Provincetown Real Estate Market Review: 2005 – 2008

By shaye • June 11th, 2010

The Market Overall
The Provincetown real estate market—in contrast to the housing market nation-wide continues to show stability. The dollar volume of all sales in the first half of this year reached $48,409,301. Even after adjusting down for the $6,000,000. Sale of the Brass Key complex, the $42 million in sales essentially matched the $42 million in sales for 2007, and represented a 5% increase over sales for 2006.

Marketing time increased dramatically across all types of property.

2005 Total Dollar Volume: $62,937,800
2005 Total Unit Sales: 107

2006 Total Dollar Volume: $40,171,650
2006 Total Unit Sales: 67

2007 Total Dollar Volume: $42,595,900.
2007 Total Unit Sales: 76

2008 Total Dollar Volume: $48,409,301.
2008 Total Unit Sales: 89

Single Family Sales
Single family sales showed the greatest strength of all property types. Unit sales, after remaining level from 2005 through 2007, increased by 40% in 2008, with dollar volume Increasing by 20% over the prior year’s sales. The average price of a single family declined from 2007, but exceeded the average price for 2005 and 2006. Tellingly, marketing time nearly doubled.

2005 Total Dollar Volume: $9,170,000
2005 Total Unit Sales: 11
2005 Average Price: $833,000
2005 Days on Market: 166

2006 Total Dollar Volume: $7,998,500.
2006 Total Unit Sales: 12
2006 Average Price: $666,000
2006 Days on Market: 141

2007 Total Dollar Volume: $11,910,000.
2007 Total Unit Sales: 12
2007 Average Price: $992,500
2007 Days on Market: 220

2008 Total Dollar Volume: $14,318,000.
2008 Total Unit Sales: 17
2008 Average Price: $ 842,000
2008 Days on Market: 289

Condominium Sales
Condominium sales increased in number, but with dollar volume remaining essentially level the average price declined 8.5% from the average price for 2007. Since the high of 2005 average condominium sale price has declined 19%. Marketing time remains the same.

2005

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Total Dollar Volume: $32,583,000
2005 Total Unit Sales: 77
2005 Average Price: $423,000
2005 Days on Market: 163

2006 Total Dollar Volume: $ 21,196,900.
2006 Total Unit Sales: 46
2006 Average Price: $ 461,000
2006 Days on Market: 160

2007 Total Dollar Volume: $21,336,400.
2007 Total Unit Sales: 54
2007 Average Price: $ 395,000
2007 Days on Market: 173

2008 Total Dollar Volume: $22,701,301.
2008 Total Unit Sales: 66
2008 Average Price: $ 343,000
2008 Days on Market: 174

Income Property
The income, commercial and industrial property markets — with the exception of guest houses—remains in the doldrums, with sales down dramatically in both number and dollar volume from their 2005 highs. The small number of sales in these categories means that one or two significant sales can drastically skew overall figures.

Income Property
2005 Total Dollar Volume: $10,760,000
2005 Total Unit Sales: 10
2005 Days on Market: 120

2006 Total Dollar Volume: $3,716,250
2006 Total Unit Sales: 4
2006 Days on Market: 159

2007 Total Dollar Volume: $6,598,000
2007 Total Unit Sales: 6
2007 Days on Market: 258

2008 Total Dollar Volume: $2,965,000
2008 Total Unit Sales: 3
2008 Days on Market: 343

Commercial Industrial Property
2005 Total Dollar Volume: $5,385,000.
2005 Total Unit Sales: 5
2005 Days on Market: 127

2006 Total Dollar Volume: $5,250,000
2006 Total Unit Sales: 3
2006 Days on Market: 195

2007 Total Dollar Volume: $2,751,000.
2007 Total Unit Sales: 4
2007 Days on Market: 166

2008 Total Dollar Volume: $2,325,000
2008 Total Unit Sales: 2
2008 Days on Market: 284

Hotels/Motels/Inns
2005 Total Dollar Volume: $4,529,000
2005 Total Unit Sales: 3
2005 Days on Market: 163

2006 Total Dollar Volume: $1,350,000
2006 Total Unit Sales: 1
2006 Days on Market: 25

2007 Total Dollar Volume: 0
2007 Total Unit Sales: 0
2007 Days on Market: 0

2008 Total Dollar Volume: $6,100,000
2008 Total Unit Sales: 1
2008 Days on Market: 90

(The $6,100,000. in 2008 Hotel/Inn sales reflects the sale of one property, the Brass Key complex.)

Len Bowen has been a licensed Realtor since 1970. Len is one of the leading realtors in Provincetown. He has spent 15 years in Boston’s South End, where Len owned his own real estate agency, and sold real estate and developed over a dozen properties. Know more about Provincetown real estate by browsing www.provincetownrealestate.com.

 

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