Jon Goode

MORE CHOICES

LESS DRAMA

MARKETS TEND TO MODERATE THEMSELVES, OUR MARKET IS A WORKING EXAMPLE OF THIS.

Remember, we live in the one of the most incredible places in the world. Yes, we have $6M houses, but we also have great condominiums close to the water in the $400K’s, and a municipal government that is laser-focused on providing lots of additional housing. So, for a small micro-market, we’re in very good shape.

Over the last several years, pre-COVID, during-COVID, and post-COVID, prices in our market have increased most every quarter. Supply remained low and demand was high. Historic lack of inventory was always a problem. Well, that is changing. Happily, the last few quarters have shown an increase in inventory. There were years past where we had 150 condos on the market at one time in Provincetown and 50 single-family properties. I don’t think that will happen again anytime soon, but inventory has increased year-over-year. There are now 39 condos and 30 single-family properties on the market in Provincetown. A healthy increase in available properties that provide more choices for buyers.

Sales in Provincetown and Truro were up, but down in Wellfleet. Prices have increased in most categories, but single-family prices were down in Provincetown and Wellfleet. This increase in inventory of properties for sale is a welcome development that is giving buyers additional choices, as well easing their frustration from the past several quarters of limited choices.

PROVINCETOWN

In Provincetown, prices continue their upward trajectory. The average sale price of condominiums increased 18% to $1.1M from $929K last year. The number of sales was even with last year at 82. There are currently 39 condominiums on the market with an average price of 1.5M. Last year, there were 25 condos on the market with an average price of $1.167M.

The average sales price of single-family properties was down 6% to $2.45M from $2.6M last year. The median sales price was down 13% to $2M from $2.3M. The number of single-family home sales was up 29% to 18 units from 14 last year. There are currently 30 single-family properties on the market with an average price of $3.7M. Last year at this time, there were only 16 single-family houses on the market with an average asking price of $4.8M.

TRURO AND WELFLEET

The average sale price of single-family homes in Truro saw a big increase – up 19% to $1.72M from $1.44M. The median sales price increased 65% to $1.65M from $1M. But, because of the small sample and a few very high sales, skewed the averages higher. Sales were up 15% to 23 from 20 last year. There are 20 single-family homes available on the market with an average asking price of $1.7M.

The average sales price of Truro condos increased 7% to $518K from $486K. And the median price increased 15% to $516K. There were 16 sales – almost even with 17 the sales last year. There are currently 13 condos on the market with an average price of $463K. Last year there were only 5 condos on the market with an average listing price of $651K.

In Wellfleet, the average sale price of single-family homes was down 14% to $1.07M from $1.25M last year. The median price was down 17% to $915K from $1.1M last year. And sales were down 14% to 38 from 44. There are currently 26 single-family properties on the market with an average price of $2.2M. Last year there were 14 single-family properties on the market with an average asking price of $1.53M. However, we can’t read too much into Wellfleet’s unusual down year, as it has historically been a top performing market.

By, comparison the average sale price of single-family properties was $2.45M in Provincetown, $1.72M in Truro and $1.07M in Wellfleet. The average single-family sales price of $1.07M is 60% less than Truro’s average of $1.72M.  Truro’s $1.72 average is 42% less than the Provincetown average of $2.45M for a single-family home. Interesting statistics!

BUT – IT’S ALL RELATIVE.

Average sale prices were mixed, but key categories were strong. Sales have rebounded from the lethargic performances of last year. Buyer demand for Outer Cape property remains consistently high and inventory levels have increased – giving buyers more choices. Sellers are still in control, but buyers with more choices, are helping to cool down the market.

The sales numbers in my marketing report above represent 172 buyers having bought their dream property in Wellfleet, Truro and Provincetown. They have been prepared, informed, and represented by smart local buyer agents and brokers.

As always, my goal is to keep you engaged in this unprecedented Outer Cape Real Estate market by providing you with news and market developments as they happen. I hope you are staying safe and healthy wherever you are and that the coming holidays treat you well. We realize how fortunate we are to be here at the tip of the Cape and look forward to seeing you very soon.

Watch for interesting stories in your email and on social media at jon.goode.com.

14 Brewster Street. This three bedroom three and one half bath home has 1,926 square feet. It has the look and feel of an Arts and crafts bungalow with terrific outside spaces and plenty of living area. The property was listed for $2.699M and sold for $2.8M.

This sale marks the emergence of this east end north of Bradford Street neighbohood as a very desirable location. I’m sure there will be more options like this for buyers in the future.

MLS Remarks: Discover this stunning home on the East End of Provincetown. It is an architectural masterpiece. The sun-drenched living room features cofferred ceilings, hardwood floors, and French doors that lead into the family room giving you even more entertaining space. The gorgeous chef’s kitchen with custom cabinetry, wood island top also has French doors opening to the deck for a natural entertaining flow. The first floor includes a guest bedroom with an ensuite private bath. The second floor primary bedroom boasts a huge walk-in closet and a private bath, creating an opulent retreat. A full basement offers ample storage and houses the home office space. Enjoy spending fall watching the leaves change from your massive front porch, the deck, or the stunning stone patio overlooking the beautifully manicured, lawn. This home is close to art galleries, restaurants, and Provincetown Bay. Lisa Loveland of Keller Williams was the listing broker for this terrific property.

Visit Beachfront-Realty.com to see all available properties for sale.

10 Snows Lane #1C is a three bedroom, two and a half bath condo with 1,708 square feet. This property is in my neighborhood and I have always loved this condo complex. It is in a wonderful wooded neighbohood setting but only a few minute walk to Commercial Street. This top level end unit is perfectly sited in the 6 unit complex. It is being marketed for $1.799M.

Remarks: Absolutely stunning 3-bedroom, 2.5-bath condo located in the highly sought-after west end of Provincetown. This spacious gem boasts abundant natural light throughout, with generously sized bedrooms that offer both comfort and privacy. The primary suite is a true retreat, featuring an en-suite bathroom and its own private outdoor deck—perfect for enjoying sun-drenched mornings or serene evenings. There is a bonus room that provides a versatile space, ideal for an office, gym or studio, catering to your personal or professional needs. Additionally, the property includes fantastic exclusive and common outdoor areas, including a private outdoor shower, enhancing your coastal living experience. Don’t miss this rare opportunity to own a piece of paradise in Provincetown’s prime location. Washer and dryer in unit. Pets allowed for owners and parking for one car. Listing courtesy of The Beach Buoys Team at Gibson Sothebys Intl’ Realty.

Take a look at all properties for sale at Beachfront-Realty.com.

An incredible Truro home – 3 Stoney Hill Road! A three bedroom two bath home with 1,744 square feet on a full acre of land. An unfinished loft over the garage could become a studio, office or guest bedroom. A lovely property just ten minutes from Provincetown.

MLS Remarks: This well-kept expanded Cape is beautifully sited on a gently sloping 1 acre lot with lush mature landscaping. The home was built in 1990 and a large addition and 2 car garage with a loft over were added in 2007. It has been meticulously maintained and is now offered for sale by the original owners. The focal point of the home is the sun-splashed 400 Sq. Ft. great-room with a two-story ceiling finished in hardwood. Patio doors lead to a an expansive multi-tiered deck with siting and dining pavilions and a relaxing hot tub. A private outdoor shower is tucked into a corner at the back of the house. On the lower level of the yard there is a picturesque yet handy shed. Back inside of the main house a combination kitchen-dining room with fireplace is on one side while a first floor bedroom, den and a full bath complete this level. There are two large bedrooms and a full bath on the 2nd floor. There are red oak floors throughout. Full basement with W&D and plenty of storage. FHW oil heat. There is an unfinished loft over the garage that could become a studio, office or guest bedroom. There is a 4BR septic in the ground and the lot is large enough to support 4BR.

This home is conveniently located for quick access to the recreational and cultural attractions of both Truro and Wellfleet and it is 10 miles up the road to Provincetown.

See all available properties for sale at Beachfront-Realty.com.

19 Tremont Street #2 is a two-bedroom, two and one half bath 1,081 square foot condo. This condo has a great location, beautiful design, and highest quality! It sold for $2.025M and was listed at $1.995M. This condo is one of the finest examples of high end condo sales this season.

MLS Data – Located in the most sought-after historic enclave of Provincetown’s West End, this fully renovated, two bedroom, two-and-a-half bath townhome perfectly fuses the old with the new. Every inch of the two-level home was thoughtfully redesigned, introducing luxurious modernity while maximizing space and functionality. The first level, with its wide-plank antique wood floors and exposed wooden beams, features a living room with a gas fireplace, powder room, dining area with built-in banquette including storage drawers, and chef’s kitchen equipped with a 5-burner Bertazzoni gas range and hood, Miele refrigerator, dishwasher and wine refrigerator, Rohl farmer sink, butcher block countertops, and Cle’ tile backsplash. Step outside to an exclusive, resort-style bluestone patio with stacked rock walls and integrated lighting, and an oversized storage shed. The second floor, with its rift white oak flooring, features the primary suite with a vaulted, loft-like ceiling and exposed antique beams, a free-standing Jotul gas fireplace, an open closet wall by Elfa Décor, and Miele stacked washer and dryer. The en suite bath is appointed with an oversized shower, dual sink vanities, Waterworks fixtures and hardware, Toto Washlet toilet, and Cle’ tile. The guest suite has separate areas for sleeping and work/play–separated by pocket doors–and a well-appointed en suite bath. The sleeping area has a custom queen-size Murphy bed with built-in desk along with two closets. The adjoining room is currently used as a workout/office with wall-mounted desk and shelves. Additional amenities include two-zoned central HVAC, off-street dedicated parking, Lutron Caseta wifi-controllable lighting, and much more. Easily venture into town or out to the beach. New exterior paint (’23) and new roof (’24).

See all properties for sale at Beachfront-Realty.com.

PROVINCETOWN, TRURO AND WELLFLEET 2Q2024 FIGURES

OUTER CAPE REAL ESTATE MARKET CONTINUES TO BUCK NATIONAL TRENDS

Happily, summer has officially arrived in full force. And it’s always wonderful to see the town fill up with day trippers, weekly visitors, and returning Provincetown regulars again. With the Fourth of July holiday week transitioning into the very busy Bear Week, our town is enjoying the most delightful weeks of the early summer season.

National headlines report that in many regions the real estate market is moderating, with more price reductions, less multiple offers, lower sales and increasing inventory. Here on the Outer Cape, inventory gains have shown up in every category in fact doubled in some since last year at this time. Sales are trending up after softening last year. Demand is strong although buyers seem to lack the same urgency we’ve seen for the last two years. More choices tend to relax buyers as they take more time to buy. Sales prices are up too. As always at the end of the second quarter there is not a lot of data to analyze, but I will do my best to provide some insights and to highlight some of the empirical data in the charts below.

PROVINCETOWN

The average sale price of condominiums in Provincetown is up 10% to $932K from $849K. Condominium sales were basically even with last year, slightly down 2% to 51. There are 36 condominiums on the market now with an average list price of $1.5M. At this time last year, there were 27 condos on the market.

Single-family home sales were up 38% to 11 from 8 sold last year at this time. And average sales price was up 27% to 2.8M from 2.2M last year. There are twice as many single-family homes – 28 vs. 14 properties – on the market with an average listing price of $3.6M. Remember, second quarter samples are small and dramatic numbers and percentages usually moderate somewhat as we get deeper into the year.

TRURO AND WELLFLEET

In Truro, the average sales price of single-family homes sold was up 14% to $1.6M from $1.37M last year. The number of sales was basically flat at 14 from 13 last year. Currently, in Truro, there are 15 single-family properties on the market with an average asking price of $1.9M. Condominium sales in Truro almost doubled to 13 from 7 last year. The average sales price of condos in Truro was up 15% to $494K from $428K.

However, in Wellfleet, the average sale price of single-family homes was down 10% to $988K from $1.1M a year ago. Sales were up 20% to 24 from 20 last year. Right now, there are 29 single-family homes available for sale in Wellfleet with an average price of $1.9M. Last year there were only 14 available.

INCREASED CHOICES ENABLE MORE BUYERS TO FIND THEIR DREAM HOME,BUT PATIENCE AND FLEXIBILITY ARE STILL KEY

Well-positioned and well-prepared buyers are finding properties to purchase, and sellers are taking advantage of the still strong seller’s market. In Wellfleet, Truro and Provincetown, 112 buyers were able to find their dream homes so far this year. But, whether you are buying or selling, patience and flexibility are still key.

Hopefully, I can help to keep you engaged in the Outer Cape Real Estate market by providing you with news and market developments as they happen. Watch for interesting stories in your email and on social media at jon.goode.com. I hope to see you soon.

12 Atwood Avenue is a wonderful rare West End Antique home, floated from Long Point in 1867. It has four bedrooms and total square footage of 2,156 square feet. There is a charming free standing artists studio in the private courtyard. The house and courtyard are surrounded with lovely sustainable gardens which add to the privacy anc intimacy of this unique property.

Nestled beneath Telegraph Hill, 12  Atwood Avenue surprises at every turn. Floated over from long Point in 1867 this large yet intimate mini compound has multiple spaces to reimagine or enjoy as is. The main house has four bedrooms including a main floor primary bedroom. The large living room and dining room have beautiful hardwood floors, and a fireplace with a lovely wood mantle. Architectural columns define the two spaces. There is a large, updated kitchen with a center dining island that seats four. The second floor has two additional bedrooms, a loft area and a den. A ladder gets you to a surprise attic loft.  There is a large walk out deck on this level which looks over the roofs of the West End and has a peek of the bay.  The two-level Courtyard is surrounded by mature gardens, creating a delightful private space. There is a charming free standing Artist Studio on the upper level of the courtyard. There is parking for two cars. 12 Atwood unit #1 lives as a single family but with condo ownership.

See all properties for sale at Beachfront-Realty.com.

Iconic, striking, historic, classic. This two-bedroom three and one half bath single-family house is a stunner. Located in the East End just outside the Gallery District, the bay beach just steps away. With 1,694 square feet of living space, a three season screened in porch, lovely gardens and garden shed, this is a very special property.

506 Commercial Street is a beautiful East End, single-family home, recently renovated with the best materials and furnishings. It’s located just a short distance to the galleries, shops and restaurants of the East End. The entire first floor has an open-plan design with original pine floors, a gas fireplace with black granite surround, built-in Bose stereo system and original beams. The ”chef’s kitchen” features a custom butternut and walnut backsplash, Vermont quartzite counter tops, custom built white maple cabinetry, a Sub-Zero fridge, Thermador range, Twin Perlick warming drawers and a Perlick wine cooler and ice maker. There is a charming powder room off the kitchen. A large screened in porch enhances the lovely main floor even further for three season dining and entertainment. Upstairs, the large water-view, primary bedroom suite has cathedral ceilings, pine floors and a luxurious bath with shower and separate soaking tub. The walk-in closet has custom built-ins. The guest bedroom has an ensuite shower and bath. There is also a den/office with pocket doors for privacy and a third full bath adjacent. Bathrooms have hickory hardwood floors. This recent renovation is truly a surprising property re-purposed from an iconic antique Provincetown store front. There is Bay beach access right across Commercial Street. The driveway offers parking for three cars. And the wonderfully-sized backyard has mature gardens, irrigation and a large garden shed. This property has an excellent rental history.

Please reach out to me directly to arrange showings. There are some rentals in place for the 2024 season.

See all properties for sale at Beachfront-Realty.com

PROVINCETOWN, TRURO AND WELLFLEET 1Q2024 FIGURES

MARKET ACTIVITY REMAINS SLOW BUT STEADY WITH A PERSISTENT LACK OF INVENTORY BUT NEW CONSTRUCTION CONTINUES FULL FORCE.

Spring in Provincetown. Restaurants and shops are beginning to open and Commercial Street is getting its annual reset with businesses everywhere, renovating and simply freshening up. This year’s mild winter allowed for an inordinate amount of new construction and renovations to continue throughout Provincetown. Most of these construction projects are private renovations, but there are several projects that will eventually add to the available sales inventory over the next few months. We are looking closely at market developments in April which will help detect the overall direction of the market this spring.

First quarter results are becoming even more difficult to analyze because of the smaller number of sales. Not surprisingly, demand remains consistently high and inventory remains consistently low. This market dynamic will continue to impact sales in most categories. First quarter results are all over the board. Sales are down in Provincetown and up in Truro and Wellfleet. Single-family prices are down in Provincetown and Wellfleet, but up in Truro. Condo prices are up in Provincetown and Truro.

Lower sales provide less of a sample from which to derive trends. Only three single-family properties sold in Provincetown in the first quarter of 2024, and only five sold in Truro! There is not a lot of data to analyze, but I will do my best to provide insights as well as provide all the empirical data which is in the charts below.

PROVINCETOWN

Condominium sales in Provincetown were down 22% to only 18 from 23 for the first quarter of the year. The average sale price increased 11% to $940K from $848K. There are 25 condos on the market as of April 13 with an average listing price of $1.4M. For some interesting context: 10 years ago in 2014, there were 112 condos on the market!

Single-family home sales were down 25% to only 3 from 4 this first quarter. The average sale price decreased 13% to $1.98M from $2.3M. There are 21 single-family homes on the market as of April 13 with an average listing price of $3.5M. 10 years ago, there were 49 single-family properties on the market!

TRURO AND WELFLEET

In Truro there were only five single-family home sales, up from four last year. These five sales included one $4M+ and two $2M sales skewing the average sale price up 118% to $2.01M from $920K last year. The median price was up substantially as well to $1.97M from $915K. As of April 13, as we “go to press” there are eight single-family properties on the market for sale in Truro with an average listing price of $2.2M.

There were six condominium sales in Truro – an increase of 50% from four last year. The average sales price was up 22% to $474K from $389K. There are only 5 on the market with an average listing priced of $711K!

In Wellfleet, the average price of single-family homes was down 21% from $1.15M to $911K. Sales were up 36% from 7 to 10. There are only 11 single-family homes available for sale with an average listing price of $3.5M.

FROM “STUDS TO SHINGLES” – NEW CONSTRUCTION AND RENOVATIONS EVERYWHERE SHOW REAL CONFIDENCE IN OUR LOCAL REAL ESTATE MARKET

With Spring in full bloom, sounds of construction can be heard all around Town along with the wonderful Spring songs of the returning birds. Inventory, like the number of warmer days is increasing slowly. Hopefully, this will drive a healthier real estate market in the coming months. Regardless, it looks to be a slow adjustment over the next several quarters. With interest rates hovering in the 6% range, fundamentals still need to change in order to return to a more balanced market between buyers and sellers.

Prepared buyers are still finding their dream homes though, and sellers are taking advantage of the still historically strong seller’s market. Patience, knowledge, preparedness and flexibility are key – whether buying or selling in these truly unusual times.

My goal is to keep you engaged in this unprecedented Outer Cape Real Estate market by providing you with news and market developments as they happen. Watch for interesting stories in your email and on social media at jon.goode.com. I hope to see you on the streets soon. Stay well.

43 Commercial St #B is a three-bedroom two two-bathroom condo with 1,480 square feet. It is being marketed for $2.199M. This condo is part of one of those, dare I say iconic properties in the West End.

MLS Remarks: Nestled in the heart of the highly sought-after West End waterfront, this exceptional 3-bedroom unit occupying the top two levels at Dr. Don’s Landing, is a rare find. The residence is situated atop a historic building dating back to 1840, once belonging to whaling captain John C. Weeks Sr. and later floated to Commercial Street. The first level features 2 bedrooms, a bath, kitchen/living area, and a deck overlooking the picturesque bay and the association’s common deck and patio. Continue to the second level to discover a third bedroom, a den, and a second bath, all while enjoying spectacular views from both the living room and the second deck. A highlight of this residence is the expansive 267 sq.ft. rooftop deck, providing unmatched views and serving as the highest viewpoint in the neighborhood. The unit comes with two parking spaces in tandem. Property is offered ‘as is’. Sewer betterment has been paid off. Listing courtesy of Gibson Sothebys Int’l TRealty.

See all available properties for sale at Beachfront-Realty.com.