & ceiling & a glass door that opens to a private waterfront deck. Kitchen features custom modernist shaker cabinets with a resin pebble backsplash, a Sub Zero refrigerator & Miele appliances. On the second floor you will find the master bedroom with cathedral ceiling, private deck & a spacious en suite bath. The guest bedroom also has a cathedral ceiling and oculus window. Both the baths have river stone tiled showers with Waterworks nickel fixtures & custom glass enclosures. There is off site deeded parking for 2.
Provincetown year-to-date sales moderated somewhat from a robust 2012 first half as a shortage of properties for sale and a harsh winter kept buyers on the sidelines. Recently the market ticked up markedly as the weather improved.
Condominium sales slowed by 27% from 69 units last year to 50 this year, although a sluggish 16 sales in 1Q more than doubled in 2Q to 34. The average sales price of condos sold stayed relatively flat at $390K – a 2% decrease from $400K last year. Days on market for condominiums sold decreased by 8%; further illustrating the lack of inventory.
Single-family properties performed well with a 24% increase in the average sale price from $731K in 2012 to $905K year-to-date. The median sales price increased 28% to $867K from last years $675K – 22 have sold so far this year against 27 last year. Total sales volume was up 1% to $19.7M.
The average days on market has decreased in both categories driven by less inventory available for sale and relatively strong demand. For condos, it decreased 8% from 214 to 197 and for single-family properties, DOM decreased 22% from 253 to 197. Properties are selling faster as there are fewer on the market and demand remains very high.
Speaking of inventory, currently there are 110 condos on the market with an average listing price of $470K and an average price per square foot (ppsf) of $557. There are 54 single-family properties on the market with an average listing price of $1.411M and an average ppsf of $558.
The market has heated up in the past several weeks with several properties going under contract. The most interesting development is that two, $2M+ houses on Telegraph Hill went under contract in the past few weeks. The number of properties going U/A has increased noticeably. It has turned into summer overnight and the fourth of July has come and gone. The season is in full swing!
Other towns on the Outer Cape have experienced a similar dynamic. The number of single-family home sales in Truro was down 13% to 26 units from 30 in 2012. The average sales price was down 18% to $607K from $737K last year.
The Truro market consists mostly of single-family homes. There are currently 72 single-family properties available to chose from.
In Wellfleet, the single-family market performed better than last year with a 4% increase in the average sales prices to $556K from last year’s $533K. The number of sales was the same as in 2012 at 32 properties sold. The current 93 single-family homes available for sale offer many choices for buyers.
There is generally positive news on the outer Cape in both single-family homes and condominiums. A strong second-home market on the Cape is an indication of an improving economy and of improving consumer confidence. These buyer and seller attitudes and still relatively low interest rates are signaling a very strong second half for outer Cape real estate.
Please call or stop in if you are considering selling or if you are just curious as to what your home is worth. If you are considering buying a home, remember that our business philosophy is that the best-informed buyers are the happiest and it is what we do best.
This is the 3rd in my series of reviews of the three key market segments in Provincetown. The $1M plus market, the mid-market and last but not least the affordable entry level market. The entry level market in Provincetown is the $200K to $400K price range. Buyers are constantly surprised at some of the great properties that are on the market in this price point.
73 properties sold between $200K and $400K in 2012, accounting for 34% of the total sold.The average property sold in this price range was a 1 bedroom, 1 bath with 620 square feet and a sales price of $314K. Surprisingly 6 of the 73 were single family properties. I have included 2 of those below. One at 130 Commercial St is known to anyone who knows the West End well. A sweet little box of a single family right on Commercial Street past Pleasant. It has been renovated into a wonderful little house! The other single family property shown is 32 Ships Way Road.
One of our favorite condos was a stand alone studio in the West End that we sold last year. It was on the corner of Atwood Street and W. Vine, in the rear of a 4 unit condo complex at 14 West Vine. (see pic) It had a loft bed, a gas wood burning stove, and a wonderful private fenced in garden patio. Another favorite was 75 Province Lands Road which was a 1 bedroom end unit that has full on water views of the moors and beyond.
14 W Vine St. #4, studio condo $310K75 Province Lands Rd #12, 1/1/ condo $398K233 Bradford St #7, 1/1 condo, $272K
62 Franklin St #3, 1/1 condo, $270K130 Commercial St. 2/2 Single Family, $360K32 Ships Way Rd. Single Family, 2/1, $390K
Currently there are 52 properties on the market representing 33% of all properties being marketed for sale, of which 3 are single family properties. The average being a 1 bedroom, 1 bath with 620 square feet with an asking price of $325K. Below are 6 properties that are currently available.
23 Conant, 7 Webster are stand alone condos, with all the privacy that comes with that. 30 Bangs is at the end of Bangs Street across Bradford in a quiet private complex. 60 Race Road is a spacious 2 story townhouse with a full basement.
23 Conant St. 2/2 condo $329K30 Bangs St. 2/2 condo, $349K60 Race Point Rd. 2/2 condo, $395K
7 Webster Pl #1, 1/2 condo, $215K233 Bradford St #7, 1/1 condo, $272K163 Bradford St #3, 1/2 condo $329K
Year to date 29 condos have sold with sales prices in this range representing 47% of all properties sold so far this year. It’s a very busy segment of the market and you can see why when buyers have the choices like those shown below. The average condo sold was a 2 bedroom, 1 bath condo of 741 square feet selling for $303K.
88 Bradford St is an end unit with vaulted ceilings and lots of private use outside space. 23 Conant is a cute stand alone condo in the near West End while 2 Mayflower is a charmer of a cottage in the woods in the far East End. 163 Bradford St #1 was bought by some very dear friends. It’s central location, 2 baths and extra room along with wonderful private use outside space made it a great value.
88 Bradford St. condo, 1/1, $312K23 Conant St #5, condo 1/1, $252K2 Mayflower Ave #3, condo 1/1, $217K
163 Bradford St #1, condo 1/2, $374K147 Commercial St #L3, condo, 1/1, $275K15 Court St #5, condo, 2/1, $388K
Hopefully this post has illustrated the incredible variety of properties in this price range. Buyers are always surprised at what their dollar can buy as they are always hearing about how expensive property is in town. It is a dynamic market segment with great variety of properties for sale.
Provincetown Truro and Wellfleet First Quarter Figures 2013
Coming off a banner year in 2012, where year-end sales surpassed industry expectations, we wouldn’t have been surprised at a more “normal” first quarter of 2013. Real estate sales did slow as winter activity was moderated by weekly snowstorms more than by any changes in market fundamentals. Sales were more aligned to 2011 than to 2012.
The average sale price for a single-family home in Provincetown was up 27% to $1.021M, but the number of sales was down 25% from 12 to 9 sales. Total dollar volume was about even with 1Q2012 at $9.2M and average days on market were even as well, at 189 days.
There were 16 condo sales in the first quarter, down from 29 last year. The average sales price was $367K, which was down 8% from 2012. The decrease in condo sales was evident, as buyers were not inclined to show up on snowy weekends to shop for real estate.
The continued decrease in inventory remains a factor as the number of properties for sale continues its decline to about 25% from the same period last year. There are currently 52 single-family homes available for sale in Provincetown with an average asking price of $1.373M. There are 102 condominiums available for sale with an average asking price of $476K.
In our year-end report for 2012, we mentioned the decrease in available homes for sale were beginning to build the case for spring 2013 being an opportune time for sellers who had been sitting on the sideline, to put their property on the market. The case has been made. Mortgage rates remain at historic lows and the buyer pool is growing. This evolving supply and demand dynamic in Provincetown will be the factor to watch moving forward in 2013
Single-family home sales in Wellfleet and Truro were strong in the first quarter. In Truro, sales increased by 27% from 11 to 14. The average sales price decreased by 21% to $617K from $785, while the median sales price increased by 3% to $613K from $595K. Total sales volume remained flat at $8.6M.
Single-family home sales in Wellfleet increased 12% from 8 units to 9 units. The average sales price increased 3% to $510K from $496K, while the median sales price slipped 18% to $395K from $482K.
First quarter sales analysis can swing wildly on the outer Cape, as the numbers are relatively small and one sale plus or minus can move the percentages in a dramatic fashion. The first quarter is just a hint of what is to come and begins to outline the narrative for the full year ahead in real estate on the outer Cape.
In our wrap up we are going to repeat what we said in our 2012 year-end review. Real estate is back! And while we don’t want to be accused of having “irrational exuberance,” we continue to see buyer excitement that has not been seen for years. But, buyers do need to see more choices. Sellers are becoming more confident that this is the time to sell. These positive buyer and seller attitudes and the continuation of rock-bottom mortgage rates bode extremely well for 2013!
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 and buyers are the happiest. And, that’s what we do best.
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!
In the Far West End, from West Vine to The Moors, there are three large developments that have been going up in stages over the past few years. It has been fun to watch these substantial developments emerge from the ground, go to market, and then watch the second phase go up. These 3 developments consist of 6 condos with 6 more being built on W Vine; 17 condos total at Herring Cove village; and 9 single family home sites at Pilgrims Landing. A total of 38 units, a substantial number of quality properties and indicative of the energy and excitement of the real estate market here in our little fishing village.
(As always my caveat stating that much of the descriptive property below is direct from Cape Cod MLS so I am not responsible for spelling and grammar.)
57 West Vineis currently 6 townhouses with an additional 6 being built.
#C,$659K, 2bedroom and 3 bath, 1300 square feet. New construction townhomes in Provincetown’s west end are underway and can be purchased at pre-completion prices with the opportunity to customize some interior finishes. Constructed to the highest standards these tri-level townhouses feature: Anderson true-divided light windows, brick patios, mahogany decks, landscaped grounds, a/c, basements, laundry, and 2 parking spaces. The exteriors of each unit will be a mix of painted clapboard & gray stained shingles to give contrast to each home. The entry level is an open floor plan for kitchen, dining and living w/ gas fireplace. Each bedroom with ensuite bath is on a separate level to maximize privacy for you and your guest. Oak floors, tile/stone baths, crown molding, & 5-panel doors are just a few of the details that set these homes apart. Your new Provincetown home for summer 2013 awaits!
Phase ll at Herring Cove Village is the last phase of this successful and beautiful development on Bradford Street Ext. out at at the Moors.
#16, $1.399M, 3bedroom and 4 bath, 2,160 square feet. Introducing the brand new, top of the line, model unit for Phase II of Herring Cove Village, the West End’s most luxurious condominium, boasting countless amenities.These spacious free standing homes are built with entertaining in mind. The oversized designer chef’s kitchen is the hub of the floorplan,& features custom cabinetry, Thermador appliances, large custom center island, a contemporary gas fireplace, and conversation area. Sliders from the kitchen lead to a bluestone patio & large exclusive yard. There are beautiful dark stained maple floors and 9 foot+ ceilings throughout. The master suite has a walk in closet and a sleek double sided fireplace between the bedroom and large marble bath. The other 2 BR have ensuite baths. Enjoy water views from a 2-tiered roof deck that houses a hottub. Wired for central sound and home automation.
#12, $895K, 2 bedroom and 3 bath, 1,400 square feet. A one-of-a-kind unit at Herring Cove Village, the West End’s most luxurious condominium. This 2BR/2.5BA unit is laid out on 3 levels, and is the only unit with this size and layout in the newest section of the development. The high end kitchen & living room are on the first floor, with a gas fireplace to warm the atmosphere. Sliders from this level lead out to a blue stone patio, great for outdoor grilling and entertaining. Each of the floors above houses a private bedroom suite, with oversized living space & en-suite bath featuring custom tile work. From the third floor bedroom, continue up to a huge waterview roof deck that is plumbed and wired for a hot tub as an upgrade amenity. The unit has CAC and is wired for central sound and home automation. Shed storage and 2 parking. Under constr, Int. photos depict similar unit.
Pilgrims Landing is a 9 lot subdivision at the very beginning of Commercial Street being developed at what is know as the Murchison Estate. There are two building lots #8 and #9 on Commercial Street and 6 house lots in the gated section of the development. It looks like lot #2 is being built now and when done will be is one of the most dramatic homes in town. It is so exciting to see such a modernist home being built. Of course the Murchison house, otherwise know as the Gropius House stands atop the subdivision and is lot #7, is one of the most incredible examples of modernist architecture anywhere.
To see more of the original “Gropius House” go to Building Provincetown Blog. David Dunlap has done an incredible job over the years publishing wonderful facts about many Provincetown buildings. His blog is an absolute joy to explore.
Next I will highlight east end and downtown developments. Watch for these posts in the new year.
In the real estate community the off-season months are a time to regroup for the New Year, and to tie up the lose ends of the very busy year we have had. Interestingly the months between November and February remain active in many ways. Buyers are are able to see properties without worrying about tenants, traffic and the urge to go to the beach. Those buying now can be in their properties for the summer season or have their property ready for renters. Sellers can prepare their properties for the new selling season. Renovations can be completed, and property owners can enjoy their hones for the holiday season.
The Goode and Farmer Q3 report reported crazy strong numbers as condo sales increased 50% YTD and single family sales increased by 100%. In October the strong trend continued as 11 condos sold with an average sales price of $423K, and 5 single-family homes sold with an average sales price of $1.107M. There are currently 122 condos on the market, vs 134 just a month ago, and 59 single family homes vs 72 a month ago.
Interesting fact. 32% of all condos sold last year sold in the 4th quarter, and 38% of all single family homes sold in the 4th quarter. Another very strong indication that the so called off season is really still the “on season” and that while things do slow down off season they certainly don’t come to a halt in real estate.
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.
