Home Matters

The Housing Market Overall 

The year 2007 appears to have been one of stablization in the Provincetown housing market.  After the dramatic “market correction” of 2006, the number of properties sold and total dollar volume for 2007 increased over numbers for 2006.    

-2007 single family properties sold matched the number for 2005(a banner year); 

-2007’s average price increased 18% over the average price in 2006.

Nevertheless the average price of a single family in Provincetown today represents about a 15% drop from the average price in 2005, and it takes 50% longer to sell a home than it did in 2005.

 The Condominium Market

The condominium market fared less well than the single family market: while the number of properties sold in 2007 matched the number sold in 2006:

-2007 dollar volume was down 5%, and

-the average price dropped 3.5%.

  Time on the market increased slightly.  The good news is that these all represent substantial improvements over the 2005/2006 situation, when dollar volume and units sold dropped 25%.  It appears a floor may have been established.

 MULTI FAMILY

& COMMERCIAL PROPERTY

Multifamily and commercial properties show a mixed picture.  Multi family sales stabilized at 2006 numbers, while commercial and hotel/motel sales experienced a dramatic decline.   However, the small number of transactions in these categories make generalization hazardous.