All indicators suggest that the real estate market in Provincetown and the Outer Cape continues to be hot. Boo-Boo’s gathered some data that’s broken out so you can compare single-family properties with condominiums.
Single-family homes are in substantial demand— but continue to be hard to find. For example, the inventory of single-family homes in 2017 year-to- date was 30 properties, whereas 2018’s year-to- date inventory is 20 properties, so we’re looking at a drop of one-third from March year over year.
Also the number of year-to-date closed sales has dropped from 13 properties to only four for single- family homes.
There is some good news in the single-family home market, though. The median sale price has dropped from 1.175 million year-to-date in 2017, to $800,000 2018 year-to-date… though you need to be aware that this early in the season, this figure could easily be skewed and may not be representative of what the full year will look like.
Now onto condo properties… Let’s start with the good news! The number of new listings year-to-date is relatively the same, at around 50 properties. The median sales price also remains approximately the same, at around $480,000.
The more challenging news is that the total inventory for March compared to last year is down 21.5 percent, from 93 properties in March of 2017 to 73 properties in March of 2018, correlating to the month’s supply of inventory—also dropping just over 20%.
We at ptownie understand the challenges of buying a home in Provincetown. There are good reasons why so many people want to live here, and that unfortunately creates more of a barrier for getting in. Boo-Boo says to keep an eye on the market so you can spot your opportunity!
Boo Boo’s Picks
This month, Boo-Boo is looking out for the price- conscious househunter! You can still find some places with a decent amount of space for a reasonable amount of money—as long as you’re willing to live on the other side of the highway. This month we’re featuring a couple of well-priced options in that Provincetown neighborhood:
Lovely light bright and open top floor two-bedroom condominium with parking. Wood floors, gas heat, gas stove, washer and dryer hook-up. Pets and weekly rentals allowed. Perfect for year-round, second home, or investment.
Make Provincetown your OWN with this renovated water view 1BR/1BA condo in the East End! Perched high on Bradford Street, the first floor features hardwood floors, a reclaimed wood accent wall, suspension lighting, a renovated bath with soaking tub, and the kitchen with granite counters.