Provincetown Real Estate Matters

William Raveis @ Harborside

Provincetown Real Estate Market Review
January – December 2011

“There are three kinds of lies: lies, damned lies, and statistics” Benjamin Disraeli

Here s my report on Provincetown Real Estate market conditions for 2011..!

The Market at a glance

The real estate market in Provincetown continued the “seesawing” of the past few years. The overall dollar volume of sales dropped from the prior year.
While single family home sales declined a tad, they continued the five year upward trend.
Condominium sales sagged slightly (7%) but also continued a long term upward trend.
Income and commercial/industrial property and land sales experienced a small increase, hotel and inn sales declined.

Market Overall: Dollar Volume Jan – December

Year......................... 2007.............2008............2009..............2010...............2011
Dollar Vol             $85,991,000  $92.088,251. $67,930.000   $92,695,000 . $ 84,080,775

Single Family Sales

Year.................2007..............2008.............2009..............2010.................2011
Dollar Vol    $22,491,500   $30,124,000  $17,957,000    $24,996,500    $23,368,500

Unit Sales.........26....................31................25.................23....................31

Avg Price......$865,000.........$971,742.........718,000.....$1,087,804.........$.753,823

Days on Mkt ....222.................292 ..............279...............287....................222

List To Sale Price .......................................89.61%........90.66%..............90.99%

Condominium Sales

Year..................2007..............2008.............2009.............2010.............2011
Dollar Vol    $50,398,300  $39,854,000   $42,938,000     $48,991,616 $42,532,300

Unit Sales.........122.................105..............104 ..............124................113

Average Price............... $413,000        $379,500    $413,000     $395,000     $376,392

Days onMkt..................... 167..................155............198............249.............234

List Price to Sale Pr........93.86%...............n/a.............93%.........92.61%..........94.%


Income Property
Year.....................2007...........2008............. 2009..........2010................ 2011

Dollar Vol       $9,343,000   $7,250,000     $5,298,000  $5,765,500      $10,573,475

Commercial Industrial Property
Year.....................2007........... 2008.............2009..............2010..........2011

Dollar Volume   $3,145,000   $3,045,000 $967,000     $2,077,500    $3,045,000

Hotels/Motels/Inns
Year.....................    2007...........2008.........2009...........2010.............2011

Dollar Vol.................    0   $ 7,050,000.....   0.........$9,330,000......$2,861.500

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CONDOMINIUM SALES ANALYSIS
 
Number of Brs .............One Bedroom Units ..............2 Bedroom Units.........3 Bedroom Units

Units Sold...........................50 .......................................55.............................. 6

Average Price ..............   $295,000............................ $425,000....................  $594,000

Median Price................... $274,000............................$400,000......................$585,000

Average Sq Feet..................470....................................1,012.............................1,701

Days on the Mkt..................176......................................243............................... 310

Sale Price/List Pr.............   93.54% .............................. 94.70%.......................... 93.07%
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For more information, please call me:

lenbowen@comcast.net
(508)-989-5461 / 508-487-4005
www.ProvincetownRealestateOnline.com