Market Trends

Every day, we are asked by Buyers how the market is performing and when would be the best time to buy. We wish we had a crystal ball to answer the latter part of that question. The best we can do is to report on market activity and to update you on any trends that we discover, leaving you to make your own decision about when to jump back into the market. 

It is interesting to note that many buyers who have been in a holding pattern for the past two years have chosen this summer to make their move. Year to date sales volume is up in Provincetown and Truro compared with the same period in 2007. (Unlike those two towns, Wellfleet volume is lagging last year’s performance) Even though volume is up, we continue to see multiple price reductions each week, in all markets. Some feel that the increase in the number of buyers will lead to a slowing of pricing adjustments.

A recent property in Provincetown was introduced to the market at a price that was 5-10% below market value. Four offers were submitted and the property will likely sell for well over asking price. What does this tell us? Properties that are priced competitively are selling. It also illustrates that the buyers in today’s market are savvy and they are waiting for and recognize a good value when one presents itself.

Following find Sales Volume YTD compared with the same period in 2007.

Provincetown
2008 YTD Sales Volume $55,672,301
2007 1/1/07-8/6/07 $50,724,000

Truro
2008 YTD Sales Volume $26,588,500
2007 1/1/07-8/6/07 $21,080,433

Wellfleet
2008 YTD Sales Volume $13,687,190
2007 1/1/07-8/6/07 $29,180,925