Provincetown Real Estate Market Just Sucks*
*unless you are seller
The Real Estate Market in Provincetown & Truro
I just pulled up the latest numbers for Provincetown and Truro and I was expecting that they were really sad, but even I was shocked. Unless of course you are selling your house of condo. But, like me, who wants to leave and where could you go where you can experience the magic of living on the Outer Cape.
You all are smart people. You can look at the numbers yourselves. But here are some things worth bringing attention to:
Inventory: bleak already, but down from 44% for the month of February in Provincetown and 70% for Truro Condo’s. Single family homes are not much better.
Days on Market: Folks are snatching anything decent on the market quickly and typically multiple offers and many are coming in with all cash offers.
Sales Prices: Yes, you guessed it. Usually they say the 3 words in real estate are location, Location, LOCATION but in this case the 3 words are: up, Up, UP.
Yes, some of the are skewed in the Year to Date category due to just a few months of data but who knows if the trend will change at all. In particular, Provincetown is an unusual market. There is almost no new land to build on in comparison to other communities. The question is: is there a bubble? Who knows? But as more and more people want to be a part of the magic of Provincetown the cost of being able to do it is becoming out of reach except for a few.
As a comparison see what the market looked like in September 2021
for more on All Things Provincetown go to ptownie.com