Provincetown Real Estate Sales 2008: The Year in Review

By
Real Estate Agent with Atlantic Bay | Sotheby's International Realty

The year-end numbers are in.  Over the next three weeks, we will review the final sales figures from MLS along with a comparative analysis of this year in relation to the prior two years.  We’ll start with Provincetown this week, and we’ll look at Truro and Wellfleet in the coming weeks. 

Our data comes from the Multiple Listing Service and does not include private sales.  The vast majority of sales that occur in this market are MLS sales.

There were 151 properties sold in Provincetown in 2008 with a total sales volume of $88,098,251.* 
There were 165 properties sold in Provincetown in 2007 with a total sales volume of $85,902,800.
There were 158 properties sold in Provincetown in 2006 with a total sales volume of $82,653,453.

* Sales figures exclude timeshare properties.

Table 1:  Number of Properties sold with Median Sale prices
The median reflects the sales price that is exactly in the middle of all the figures for that category.  For example, if 26 properties sold, 13 were priced above the median, and 13 were priced below the median

 

2008
# Properties Sold/Median Price

2007
# Properties Sold/Median Price   

2006
# Properties Sold/Median Price

Single Family

31 / $694,000

26 / $682,500

16 / $704,750

Income/Multi Family

8 /  $925,000

9 / $1,000,000

11 / $950,000

Lots and Land

2 / $387,500

1 / $525,000

1 / $660,000

Comm/Indust/Bus

3 / $720,000

7 / $500,000

5 / $650,000

Condominium

105 / $340,000

122 / $386,000

123 / $393,000

Hotel/Motel

2 / $3,525,000

0 /  0

2 / $1,287,500

TOTAL

151 Properties Sold

165 Properties Sold

158 Properties Sold



Table 2:  Average Days on Market of Sold Properties

 

2008

2007

2006

Single Family

292

222

159

Income/Multi Family

362

336

210

Lots and Land

462

113

166

Comm/Indust/Bus

374

192

166

Condominium

155

167

140

Hotel/Motel

65

---

88

 

Table 3: Percentage of Sale Price to List Price

 

2008

2007

2006

Single Family

83%

93%

93%

Income/Multi Family

84%

91%

86%

Lots and Land

89%

84%

102%

Comm/Indust/Bus

86%

88%

88%

Condominium

94%

94%

95%

Hotel/Motel

78%

---

87%

 

Highs and Lows

The lowest priced residential property to sell this year was a studio condominium located at 962 Commercial Street at the Last Unicorn Condominiums in the East End.  The unit has 190 SF and sold for $130,000. 

The highest priced property to sell was the Murchison Estate located at 2 Commercial Street in the West End.  The property is a landmark in Provincetown, with the main residence having been developed under the supervision of Walter Gropius and associates and completed in 1957.  The estate consists of 3 buildings and a pool on 3.5 acres. It sold for $6,550,000. As of this writing, the word is that the new owners have plans to develop the property into 9 building lots.

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