Jon Goode

Provincetown, Truro and Wellfleet 4Q2022 Figures

Provincetown and the entire Outer Cape had a “kind of what we expected” year in real estate as we continued to deal with the trailing market effects of the pandemic. With demand outstripping inventory and prices continuing their upward trajectory, the effects on the market were even higher prices, decreasing sales and ongoing lack of available inventory.

We are in a classic low supply and high demand dynamic where we see a very limited amount of available inventory and a profound lack of ability to construct additional dwelling units. Complicating these conditions are the two elephants in the room – nearly 6.5% mortgage rates and the looming possibility of a recession – although these trends seem to be moderating a bit as we enter the 2023 selling season.

I continue to be a huge advocate for the Outer Cape real estate market even as we navigate these remarkably unprecedented social and economic times. Our Provincetown and Outer Cape market ALWAYS outperforms the rest, and I believe that will not change going into 2023

PROVINCETOWN

In Provincetown, unit sales were down in every category and sale prices were up! Condominium sales were down 11% from 151 to 135. Sale prices were up 18% from $734K to $$868K. And, 37% of those sales sold over the asking price.

This does mean though that 85 units – or 63% of sales – did sell at or below asking. This provides some comfort to buyers as many mid-market properties are selling at or below asking prices.

There are only 19 condominiums on the market listed in MLS as of January 3rd. The average asking price for these condominiums is $828K compared to $699K last year.

Single-family home sales were down 42% from 53 sales last year to 31 sales this year. The average sales price increased 17% from $1.87M to $2.19M. 19% 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 $3.45M. There are 4 properties on the market priced between $1M and $2M which is the most popular price point for single-family homes. By comparison, in past 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 28% from $1.24M to $1.59M. Sales were down 48% to 33 from 64. Currently, there are only 10 single-family properties on the market with an average asking price of $2.19M.

Truro condominium sales also decreased – down by 50% to 25 from 50 last year. The average sale price increased 48% to $570K from $385K. There are only 4 condominiums on the market with an average asking price of $682K. Sales decreased by half, but the average sale price of condominiums increased by 48%!

In Wellfleet, the average sales price of single-family homes was up 9% to $1.02M from $936K. Sales were down 16% to 62 from 74. There are currently only 11 single-family properties on the market in Wellfleet with an average asking price is $1.8M.

LOOKING FORWARD TO A NEW YEAR AS WE SAY GOODBYE TO 2022

As we end 2022 on the Outer Cape, we see again that average sales prices were up and the number of units sold was down – in all categories and in all three towns – and that buyer demand for Outer Cape property remains extremely high. The upward pressure on prices caused by this continued high demand and sustained lack of inventory cannot help but effect sales in 2023. The elephants in the room remain in place – high interest rates, averaging 6.35% (at press time) and the possibility of a future recession can’t help but effect the market – how deeply and to what extent we just don’t know.

As we begin the New Year and look toward the spring market, I think we are all hoping that 2023 brings some respite from the drama and the uncertainty of 2022. Knowing that whatever and however outside forces effect our beloved Provincetown and Outer Cape real estate market, we can take comfort in knowing we will always outperform the rest. How lucky are we!

We are committed to providing you with the safest means 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. And leave it to me to keep you informed over the next several months.

While I don’t mean to minimize the unprecedented nature of our real estate market, closer analysis of YTD sales illustrates some surprisingly “normal” characteristics.

I also like to tamp down the “irrational exuberance” we sometimes experience in our market. Sales of some pretty fabulous and expensive properties in town involving famous media or business personalities tend to define our market – at the expense of “the rest of the market” – which is – kind of normal, relatively speaking.

What may be surprising to some is that 72% of condo sales this year have been under $1M! That suggests a more “affordable” market than most expect.

There have been a total of 126 condo sales YTD.

18 sold below $500K. (14%) Two of these below.

73 sold between $500K and $1M. (58%) Two of these below.

32 sold between $1M and $2M. (25%) Two of these below.

2 sold above $2M. (2%) See below* Some may argue with these two as they represent multiple condo units selling as one, but I do want to be true to how MLS classifies sales as that is what the industry relies on.

Single family sales illustrate a different story as far as prices go BUT even in this category there is balance. 50% have sold under $2M – and 50% above $2M. There have been only 26 single-family sales YTD.

2 sold below $1M. (8%) See below.

11 sold between $1M and $2M. (42%) Two of these below.

11 sold between $2M and $3M. (42%). Two of these below.

2 sold above $3M. (8%) See below.

Does this seem to represent a more balanced market than we’d expect to see? Definetly. Do we live in an expensive market? Yes! But when 72% of condo sales sales are under $1M, that shows that we do have a broader and perhaps more affordable range of prices in our market for buyers to chose from. YTD sales range from a low of $300K to a high of $4.1M.

Watch for my complete year end report in early January.

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

126 condos and 26 single family homes have sold so far this year. Final year end figures will be avilable in early January. Yes these numbers are less than last year, in fact preliminary figures show close to 20% less condos have sold and close to half the number of single family properties have sold.

But – the buyers who have bought have good reasons to buy,

And they have mosy likely been in the market for a new home for some time.

And they were well prepared to act quickly.

And they are really excited to have puchased their dream home, or investment property.

In addition to these YTD sales there are 16 condos under agreement which will most likely close by the end of the year These have an average asking price of $798K and an average ppsf of $1,062.

Three of these below.

There are 7 single family properties under agreement with an average asking price of $2.786M and an average ppsf of $1,433.

Three of these below.

These sales and under agreements represent a lot of activity and satisfied buyers especially considering our chronic low inventory levels.

Year end figures will tell the whole story and with them we’ll be able to better prepare for the spring market of 2023. I don’t think any of us see huge changes in the upcoming spring market, but probably more of the same – a market allmost totally driven by inventory levels.

Full year end analysis will be available in early January.

See all available properties ast Beachfront-Realty.com.

31 Point Street is a three bedroom three bathroom home with 1,400 square feet. It was listed for $1.995M and sold for $1.865M in 38 days on the market. Point Street has seen a lot of activity in the past several months with jaw breaking asking prices and sales prices. It is an exceedingly charming and private neighborhood tucked behind Commercial Street in the West End.

MLS Remarks: Set in the desirable West End, Point Street is an exclusive enclave of private homes in a spectacular quintessential cape cod landscape. This reverse design contemporary home was built in 2016 & has 3 beds, 3 full baths. Enjoy the fabulous tree-top views from the light filled open living, kitchen, & dining areas. The living area has cathedral ceilings, and a custom built-in window seat, & wood paneled fireplace. The kitchen has white cabinetry, a large seating island, modern tile glass backsplash, & quart countertops. The private primary bedroom suite is oversized with a gorgeous modern bath & double vanity sink, plus a walk-in closet. On the entry-level you’ll find (2) guest bedroom suites both with private ensuite baths, oversized showers, & ample storage. Access the upper rear patio from the kitchen and head out to enjoy the many special landscaped lounge areas around the property, all perfect for entertaining. Additional custom home finishes throughout include wide plank hardwood flooring, custom light fixtures and recessed lighting, gas heating and cooking, central AC, laundry, extra storage, beautiful exterior hardscaping, irrigation, and parking for 2-3 cars.

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

7 Conant Street #2 is a two bedroom two bath top floor condo with 790 square feet. This condo development has been at the top of buyers lists since it was developed by Cape Tip Construction in 2013. Resales have been some of the highest in town, illustrating that high quality, good design and location still rule the day. The condo was listed for $1.235M and sold for $1.3M in four days on market.

MLS Remarks: Located in the heart of the West End, this gorgeous top-floor 2br/2ba penthouse is steps to Commercial Street and all that Provincetown has to offer. Built in 2013, the property features a smart, open concept floor plan with vaulted ceiling and peaks of Provincetown Harbor. Key features include: bright and spacious en-suite primary with glass enclosed shower; beautiful kitchen with white maple cabinets, farmers sink, stainless appliances, granite countertops, and peninsula seating; in-unit washer and dryer; central A/C; propane fireplace; hardwired sound system; and parking for 1 car. Off of the kitchen, you will enjoy a spacious exclusive use deck with views of the Pilgrim Monument, and staircase leading down to an exclusive-use fenced yard area.

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

19 Brewster St #E – $699K – 18 Bangs St #4 – $813K

These two sales are a good representation of the mid-range price category ($500K to $1M) for condos in Provincetown. Year to date 55% of all condos sales were in this price range. 14% of sales were under $500K and 31% sold above $1M.

19 Brewster St # E is a bright one bedrooom condo in the East End with 0ne bath and 405 square feet. It sold for its’ asking price of $699K.

MLS Remarks: This light-filled, open plan 1 bedroom condo features modern amenities and architectural character within walking distance of all the Provincetown offers. You will be located on a quiet street just 0.2 miles (4 minute walk) from Provincetown’s waterfront and beaches. With a vaulted ceiling and eight wraparound windows in the living room, the south facing cottage is bright and sunny year round and cooled by summer breezes. Renovated top to bottom and modernized in 2000, its hardwood floors gleam throughout and a kitchen island with deep sink provides ample countertop and cabinet space. Enjoy breakfast on the private patio beside a pocket garden with established perennials. Two large cedar trellises support climbing blooms that provide privacy. Reasonable condo fee includes heat, hot water,winter property checks and more. “

18 Bangs St #4 is a one bedroom one bath top floor condo with 572 square feet. It sold for $813K with an asking price of $799K.

MLS Remarks: Offered for the first time, this one-of-a-kind 572 sq. ft. 1br/1ba is located on a quiet side street in a newly constructed 6-unit association, one block to the heart of Provincetown’s historic Gallery District. Key features include: spacious and airy top-floor unit with soaring ceilings and extraordinary oversized windows; fully equipped kitchen with stainless appliances, granite countertops and island with seating; oversized bedroom which can accommodate a king bed and comfortable work/sitting area; sleek contemporary bathroom with frameless shower barn door; smart cabinet design throughout providing ample storage; and forced hot air and central A/C. All anchored with beautiful wide plank Sawyer Mason flooring! Other amenities include: two exclusive-use decks; propane for cooking; in-unit washer and dryer; recessed lighting; parking for 1 car; pet friendly; and vacation rentals permitted.

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

22 Conwell St #B is a two bedroom two bathroom freestanding condo wirth 1,340 square feet. It is being marketed for $1.749M.

MLS REMARKS: Tucked away, up a drive, atop a dune in a central location is this 2 BR/2BA free standing, like-new condominium. This 2020 EnergyStar and Stretch code compliant home is highly energy efficient. The ground floor boasts a spacious king-sized bedroom suite, large walk-in closet and ensuite bath. This floor also features a 400+/- sf storage space with propane-fired integrated boiler and laundry area. The main floor, flooded with natural light, contains everything essential for comfortable single level living: an open plan with lounge, dining and kitchen areas, a generously sized bedroom (king) with walk in closet and adjacent bath. The handsomely designed kitchen includes an island/breakfast bar, stainless steel LG appliances (including a ”knock-knock propane oven), refrigerator and dishwasher. The finished space of 1,340+/- sf has been meticulously maintained and is in move-in and ready-to-enjoy condition. But, wait, there’s more! The top level shows a 480+/-sf unfinished area awaiting your creative space planning. A large home office, perhaps, a den, media or game room. Outside, there is 3,000+/- sf of exclusive use space with natural landscaping ready for the gardens of your dreams. There are 2 parking spaces and an exclusive separate space in the common storage shed. Listing courtesy of Seascape Realty.

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

Provincetown, Truro and Wellfleet 3Q2022 figures.

How is the market doing? It’s complicated. Our market is unique in so many ways. It’s a small market – geographically and numerically – and while it does follow some national trends, the Outer Cape tends to buck some of those market trends as well.

Nationally, the talk is about the beginning of a softening market with increased inventory, less sales, some price reductions and longer days on the market. Here on the Outer Cape, we may be seeing signs of these trends as well, but in a very limited way. Not surprisingly, sales have decreased in most categories. Although there is some hint of increasing inventory, that possibility may disappear as we head into the post-Thanksgiving seasonal slowdown. There are price reductions on some properties that have remained on the market longer than average, but prices have continued their substantial upward trend.

PROVINCETOWN

In Provincetown, the average sale price of condominiums year-to-date, increased 22% to $927K from $762K. The median sales price increased 13% to $844K. And, the number of sales increased 23% to 92 from 75. This is a reversal of the downward trend we saw last quarter. There are currently only 21 condos on the market with an average listing price of $1M.

Single-family home sales were down 15% to 22 units from 26 last year. Again, a result of very low inventory. The average sales price was up 24% to $2.12M from $1.71M. The median sales price was up 68% to $2.19M from $1.3M. There are only 17 single-family houses on the market with an average asking price of $3.7M.

TRURO AND WELLFLEET

The average sale price of single-family homes in Truro saw another big increase. Sales prices jumped 43% to $1.79M from $1.25M. The median price increased 32% to $1.39M from $1.05M. There were 19 sales, down 60% from 48 sales last year. There are only 13 single-family homes available on the market with an average asking price of $2.39M – well up from $1.72M last year.

The average sale price of Truro condos sold year-to-date increased 49% to $578K from $387K. The median price increased 21% to $453K from $375K. Sales were down 51% to 18 from 37 last year.

In Wellfleet, the average sale price of single-family homes was up 13% to $1.01M from $891K. The median price was up 14% to $916K from $803K. Sales were down 19% to 44 from 54 last year. There are currently 16 single-family properties on the market with an average asking price of $1.48M.

AS FALL SETTLES IN ON THE OUTER CAPE SO DOES THE DESIRE TO BE PART OF OUR COMMUNITY

The bottom line is that average sale prices were up again in all categories in all three towns. Sales were down again everywhere – except for condominiums in Provincetown. While buyer demand for Outer Cape property remains extremely high and new properties will continue to come on the market, the upward pressure on prices caused by this increased demand and lack of inventory will most likely effect the fourth quarter outlook for 2022.

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. Stay well.

The Cottage at 12 Atwood Avenue is a charming one bedroom one bath two level stand alone cottage. It is located on possibly the most desirable little private lane in Provincetowns’ West End. It is being marketed for $845K.

The quintessential West End Cottage. This stand-alone wood frame cottage is set back from a private lane behind a flower covered white picket fence. This enchanting one bedroom two story cottage is the ultimate Provincetown retreat. Located on a quiet private lane in the lovely West End its’ location is truly unique. It’s original detailing is authentic Provincetown. The living room is at the front of the Cottage and has a wood burning fireplace. There is a dining room/den next to the galley kitchen in the rear of the first floor. The entire second floor is a large bedroom and bath with oversize windows with wonderful sight lines to lovely Atwood Avenue.  The outside space includes mature front and side gardens and a good size private patio/deck area. Refresh this West End gem as is or reimagine it completely. 

The two-unit condo complex is organized like two separate single-family properties. The Cottage has a large exclusive use garden area, and one parking space.

Call to view this special property. See all properties for sale at Beachfront-Realty.com.

119 Commercial Street is a four bedroom three bath home with 1,956 square feet. It is in the West End at the curve of Commercial Street at the Coast Gaurd Station. It was listed for $2.599M and sold for $2.599M with six days on the market.

MLS Remarks: Offered publicly for the first time in more than 20 years, this iconic two-family Provincetown classic is the perfect West End location minutes away from the exciting town center. Experience the home as a spacious single-family with abundant breathtaking natural light or take advantage of the property’s two living quarters by using them separately. Each floor houses 2 bedrooms, a kitchen, and a living/dining area. Whether you enjoy people-watching from any of the multiple vantage points or you prefer the privacy of your own home, 119 Commercial Street has so much to offer – 4 bedrooms, a den, 4 parking spaces, 3 outside areas, and water views. The two newly updated kitchens provide a very functional flow to the numerous indoor & outdoor entertainment areas. Most of this well-taken-care-of gem boasts original wide plank hardwood floors throughout.

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