10 Pilgrim Heights Road is a three bedroom four bath single family home with 2,948 square feet on a .7 acre lot. The house was built in 2001 and has it’s original details, such as a screened in sun porch on the second floor, and a large loft area-office space there as well. It is being marketed for $2.189M. Pilgrim Heights Road is a lovely single family zoned area, one street in from the Moors.
MLSRemarks: Just listed. Spacious 3 Br single family home on an over-sized, pine tree- covered lot in Provincetown’s lovely Pilgrim Heights neighborhood. The nearly 3,000 sq ft home, spread over three levels, boasts a dramatic vaulted living room with wood burning fireplace for chilly evenings, track lighting, and oak wood floors . Adjacent is a well equipped kitchen (gas range, double electric ovens, refrigerator, dish washer, microwave), and solid wood cabinets. The kitchen opens to a dining area seating 8. On the main floor there are also two good size bedrooms that share a full double sink bathroom, a laundry and a ½ bath. Upstairs contains a large library/den with built in book shelves and a screened in deck. Adjacent is the main bedroom (15 x 17) with wall a/c, ceiling fan, and double closets. Listing courtesy of Raveis Real Estate.
This post features some great private home construction and renovation projects as well as some new multi-unit developments. I say nosy neighbor with humor as any information I post about a private home is information that is in the public domain – I would never compromise anyones’ privacy. These incredible projects illustrate the level of confidence that the owners and developers have in Provincetown. This speaks to the strength of the market and to the desire that these folks have to invest and live in what is one of the most beautiful and diverse towns in the world.
The “Ronny White” house, a traditional ranch at 65 Franklin that had a huge front yard and in ground pool around back, sold several years ago. The large lot was subdivided and transformed into the 65-69 Franklin St condos and a soon to be finished single family house at 6 Race Road. Three buildings with two units each have been built over the last several years. The single family home which is in mid construction phase, is on the left in the picture, with two of the other buildings visible on the right. The pictures are from a similar vantage point on Race Road. Neighbors were originally a bit skeptical of the added density but it has turned into a welcome addition to the Franklin Hills neighborhood.
51-53 Commercial St sold in 2016 for $5M, and included all of the buildings at 51 and 53 Commercial Street. The picture on the left is of the original house at 51 Commercial St. You can see a peek of this fully renovated house on the rght of the second picture. The newest building which is right next to the west end parking lot, and another building behind it that is on the water are featured in the picture. This project which includes five buildings has been ongoing over the last several years and is one of the most visible and striking developments in town. Here is a link to an earlier story.
16 Pilgrim Heights Road caught my eye as it looks like an absolutely gorgeous renovation. It was a rather un-traditional looking cape and is being transformed into a striking new expanded Cape. It is a six bedroom house with 2,648 square feet. Can’t wait to see the finished product. What a great addition to Pilgrim Heights Road.
69 Pleasant Street sold for $879K in November of 2021. It was an original 1850’s-ish cape with three bedrooms and 1,332 square feet. The renovatioin is total and looks to be coming along very well. This house is at the end of one of the sweetest country lanes in town that I walk with the pooch daily. Hopefully the finished product will compliment the setting.
49 Commercial Street the “Historic West End Twin Bays Property” sold for $2.1M in November 2021. It has four bedrooms and four baths with 1,820 square feet. As you can see it has been raised and is being fully renovated.
The magnificent right whales are back close to shore in record numbers bringing large groups of early visitors to Provincetown. More and more restaurants and shops are beginning to open and Commercial Street is getting its annual reset with businesses everywhere, renovating, adding seating, and otherwise simply freshening up. And happily, the mild winter also helped limit some of the stress on our tight real estate market. April is providing some relief with slightly higher inventory levels and this is also the month where we begin to detect the direction that the real estate market will take this year.
First quarter results are difficult to analyze because of the small number of sales. Our inventory problem continues, but we are finally seeing small increases in available properties. Demand remains consistently high, but the lack of units to sell is still impacting sales in every category. Average sale prices and unit sales are down in most categories – not great news as we enter the all-important spring market.
With sales down significantly for the first quarter, that gives us less of a sample from which to derive trends. For example, only four single-family properties sold in Provincetown in the first quarter of 2023, and only four sold in Truro as well. 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.
Condominium sales in Provincetown were down 15% to only 23 for the first quarter of the year, and the average sale price decreased 17% from $1.022M to $848K. There are only 21 condos on the market as of April 8. For some interesting context: 10 years ago in 2012, there were 131 condos on the market!
Single-family home sales were down 42% to only 4 this first quarter. However, the average sale price was up 15% to $2.3M. There are only 9 single-family homes on the market as of April 8. Ten years ago there were 51 single-family properties on the market!
TRURO AND WELLFLEET
In Truro, single-family home sales doubled to four from two last year. And the average sales price of these four single-family homes sales was down 70% from $3.07M to $920K. This looks like a huge decrease, but it is skewed by the sale of those two relatively expensive properties last year. As of April 8, as we “go to press” there are 12 single-family properties on the market for sale in Truro.
Condominium sales in Truro were equal to last year at four.The average sales price was down 22% to $389K from $498K. There are only 4 on the market!
In Wellfleet, the average price of single-family homes was up 28% from $901K to $1.15M. Sales were down 50% to 7 from 14 last year. There are only 5 single-family home available for sale.
WITH SPRING IN FULL BLOOM,THE LACK OF INVENTORY ACROSS THE MARKET REMAINS THE KEY ISSUE
As spring is finally settling in, the message this quarter is all about the decrease in sales and the continuing lack of sufficient inventory needed to drive a healthy market. The small inventory increase is welcome, but nothing near to what demand requires. Hopefully, this will change as the spring-summer selling season warms up, but it looks to be a slow adjustment over the next several quarters. With interest rates hovering in the 6% range, fundamentals must change in order to return to a more balanced market.
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 it happens. Watch for interesting stories in your email and on social media at jon.goode.com. I hope to see you on the streets soon.