Has the real estate market in Provincetown peaked? Is it a buyers’ or a sellers’ market?
If I had an accurate crystal ball, I could tell you! But here are the facts I can give you for 2018*. Sales of single-family homes are way down—by over 40%. Sales of condos are down, but only in the single digits. Median sale prices for both condos and single-family homes are about the same year over year. There’s also currently significantly more inventory on the market that there was this time last year. You all are smart; you can interpret this. I can also tell you the condominium market in Truro has changed significantly, most likely due to the ability now for condos to be used full time, and not just three seasons. Take a look at the full data and see what you think.
I’m down in Ft. Lauderdale right now, visiting friends and thinking about where I want to spend my winters when I retire. I was having a conversation with a friend, and I told him I could definitely help him find a really good investment/place to live in Ptown, but would never even think about helping him in Ft. Lauderdale or Palm Springs.
This made me realize the importance of working with someone who really knows the market and the town, who is here year-round, and who is very involved in the community. Someone who knows what projects are realistic, how much they’ll cost, and whether the town would allow them to be undertaken at all.
I currently own five properties in Truro and Provincetown. All of them have been renovated. One was new construction comprising four units. I managed the entire new build and renovation processes myself.
If you’re thinking about an investment opportunity, give me a shout. Yes, I run ptownie.com but I am also real estate obsessed and am a licensed Realtor. I’d be happy to help! Give me a shout at email@example.com
*YTD through November 2018 based on most current data from MLS