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Provincetown Sale of the Week – 50 Commercial St #1 – $4.1M

50 Commercial Street #1 is a three bedroom, four bath home with 1,926 square feet. You know the house. It is one of those gorgeous properties that you see on the lovely walk to the Red Inn that is across Commercial Street from the west end boat launch and parking lot. It was being marketed for $4.699M and sold for $4.1M.

MLS Remarks: Historic West End home is truly a unique offering. Traditional with contemporary amenities, the home features a wrap-around covered front porch with views of Cape Cod Bay across the street. Enter the front foyer to a large light filled living room with pine flooring, gas fireplace, formal dining area, built-ins and views of the bay. A separate dining room has sliders to a rear mahogany deck and side patio with pergola. The fully equipped cook’s kitchen has Caesar stone counters, marble subway tile backsplash, center island, stainless Kitchen-Aid and Miele appliances. A private primary bedroom with marble tiled bath en suite and sliders to a rear patio complete the first floor. Upstairs, the primary bedroom has views of the bay and marble tiled bath en suite. A large rear bedroom and small bonus room share a marble tiled bath with tub. The home leaves nothing to be desired.

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

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The Highest and Lowest Priced Condos Sold YTD

The Lowest Sales Price

953 Commercial St #6, is a year round studio with loft bedroom condo with 190 square feet. It sold for $300K last April with a list price of $259K. It was on the market for 5 days.

MLS Remarks: This studio condo is the perfect Provincetown getaway for weekends, summers or all year-round. The entry level has ample room with a well-designed full kitchen, eating and living space. The stair case takes you up to a sleeping loft with skylights that provide pleasant natural light. The front and back patios have lovely seating areas with sun in the morning and afternoon. Being an end unit, the enclosed side patio is perfect for storing a kayak or bikes.

The Highest Sales Price

420 Commercial Street #A is a new construction condo with two bedrooms and three bathrooms with 1,248 square feet. It sold in January for $1.850M with an asking price of $1.699M. It sold in 11 days.

MLS Remarks: This newly renovated 2br/2.5ba condominium is located in the heart of Provincetown’s Gallery District and offers views of the Bay on each level. Amenities include: two ensuite bedrooms; classic white shaker cabinets with quartz counters; Bertazzoni stainless appliances; Carrera tiled bathrooms; Pella windows; central heat and A/C; Sawyer Mason wide plank flooring; in-unit laundry; and custom built-ins made from reclaimed wood in Provincetown. Enjoy the afternoon sun and people watching on the oversized, southeast facing front porch on Commercial Street.

There were two other condos that sold at higher prices but they were “multi unit” condo configurations, so I did not include them. They were 54 Commercial Street # 3-6 which was a combination of 4 condo units within a larger condo complex. The property was marketed for $3.595M and sold in 11 days for $3.225M laat February.

5 Lovetts Court was a two unit condo property that was marketed for $2.950M and sold for $2.7 in 14 days last January.

The broad range of these sale prices illustrates the diversity of propertoes in Provincetown. Even in this very unusual and unpredictable market, there still is something for everyone from entry level to luxury!

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

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Provincetown Listing of the Week – 3 Race Road #B – $949K

3 Race Road #B is a two bedroom one bath condo with 685 square feet in the near West End. This bright street level unit has a large private deck wirh the best people watching in town. It is being marketed for $949K.

MLS Remarks: In arguably the most desirable neighborhood in Provincetown this perfect fully renovated two-bedroom condo is a must see. It provides first floor living with three light exposures. There is a new oversized Trex deck right off the kitchen with wire railings and new stairs that provides the best people watching in town. The kitchen was fully renovated in 2019 with lots of granite countertops and a white farmhouse sink, stainless steel appliances and all soft close cabinets. The eat on island has seating for four. The custom tiled bath has a walk-in shower and a large quartz vanity. There is a full-sized W/D and lots of extra storage. The primary bedroom has a king-sized bed and a full wall of custom closets. The second bedroom has good closet space as well. There are hardwood floors throughout the living space and bedrooms, custom window shades and custom lighting. Commercial Street is a short walk away, and Liz’s restaurant and Mussel beach are around the corner. Race Road connects Pleasant Street and Franklin Street in the near West End. The condo is being offered fully furnished with some personal exclusions. Weekly rentals are allowed, and pets are allowed for owners. Call me if you would like to see this great property or if you have any questions.

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

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Jon Goode Market Report – July 2022

PROVINCETOWN, TRURO AND WELLFLEET 2Q2022 FIGURES

Another summer season is upon us and what an incredible feeling to have the town overflowing with throngs of people. The weather has been outstanding, the crowds are happy, and after two years of being held back by the influences of the pandemic, Provincetown is back and busier than ever!!!

Turning to real estate, the normal frenzy of listings and showings is much slower in contrast to the outsized level of activity across the town.  Although demand for property is stronger than ever, sales in all categories are down dramatically. This slowdown is the direct result of an ongoing and unprecedented lack of inventory.

National headlines are reporting that the real estate market is finally adjusting. There are signs that more inventory is coming on the market, and that there are more price reductions and less multiple offers happening. All supposedly a product of higher interest rates and the volatile economic picture.

While we may experience some of these dynamics, we are always outliers when it comes to following national trends.  We may see moderating price appreciation and some increase in inventory as the fall market approaches, however demand will likely remain as strong as ever. And, as we start seeing more inventory, we’ll see even more buyers.

PROVINCETOWN

Condominium sales in Provincetown were down 36% to 53 year-to-date, while the average sale price increased 34% to $937K. There are only 19 condos on the market with an average list price of $814K.

Sales of single-family home sales were also down by 42% to 14 year-to-date. And the average sale price was up 4% to $2.06M. There are only 13 properties on the market with an average listing price of $3.4M.

TRURO & WELLFLEET

In Truro, the average sales price of single-family home sales was up 90% to $1.884M from $993K. However, there were two individual sales which did skew the average price higher. Sales were down 59% to 13 from 32 year-to-date. And there are only 9 properties on the market with an average asking price of $2.25M.

Condominium sales in Truro were down 50% to 12 units from 24 last year. The average sales price was up 47% to $512K from $349K. There are only 7 on the market with an average price of $844K.

In Wellfleet, the average price of single-family homes was up 3% to $913K. Sales were down 35% to 24 from 37 this time last year. There are only 10 single-family homes available for sale with an average asking price of $1.77M.

SUMMER IS IN FULL SWING AND THE LACK OF INVENTORY IS STILL THE HEADLINE!

The message remains that it’s all about inventory. We had hoped we would see an uptick in availability this spring, but while we have seen a slight increase, we were hoping to see more. With interest rates hovering close to 6% and prices continuing their upward trajectory, fundamentals will have to change in order for us to return to a more balanced market.

Even in this unusual market, well positioned and well prepared buyers are finding properties to purchase, and sellers are taking advantage of the historically strong seller’s market. In Wellfleet, Truro and Provincetown, 116 buyers were able to find their dream homes. Patience and flexibility are key whether you are thinking of buying or selling in these truly unusual times.

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.