Jon Goode

THE GOODE AND FARMER REPORT – JANUARY 2022

PROVINCETOWN, TRURO AND WELLFLEET 4Q2021 FIGURES

Provincetown and the entire Outer Cape had a remarkable year in real estate. Remarkable in many ways – both good and bad. Once again, it was an unprecedented year as we dealt with the continued market effects of the pandemic. With demand continuing to outstrip inventory, overall market results surprised even those of us who have experienced many ups and downs in the real estate market.

We are in a classic low supply and high demand dynamic with a very limited amount of available inventory. Added to this is the profound lack of buildable land available to construct additional dwelling units. In other words, a perfect storm of challenges exists as we are about to enter the 2022 spring selling season on the Outer Cape.

PROVINCETOWN

In Provincetown, unit sales were down in every category and sale prices were up! Condominium sales were down 22% from 193 to 151. Sale prices were up 10% from $667K to $734K. And astonishingly, 30% of those sales sold for over the asking price.

This does mean though that 100 units – or 70% of sales – did sell at or below asking. This provides some good news and some terrific opportunities for buyers as we see many mid-market properties are selling at or below asking prices.

There are only 21 condominiums on the market listed in MLS as of January 3rd with an average asking price of $1.03M. In the old normal, there were 40-70 condos on the market at any given time. This represents only 30 days of inventory available for sale.

Single-family home sales were flat with 53 sales compared to 52 sales last year, and average sales price increased 30% from $1.44M to $1.87M. However, 34% of these single-family homes sold above asking.

There are only nine single-family properties on the market now with an average asking price of $3.78M. Three of these are priced above $5M skewing the averages higher. There are no properties on the market priced between $1M and $2M which is the most popular price point for single-family homes. In balanced markets, there are usually 25-40 single-family homes offered on the market at any given time.

TRURO AND WELLFLEET

In Truro and Wellfleet, the lack of inventory is even more severe than in Provincetown.

The average single-family sales price in Truro was up 34% from $928K to $1.244M. Sales were down 21% to 64 from 81. There are only three single-family properties on the market with an average asking price of $3.068M. Again, this is skewed up by one of the three being priced at $4.6M. These three units of inventory represent a 20-day supply!

Truro condominium sales were higher – 50 sold this year vs. 39 last year. The average sale price increased 5% to $385K from $366K. There are only two condos on the market with an average asking price of $853K.

In Wellfleet, the average sales price of single-family homes was up 18% to $936K from $795K. Sales were down 14% to 74 this year from 86 last year. Currently, there are only three single-family properties on the market in Wellfleet with an average asking price is $1.26M.

AS WE END 2021 AND BEGIN A NEW YEAR

As we end 2021 on the Outer Cape, we see that average sales prices were up and the number of units sold was down – in all categories and in all three towns, except for condo sales in Truro. But, buyer demand for Cape property, and specifically Outer Cape property, remains extremely high. This historic lack of inventory was caused by the surge in sales that started in May and depleted available inventory which has not been replenished. The upward pressure on prices caused by this increased demand and lack of inventory cannot help but effect sales in 2022.

As we begin the New Year, we hope you are staying safe and remaining healthy wherever you are during this off-season. We are committed to providing you with the safest means available to view, purchase and sell real estate on the Outer Cape. We have learned to do business safely and comfortably during Covid, while still providing the expected high level of service and attention you require. Our business philosophy has always been that the best-informed buyers and sellers are the most satisfied with their results.

Watch for interesting stories in your email and on social media at jon.goode.com. We look forward to seeing you soon.

11 Oppen Lane is one of the most intriguing properties in town. The mid centuty inspired home has two plus bedrooms and five baths with 3,142 square feet. There is a lovely stand alone artists studio and a gazebo on the property. The property was listed at $4.495M and sold for $4.5M.

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MLS REMARKS: You will be utterly captivated by the broad sweeping views from this spectacular property perched atop a hill over Point Street in the heart of the desirable West End. Located at the end of a private road, and sitting on over one acre of land, this mid century modern inspired home boasts unparalleled views and privacy. Tucked into the lush landscape, the property is accessible by foot from a private footpath that runs up the side of the hill from Point Street. The home’s floor plan is open and airy, with beautiful wood floors throughout and a wall of windows facing the harbor, perfect for entertaining or quiet times at home. Take your morning coffee in the breezy screened porch while watching the sun rise over the bay. The chef’s kitchen is bright, offers gas cooking and features SubZero and Fisher & Paykel appliances. The living room features a large gaslog fireplace, flanked by floor to ceiling windows, and has a door out to a lovely waterview deck overlooking the yard with a pond at its center. The primary bedroom is in its own wing, with a walk-in closet and a large en-suite bathroom with sliders out to a private deck with an outdoor shower.

The guest suite on the main level also features an en-suite bath.
On the bright lower level, you’ll find a large den with a wet bar, an office area, a full bath, lots of storage and interior access to a one car garage. Outside, ascend a path to an enchanting gazebo built atop the highest point on the lot from which you will enjoy breathtaking views out toward Wood End and Long Point Lights. Also on the property is an artists studio in a separate building with a kitchenette and full bath. There’s plenty of parking on the property in addition to a carport to shelter your vehicle from the elements. Other luxuries include a generator and a an irrigation system.

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

99 Commercial St #’s 1-3 is a quirky and wonderful collection of three Cabins on Union Wharf in the West End. Certainly one of the most intriguing property offerrings of the year. Imagine living on the water in these charming and comfortable wharf cabins – iconic Provincetown waterfront at its very best! The three cabins are being offered together at $1.750M.

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MLS REMARKS: (Price is for all 3 Cabins.) Summertime on the water, in Provincetown’s classic West End – Union Wharf! Enjoy the romance, the relaxation, the history, and the most amazing water views. This is a unique and extraordinary offering – all 3 waterfront cabins on Union Wharf are being sold together with exclusive use of their completely rebuilt pier. This is quintessential Provincetown – no doubt you’ve seen these picturesque properties or perhaps you’ve stayed in one of them. Each cabin has its own, slightly different personality and all include kitchen, sitting area and sleeping area in a compact space. Cabin Three is at the end of pier, has the look and feel of your own boat cabin and boasts panoramic views of the town and harbor on three sides. There is a kitchenette, sitting area and a loft sleeping area, with equally amazing views. Outside this cabin is a large, waterfront deck ideal for entertainment and enjoying summer on the water!Cabin Two, is in the center of the three cabins. It also has a kitchen, dining area, vaulted ceilings, sleeping area, stunning water views, and another wonderful waterfront sitting area awaits you just through your door. Cabin One is first in line of the cabins. It has a full kitchen, vaulted ceiling, wood floors, storage, and great water views on two sides. There’s an amazing waterfront sitting area, and ramp to the water, just outside its door. The cabins are open seasonally, share a shower room, and each has a bathroom facility within the cabin. This is a rare opportunity to enjoy a classic waterfront compound and to be part of Provincetown’s historic waterfront. Listing courtesy of Coldwell Banker Pat Shultz Real Estate.

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

75 Commercial Street is a waterfront three unit building with a total of three bedrooms and three full baths with 1,751 square feet. It is being marketed for $2.995M.

MLS REMARKS: Rare opportunity on the water in the West End, this quintessentially Ptown 3-family property is being offered for sale for the first time in over 35 years. The property consists of 3 units on two levels, each with its own entrance. There are two units on the ground level both renovated in 2019. One of the lower units faces the harbor with sliders that open onto a spacious deck directly on the water. With a wood burning fireplace and generous kitchen, you’ll never want to leave. The other ground level unit is a nicely renovated street facing studio with a large multi-paned window providing a picture perfect view down quaint Ericsson Street. The upper level has grand views of the harbor from the living room, its own private deck, a wood burning fireplace, a bedroom on the street side of the building, and an office for working from home. You could live in one unit and rent out the other two, or transform the place into a show-stopping single family home. Strong rental income history. Listing courtesy of Gibson Sothebys Intl Realty.

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

84 Bayberry Avenue is a three bedroom three bath single family home with 2,080 square feet on half an acre of land in Provincetowns’ West End. It had an asking price of $1.650M and sold for $1.8M.

84 Bayberry Avenue is gently set back from the road surrounded by mature landscaping. This rambling ranch is a just short walk to town and has wonderful inside and outside spaces, three bedrooms and three full baths. The house lives for entertaining as well as for its lovely private spaces. The living room has lots of natural light with cathedral ceilings, a stone-faced fireplace and wood flooring. The kitchen is open to the living-room and has a large island with a second sink. It features stone counters and tiled back splash, gas cooking and a wonderful view out to the back yard. A tiled sunroom is adjacent to a large outside deck. There is an ensuite bedroom on the main level along with a guest bedroom and a den. The primary bedroom on the lower level is ensuite and has an adjacent sitting area. There is also a large family room with a bar sink, fridge and plenty of room for home theatre and entertaining – both rooms open to their own private patios with access to the backyard and the outdoor shower. There is a split-system AC, oil-fired baseboard heat, irrigation, a long shell driveway with turnaround and parking for several cars. The yard is fully fenced in for the pooches.

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On a half-acre wooded lot the property offers a lovely, comfortable Cape retreat or a substantial year-round home. It literally has everything! Offered turnkey as well.

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

49A Pleasant Street is a two bedroom plus guest room, two and 1/2 bath single family home with 1,520 square feet. Excellent location, quality, and comfort make this home ideal.

49A Pleasant Street presents a terrific opportunity to own a great single-family home in a great neighborhood just minutes to Commercial Street. This 2001 Cape has two bedrooms, a guest room and two and a half baths. The main level has a bedroom, den/guest room and one and a half baths. The kitchen has stainless steel appliances, tons of cabinets and is open to the dining area. There is a large mud room/laundry room off the kitchen. The front-facing living room has a gas fireplace. The entire second floor is the primary bedroom suite with hardwood floors, cathedral ceilings, a living room-sized sitting area, a walk-in closet and a separate home office space. The primary bath is fully tiled with a walk-in shower. A large rear deck overlooks the perfect-sized backyard with a custom outdoor shower  platform and a good-sized storage shed. The front deck offers the best people watching in the neighborhood. There is a full basement with 8’ ceilings, upgraded electric, an upgraded furnace and upgraded plumbing. The home is being sold turnkey. It has an excellent rental history with great income for just the first floor, and more for the whole house. There’s a fully irrigated lawn and natural, locally sourced, low-maintenance gardening. Parking for three cars. Plenty of bike and kayak storage outside.

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

408 Commercial St is certainly an important part of Provincetown history. It is one of the wonderful classic old sea captains homes on the East End blocks between Johnson St and Dyer St. It has three bedrooms and three full baths with 2,100 square feet and multiple outdoor spaces. It is being marketed for $2.755M.

MLS REMARKS: This charming 2,100sf sea captain’s house was renovated and restored in the fall of 2008. Walk in the back door and see straight through the home to the bay across the street! The covered front porch is wonderful for morning coffee, sunrises and sunsets, people watching and parties and overlooks the lovely front lawn. Hidden in the rear of the property is an enchanting back yard with both a dining room and living room surrounded by mature plantings. The first floor common rooms are open with water views from the kitchen, dining room and living room! The layout of this gracious home encourages entertaining. The kitchen features an oversized mahogany topped island, painted maple cabinetry, stainless steel appliances and honed black granite counters. The dining room comfortably seats 10, the cozy living room has built in cabinetry and a custom designed gas fireplace. A 1st floor bedroom and bath complete the main level. The 2nd floor consists of the primary bedroom with en-suite bath on the front of the house and water views from inside and the private deck where you can sit quietly overlooking Commercial Street.

A 2nd floor living room separates the bedrooms, another full bath, and laundry. The bathrooms all have white honed Carrera marble floor tiles, white subway tiles and custom sized showers. Original pine floors and classic wood trim and doors have been retained or replicated.

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“Still going strong at the age of 80, Captain George Walter Crosby, who made his home here, was the oldest active weir fisherman at the time of his death in 1934. He worked for the Consolidated Cold Storage, now the Ice House Condominium. Joseph F. Perry, who ran the Fo’csle Tavern with Sylvester Santos, bought this house in 1959  the same year that the Fo’csle admitted women. The Perry Family owned the property for 49 years, selling in 2008…” (David Dunlap, Building Provincetown). Seller is broker/agent. Listing courtesy of Bue Bay Real Estate.

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

PROVINCETOWN, TRURO AND WELLFLEET 3Q2021 FIGURES

As we begin the last quarter of the second “year like no other” we are again comforted and inspired by the way everyone stepped up smartly and safely to help make this summer season as successful as it could be. It’s also great to be able to say with confidence that the Outer Cape real estate market has weathered the pandemic better than anyone could have expected. Demand for properties on the Outer Cape remains high.

Unfortunately, coupled with this high demand, the market is experiencing a severe lack of inventory. The steadfast economic principle of supply and demand continues to be strongly at work here with higher sales prices seen in every category.

PROVINCETOWN

In Provincetown, the average sale price of condominiums increased 16% from $656K to $762K. The median sales price increased 26% to $750K from $595K, but the number of sales plummeted by 31% to 75 from 109. This represents the first substantial YTD decrease in sales in years.

There are currently only 18 condos on the market with an average listing price of $1.082M. Last year at this time there were 56 condos on the market with an average asking price of $741K.

Single-family home sales were down 28% to 26 units – a substantial decrease from 36 last year. Again, this is the result of very low inventory. The average sales price was up 30% to $1.71M from $1.42M. The median sales price was up 2% from $1.268M to $1.30M.

There are only 12 single-family houses on the market vs. 17 last year. The average asking price is $3.11M.

TRURO AND WELLFLEET

The average sale price of single-family homes in Truro skyrocketed 60% to $1.25M from $782K. The median price increased 54% to $1.049M from $682K. There were 48 sales, down 6% from 51 sales last year.

There are only nine single-family homes on the market, vs. 19 last year. The average asking price has increased from $1.26M to $1.72M.

The average sale price of Truro condominiums in the 3rd quarter increased 13% to $387K from $338K last year. The median price increased 24% to $375K from $302K. Sales increased 32% to 37 from 28 last year. This is the ONLY category that saw an increase in sales YTD. This price point is very attractive to buyers who want an affordable way into the market as well as the opportunity to live on the waterfront.

In Wellfleet, the average sales price of single-family homes was up 20% to $891K from $744K. The median price was up 35% to $803K from $597K. Sales were down 7% to 54 from 58 last year.

There are currently only eight single-family properties on the market compared with 16 last year. The average asking price of $1.651M from $1.089M last year. 

Average sales prices were up in all categories in all three towns. Sales units were down everywhere. Buyer demand for Cape property and specifically Outer Cape property remains extremely high. This historic lack of inventory was caused by the surge in sales that started in May, depleting available inventory which has not been replaced. The upward pressure on prices caused by this increased demand and lack of inventory will undoubtably continue to effect sales in the fourth quarter of this year.

Properties continue to be shown safely and transactions are closing in person or virtually. Our goal is to keep you engaged in the outer Cape Real Estate market 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.

We hope you are staying safe and remaining healthy wherever you are during these unprecedented times. We realize how fortunate we are to be here at the tip of the Cape and look forward to seeing you soon.

117 Commercial Street is a truly iconic West End home at the jag in Commercial Street at near the Coast Gaurd Station. It has 1,360 square feet, one bedroom and a den and three bathrooms. It is being marketed for $2.750M.

MLS REMARKS: Iconic west single-family home located in Provincetown’ sought after West End. In its previous life this home was Provincetown’s ”Engine Co. 1” fire station, and was subsequently converted to a single-family home, and lovingly maintained ever since. Known to most as ” The Fire House”, this home welcomes you to its well-known porch with rockers, classic cupola and exterior charm. The home provides 3 full levels of living with peeks of the Harbor from both top levels. The second level provides a large open living space with full bath, a chef’s sized kitchen, breakfast bar, dining area for at least 8 and a large living room. One level up is the primary suite with separate bedroom and office or workout area, along with a full tiled bath. The first level features a well sized den with full bath and access to a lovely, fenced patio area. There are wood floors and bead-board throughout, stunning architecturally features, beautifully framed views of the neighborhood and only steps to the beach.

The home has onsite parking for one car and is being sold with an additional 2 car tandem space on Cottage Street. Listing courtesy of Coldwell Banker Pat Shultz Real Estate.

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

9 Arch Streeet is a three bedroom two bath single family home with 1,450 square feet. Arch Street runs between Commercial St and Bradford St across from Farland. It was listed for $1.895M and sold for $2.101M.

MLS REMARKS. Renovated antique located on a quiet, narrow lane, just a 1/2 block to Commercial St. This renovated home combines its original charm with modern amenities. Ample windows bring in natural light. You enter the home at a tiled mud room and into a spacious open-plan kitchen, dining, and living room. The kitchen features a center island, farmer’s sink, custom cabinetry, granite counters, tile backsplash, wine cooler, Jen-Air duel fuel stove, Bosch dishwasher and KitchenAid fridge. The dining and living room feature a gas fireplace and open beamed ceilings with original wood. The second floor has the laundry and 3 bedrooms. The renovated master features vaulted ceiling, walk in closet and a tiled bath en suite with double vanity. The second bedroom has peaks of the Bay. The third bedroom leads to a spacious deck overlooking the gardens. The basement is great for storage. In the rear is a private lane that leads to Pearl St. The home has 2 car parking, central AC, newer windows & roof, Australian Cypress Wood floors throughout, solar panels, gardens with outdoor lighting, Bluestone patio and a Mahogany deck.

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