Blog :: 02-2014

2013 Provincetown Real Estate Market Review

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-  Single Family Homes: 51 Sales with an average sale price of $1,045,000 (compared to 53 sales in 2012/average sale price of $902,000)

-       -   Condominiums: 135 Sales with an average sales price of $454,000 (compared with 166 sales in 2012/average sale price of $420,000)

- Land: : 8 lots with an average sale price of $340,000 (compared with 3 sales in 2012/average sale price of $248,000)

The analysis from 3Harbors: The Provincetown real estate market continues to go from strength to strength with prices increasing in all sectors, particularly single family homes.  The decreases in the number of condo sales, while minor, is attributed to a lack of inventory. 

What's the Outlook for 2014? The Provincetown market has already more than made up for the losses that followed the recession and 2013 saw new landmark prices for properties in virtually every category.  The demand for single family homes is particularly strong, witnessed by the 15% jump in average sale price.  We have every reason to expect this trend to continue into 2014.

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          2013 Truro Real Estate Market Review

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          Single Family Homes: 52 Sales with an average sale price of $620,000 (compared to 54 sales in 2012/average sale price of $698,000)

          -        Condominiums: 22 Sales with an average sales price of $254,193 (compared with 29 sales in 2012/average sale price of $231,000)

           Land: 11 lots with an average sale price of $474,000 (compared with 13 sales in 2012/average sale price of $215,000)

          The analysis from 3Harbors: The Truro real estate market continues to improve, with prices only adjusting slightly for condos and single family homes over the past two years.  The big uptick in land sale averages is attributed to a number of higher end sales which were absent in prior years.  Note that there were only 33 home sales in Truro in 2011. 

          What's the Outlook for 2014? The inventory of homes for sale in Truro is tight, with only 52 homes on the market.  This, coupled with a robust and, some would say, fervent, Provincetown real estate market points to the potential for price increases in the months to come.

           

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              2013 Wellfleet Real Estate Market Review

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              - Single Family Homes: 78 Sales with an average sale price of $531,000 (compared to 54 sales in 2012/average sale price of $532,000)

              -       -  Condominiums: 15 Sales with an average sales price of $223,000 (compared with 10 sales in 2012/average sale price of $209,000)

              -  Land: 12 lots with an average sale price of $287,000 (compared with 10 sales in 2012/average sale price of $249,000)

              The analysis from 3Harbors: The Wellfleet real estate market continues to improve, with prices only adjusting slightly for condos, land parcels and single family homes over the past two years.  Note that there were only 47 home sales in Wellfleet in 2011. 

              What's the Outlook for 2014? The inventory of homes for sale in Wellfleet is tight, with only 59 homes on the market.  If Truro real estate prices improve as we believe they will, Wellfleet home prices should follow suit in short order.

              Comments

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