The Year in Review Part 3: Wellfleet

This week, we review Wellfleet’s final sales figures from MLS along with a comparative analysis of this year in relation to the prior two years. 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 60 properties sold in Wellfleet in 2008 with a total sales volume of $31,733,802. 
There were 93 properties sold in Wellfleet in 2007 with a total sales volume of $55,814,425.
There were 74 properties sold in Wellfleet in 2006 with a total sales volume of $42,099,750.

See the SIR Web site's "Real Estate News" Blog (click here) for tables on the following: Number of Properties Sold with Median Sale prices in Wellfleet, Average Days on Market of Sold Properties in Wellfleet and Percentage of Sale Price to List Price in Wellfleet.

Highs and Lows

The lowest priced condominium property to sell this year was a 2BR cottage located at 420 Chequessett Neck Road which sold for $244,000. The unit, located at Chequessett Village Condo, is 3-season and has 352 SF. The lowest priced single family was located at 80 Pleasant Point Road and sold for $255,000. It is a 1BR/1BA home located on a 3/4 acre lot in South Wellfleet.

The highest priced condominium to sell was a year round waterfront unit located at the Sea Shells Complex with a private association beach. The 900 SF free standing unit with 3BR/2BA sold for $644,000. The highest priced single family home to sell was a contemporary home built in 1996 and located at 60 D Street on Lieutenant’s Island. The property consists of 5 BR, 3.5 BA, with 3238 SF and is a quick walk to a sandy beach.

Market Trends

Wellfleet appeared to be hardest hit by the market down turn in 2008, with sales volume down 44% over the prior year. The slow down is also reflected in the increased Days on Market figure for single family homes which is averaging 249 days. The market has seen some activity of late however. There are currently 84 Single Family homes for sale, with 7 properties under agreement. There are 23 condos on the market with 1 unit under agreement.