Increased Inventory

Q: "Lately, whenever I come to the Cape, it seems like I am seeing more and more For Sale signs. Are there more properties on the market or is it my imagination?"

A: Inventory in the three Outer Cape towns is up 25-35% from just six months ago. This increase mirrors the national trend, but also reflects the uniqueness of the Outer Cape market. Many of the properties on the Outer Cape are second homes, and many sellers are in a position to hold on to their properties if they do not get their price. While sales volume is up in Provincetown YTD (year to date) over last, the total volume for the three towns is down 7% YTD.

What does this mean for buyers and sellers? Well, if you are thinking of buying, the increase in inventory is a positive thing. You have more to choose from. Even though many sellers don’t HAVE to sell, there are many who are motivated and realize they can stand out from their competition by pricing their properties aggressively. If your offer isn’t accepted on your #1 choice, your #2 choice will likely be just as desirable considering the amount of inventory you have to choose from.

As a seller, you need to be aware of how many choices there are for buyers these days. Some of your competition is including bonuses to buyers, like covering closing costs and prepaying a year’s worth of condo fees. If you are serious about selling, price your property competitively. If you don’t need to sell and you are holding out for a high price, you are better off taking your property off the market until conditions improve. You will stand to make more in the long run and you will keep your listing from gathering dust.