Bill Farmer will be a regular contributor to my blog posting about everything real estate in Provincetown. Bill has recently moved full time to Provincetown after dividing his time between Boston and Provincetown for the last several years. He has joined Bob O’Malley at Beachfront Realty. Bob is a real estate “institution” in Provincetown selling real estate at Beachfront Realty for the last 27 years.
Stable yet dynamic, with a wide range of opportunities. The 2011 Provincetown market report compares Cape Cod MLS sales data from 2010 to 2011 and shows all these characteristics.
The Provincetown market is relatively stable year over year. The median sales price for condos in 2011 was the same as 2010, $360K. Unit sales were down only 8% from 124 condos in 2010 ($49M volume) to 113 condos in 2011 ($42.5M). The average sale price for condos was down 5% from $395K to $376K.
Great news is that sales of single family homes increased 27% from 21 sales in 2010 ($25M volume) to 31 sales in 2011 ($23.4M volume). Sales of multi-family homes increased 87% from 8 ($5.7M volume) to 15 ($10.5M volume) ! What can we read into these crazy percentage increases? That demand remains very strong for property in our little fishing village.
The diversity of inventory and the opportunity it represents is incredible. The lowest price condo sold was $91K and the highest price was $926K. The lowest price single family sold was $278K while the highest price was $2.9M. These figures represent opportunities for everyone. All these figures speak to stability, consistency, and strength in the real estate market in Provincetown.
Current inventory is solid with buying opportunities in every price range. There are 63 single family homes on the market priced from $222K to $5,995M. There are 124 condominiums on the market priced from $125K to $1.795M and there are 12 multi-family properties on the market priced from $549K to $2.285M. I will keep you posted regularly on sales of interest and when new inventory comes on the market.
Bill Farmer 617-823-2444/[email protected].