Real Estate Update May 2023
Real Estate Update
There are plenty of folks out there looking for houses and condos on the Outer Cape—but inventory is still not abundant.
We always provide the numbers so you smart people can look for yourselves and see what the market is doing. It’s still early in the year, so take the YTD (year-to-date) numbers with a grain of salt. What is interesting is both the inventory and the new listings.
The market is all over the place. New listings of single-family homes in Provincetown are significantly down, but they’re up in Truro. Condo listings are up in Provincetown and down in Truro.
What’s going on in the market—and why hasn’t the inventory we were hoping for come back? One hypothesis (that seems to make the most sense) is that folks are staying put because they have mortgages locked-in with record low interest rates. What that means is, of course, there isn’t the inventory buyers were hoping to see this spring. Inventory has been down for years, so even with a few increases in inventory, we’re not back to pre-Covid levels.
Bottom line: the Outer Cape market is still hot… and inventory isn’t great. Stay patient and hopeful, friends: at some point things may feel normal again!
Own 1/3 acre of No. Truro waterfront history set beautifully on your private beach overlooking the dunes on Beach Point and just a mile to the Provincetown border. Built in 1930 this true beach cottage (now year round) is just beaming with old world character that is quickly disappearing on Cape Cod. Light the wood burning fireplace and watch the sunsets over Provincetown. Extra large deck. 3 bedrooms and 2 full baths with a full en suite on the 1st floor. Views of the water virtually from every window. Overlooking the lights of Provincetown, the ocean and Pilgrim Lake. The first floor features a living room with panoramic seaside views. Enjoy the tranquility of Cape Cod sunsets from the back deck. This is a perfect home to entertain your friends and family and to create incredible beach memories year after year. Great rental history.
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