Check out my website for property searches and sales reports. You can also create your own custom market reports like those above.

www.toddrousher.com

www.facebook.com/provincetown

2011 First Quarter Market Results

The real estate market in Provincetown is off to a great start.  34 Properties have sold so far this year, compared to 29 last year at this time. As you can see from the charts below the average and median prices are up from the previous year. This indicates that prices have increased somewhat on single family homes and condos. this indicates that the market is improving, prices are climbing and buyers are purchasing higher priced properties. On another positive note, the average days on the market, or time that it takes to sell a property, has dropped substantially- from 369 days to 268 days. This is good news for sellers, they can expect to sell their properties in a shorter period of time.  Multi-family sales remain sluggish, investors and developers still appear to be sitting on the sidelines, waiting to make sure the market is recovering before hopping back in.

 

An additional 32 properties are currently under agreement, another very positive sign of an active and recovering market.

 

Inventory remains fairly high, there are currently 150 condos, 64 single family and 29 multi-family homes currently for sale in Provincetown. Buyers have a lot to choose from to be sure.

 

Provincetown Sold Properties By Year
Jan 01 2011 – April 1 2011

 

Provincetown Sold Properties By Year
Jan 01 2010 – April 1 2010

*Data provided by Cape and Islands MLS

 

2011 Outlook

The Provincetown market remains very active with a lot of properties being listed and a large amount being sold. 

 

For buyers, you have a lot of options in all price ranges. Don’t drag your feet if you are serious about buying, properties are selling faster than they have in the past few years. Mortgage rates remain low but will probably rise as the year goes on. It also appears that financing is easing a bit, some banks are now offering lower down payments than in the past year or so.

 

For sellers, prices are hanging in there. Properties are selling on average 8% below asking price, much better than many parts of the country. But buyers are still being demanding and negotiating hard on terms and details. Buyers are also tending to purchase properties that need very little or no work, over those that need work. So if you are selling, or considering selling, consider putting a little money into your property before putting it on the market – paint, stage, spruce up kitchens, bathrooms and  landscaping. If you spend money on some of these things you are more than likely going to not only get that money back, but be able to sell your house for a higher price as well.

 

Check out my website for property searches and sales reports. You can also create your own custom market reports like those above.

www.toddrousher.com

www.facebook.com/provincetown

If you are buying or selling on the Outer Cape, give me a call or send me an email and let me tell you how I can help you!

2010 Market Results
Overall, 2010 was a good year for sales in Truro. There were 54 sales, about the same as 2009. The good news is that the Median and Average sales prices rose significantly over the previous 4 years- it’s definitely headed in the right direction. 24 houses sold under $500,000, 30 sold over $500,000, so there are definitely buyers out in all price segments. This is also a change from 2009 where 34 sold under $500,000 and only 22 sold over $500,000.

 

Truro Sold Properties By Year

Jan 01 2007 - Feb 05 2011

2010 Sold Properties by Price

 

2011 Outlook
8 properties have already closed this year and there are already another 15 properties under agreement- 2 over $900,000. High end buyers are definitely coming back in town.  With prices increasing and interest rates predicted to rise (but still at historic lows) the 2011 market looks poised to surpass all time sales and price records! This is a perfect time to both buy and sell.

2010 Market Results
Overall, 2010 was a very good year for sales in Wellfleet. There were 75 sales, the best year since 2007. Also, the Median and Average sales prices rose significantly over the previous year- it’s definitely headed in the right direction. 45 houses sold under $500,000, 30 sold over $500,000, so there are definitely buyers out in all price segments.

 

Real Estate Market Results
2010 ended up being a great year for sales in Provincetown. 170 properties sold last year, a big increase over the 139 properties that sold in 2009, and the highest number sold in over 5 years. The average and median selling prices were also the highest in recent history. The only downward trend was that it's still taking longer to sell a home, and average of 298 days compared to mid-low 200s for previous years. As the older inventory sells off we should see some improvement in those numbers however.

The high end market, properties selling over $750,000 also rebounded. 33 Properties in this price range sold in 2010 compared to 20 in 2009. The high end buyers are back!


Provincetown Sales - Annual Comparison

*Data provided by Cape and Islands MLS

2011 Outlook
So far in 2011 there have been 10 sales, and a whopping 31 other properties are under agreement. With prices increasing and interest rates predicted to rise (but still at historic lows) the 2011 market looks poised to surpass all time sales and price records! This is a perfect time to both buy and sell.

 

Real Estate Market Results

 As of November 30th the average selling price is up substantially as is the number of units sold compared to the same time last year. 110 Condos, 26 Single Family homes and 7 Multi-Family homes have sold thus far. Additionally, 35 other properties are under agreement, all positive signs of a healthy market. Inventory has also dropped by almost 10% since October. The most active segment of the market is the $250,000-$500,000 range, but properties over $750,000 are now beginning to sell as well. Only 8 houses over $1M sold in 2009, 13 have sold so far this year, high end buyers are definitely back.

    Provincetown 2010 Sales vs. Active Listings

*Data provided by Cape and Islands MLS

    Provincetown Sales - Annual Comparison 

Looking at the charts above it is clear that the Provincetown housing market has rebounded to levels we saw prior to the recession. Median and Average sales prices have rebounded and average days on the market continue to fall.