The Provincetown real estate market on Cape Cod has seen significant changes from 2023 to 2024. Below, we analyze key metrics for single-family homes and condominium properties, offering insights into trends and their implications for buyers and sellers.
Single-Family Properties
Pending Sales
- June 2023: 2
- June 2024: 4 (+100.0%)
- YTD 2023: 7
- YTD 2024: 13 (+85.7%)
Summary: The doubling of pending sales indicates increased buyer interest and market activity. Buyers may face more competition, while sellers benefit from higher demand.
Closed Sales
- June 2023: 1
- June 2024: 2 (+100.0%)
- YTD 2023: 8
- YTD 2024: 11 (+37.5%)
Summary: The increase in closed sales reflects successful transactions, signaling a healthy market. Sellers can expect quicker sales, while buyers should be prepared to act fast.
Median Sales Price
- June 2023: $2,000,000
- June 2024: $2,774,500 (+38.7%)
- YTD 2023: $2,049,500
- YTD 2024: $2,500,000 (+22.0%)
Summary: The substantial rise in median sales price suggests strong market appreciation. Buyers need to be ready for higher costs, while sellers enjoy significant returns on their investments.
Inventory of Homes for Sale
- June 2023: 15
- June 2024: 29 (+93.3%)
Summary: Increased inventory provides more options for buyers but also means greater competition for sellers. Pricing and marketing strategies are crucial for sellers to attract buyers.
Months Supply of Inventory
- June 2023: 6.8
- June 2024: 12.8 (+88.2%)
Summary: A higher months supply indicates a shift towards a buyer's market. Buyers gain more negotiating power, while sellers might experience longer listing periods.
Cumulative Days on Market Until Sale
- June 2023: 13
- June 2024: 8 (-38.5%)
- YTD 2023: 81
- YTD 2024: 108 (+33.3%)
Summary: Properties sold faster in June, reflecting high demand, but the year-to-date increase suggests variability. Sellers should be prepared for potentially longer sales processes.
Percent of Original List Price Received
- June 2023: 91.4%
- June 2024: 98.2% (+7.4%)
- YTD 2023: 94.4%
- YTD 2024: 89.1% (-5.6%)
Summary: Higher percentages in June indicate strong seller positions and successful negotiations, but the year-to-date decline suggests some market adjustments.
New Listings
- June 2023: 5
- June 2024: 5 (0.0%)
- YTD 2023: 18
- YTD 2024: 35 (+94.4%)
Summary: The consistent number of new listings in June shows stable market activity, while the year-to-date increase indicates growing seller interest. Buyers have more choices, and sellers face more competition.
Condominium Properties
Pending Sales
- June 2023: 8
- June 2024: 12 (+50.0%)
- YTD 2023: 50
- YTD 2024: 55 (+10.0%)
Summary: Increased pending sales reflect higher buyer activity. Buyers should act quickly, while sellers benefit from rising demand.
Closed Sales
- June 2023: 5
- June 2024: 10 (+100.0%)
- YTD 2023: 52
- YTD 2024: 51 (-1.9%)
Summary: The doubling of closed sales in June highlights a successful month for transactions, though the slight year-to-date decline suggests market variability.
Median Sales Price
- June 2023: $1,010,000
- June 2024: $874,500 (-13.4%)
- YTD 2023: $799,000
- YTD 2024: $873,000 (+9.3%)
Summary: The drop in June's median price indicates potential buyer market opportunities, while the year-to-date increase shows overall market strength. Sellers need strategic pricing to attract buyers.
Inventory of Homes for Sale
- June 2023: 31
- June 2024: 38 (+22.6%)
Summary: More inventory offers buyers additional choices, but sellers face increased competition. Proper property presentation and pricing are essential for success.
Months Supply of Inventory
- June 2023: 3.0
- June 2024: 4.3 (+43.3%)
Summary: A higher months supply signals a buyer's market, offering buyers more options and bargaining power. Sellers might need to adjust expectations for sale times.
Cumulative Days on Market Until Sale
- June 2023: 4
- June 2024: 83 (+1,975.0%)
- YTD 2023: 43
- YTD 2024: 60 (+39.5%)
Summary: The sharp increase in days on market in June suggests slower sales, indicating buyer caution. Sellers must ensure their properties are competitively priced and well-marketed.
Percent of Original List Price Received
- June 2023: 102.2%
- June 2024: 99.1% (-3.0%)
- YTD 2023: 96.7%
- YTD 2024: 97.1% (+0.4%)
Summary: A slight decline in June suggests increased buyer negotiation power, but the year-to-date increase shows overall market resilience.
New Listings
- June 2023: 14
- June 2024: 22 (+57.1%)
- YTD 2023: 63
- YTD 2024: 85 (+34.9%)
Summary: More new listings indicate higher seller interest, providing buyers with more options but increasing competition for sellers.
Key Takeaways
- Increased Market Activity: Both single-family homes and condominiums in Provincetown have seen increased market activity, with more pending and closed sales, reflecting strong demand.
- Rising Prices: Significant appreciation in single-family home prices indicates a robust market. Buyers should be prepared for higher prices, while sellers can enjoy substantial returns.
- Inventory Growth: Increased inventory in both market segments offers buyers more options but means greater competition for sellers. Effective marketing and competitive pricing are crucial.
- Market Variability: Variability in days on market and price received suggests a dynamic market where strategic decisions are vital for both buyers and sellers.
Trends and Implications
- Buyers: The market presents opportunities with increased inventory and growing market activity. Buyers should be ready to act quickly and navigate price variations.
- Sellers: Higher demand and increased inventory require competitive pricing and excellent property presentation. Sellers should be prepared for potentially longer sale processes in some cases.
By understanding these trends, buyers and sellers in Provincetown can make informed decisions, navigating the real estate market effectively based on current data.
