Month: January 2025

“Trophy” houses always get the most attention and these three illustrate the best of 2024. Each property is unique, and represents the luxury housing stock in these three towns. Each of these Cape Contemporary homes has it’s own wonderful water element, views and access.

WELLFLEET

20 4th Avenue in Wellfleet is a five bedroom six bathroom home with 4,022 square feet. It sold for $2.775M, and was listed at $3.29M. It was on the market for 219 days.

53 single family homes sold in Wellfleet in 2024. The average sale price was $1.05M.

MLS Remarks:  This 2018 Cape Contemporary home on Lt. Island is a serene and peaceful retreat. With 5 bedrooms and 5 1/2 bathrooms, it provides ample space for the whole family. The main floor features an open living, dining, and kitchen area with cathedral ceilings and sliding glass doors that lead to a spacious deck overlooking the Bay. The deck is perfect for taking in the breathtaking views and enjoying the tranquility of the surroundings. There is also a 3-season porch providing another wonderful space to relax and unwind, a main bedroom with bathroom, a laundry room, a half bathroom, and a mud room on this level. The second story has two large bedrooms with their own bathrooms and a storage room.

TRURO

5 Bearberry Lane in Truro is a three bedroom, two bathroom home with 1,929 square feet. It was listed at $3.750M, and sold for $4.010M. It was on the market for 190 days.

37 Single family homes sold in Truro in 2024. The average sale price was $2.6M.

MLS REMARKS: More than two spectacular acres of privacy on Cape Cod Bay at Great Hollow. The contemporary Cape-style home has unobstructed 180-degree views up & down the Outer Cape’s curving coast. The layout is perfectly centered around the Great Room with a cathedral ceiling & a sunken living room with a wood-burning fireplace and spacious dining area. A bank of sliders and windows leads to the deck and showcases the sunset side of the house with the bay and Provincetown. The bedrooms are located on opposite sides of the house. The guest wing has two bedrooms with vaulted ceilings. The primary bedroom also has a vaulted ceiling & an ensuite bathroom with a lovely new shower. Sliders lead you to another private deck facing the bay. At one end of the house is a screened porch. The private beach stairs are shared with only five other homes which are all part of the same small homeowner’s assoc. A gorgeous private beach awaits you at the bottom!

PROVINCETOWN

9 Oppen Lane in Provincetown is a four bedroom four and one half bath home with 4,082 square feet. It was listed at $7.850M, and sold for $6.883M. It was on the market for 256 days.

29 single family homes sold in Provincetown in 2024. The average sale price was $2.24M

MLS REMARKS: Exclusive estate home, available on the open market for the first time, it’s a rare gem waiting to be discovered. Don’t miss out on this once-in-a-lifetime chance to call this exquisite property your own. ”Windswept” in Provincetown offers breathtaking water views from Long Point to Hatches Harbor and beyond. This four-bedroom home sits atop the highest point in the area, providing unparalleled vistas. The entrance features a circular estate driveway and bluestone patio stairs, setting the tone for the luxurious experience ahead. Not only are the views mesmerizing, but ”Windswept” also boasts manicured grounds with an inground saltwater pool, hot tub, and an outdoor kitchen. Dual outdoor dining spaces, shaded lounging areas, and wraparound decks complete this entertainer’s dream. The main living space offers elegance and tranquility with its open layout, 14′ high white beamed vaulted ceilings, and Brazilian cherry floors. The centerpiece is a grand stone gas fireplace, while floor-to-ceiling windows frame the panoramic views.

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

I am still amazed at the range of prices we see in our Provincetown market. Of course the “luxury” market gets all the attention but there are plenty of properties that are relatively affordable, and like this one at Beach Point is just steps to the water. The fact that many of these are investment type properties and can be rented, make them that much more affordable for buyers.

The highest priced condo sold in Provincetown was 47 Commercial Street #A. It was listed for $3.750M and sold for $3.250M/$1,325 per square foot. This free standing condo has 2,452 square feet and has four bedrooms and three bathrooms. Located on the water on what is considered the best block of Commercial Street in the West End, this condo is quite a special property.

MLS REMARKS: Discover a piece of history with this remarkable 1800s floater, the only three-story structure of its kind that elegantly floated across the harbor from Long Point. Spanning 2,450 square feet, this free standing home offers 4 BR and 3 BA, including a water view office area. The primary suite, located on the top floor, is a true retreat with an ensuite bath, a cozy gas fireplace, and unobstructed views of the harbor and Long Point. The living spaces include a living room with a charming wood-burning fireplace, a family room with a fireplace, and a formal dining room perfect for gatherings. The gourmet kitchen is equipped with a 6 burner Viking gas stove with griddle, a Subzero refrigerator, and two dishwashers, catering to all your culinary needs. Step outside to an exclusive use brick patio, ideal for al fresco dining and lounging, and enjoy common access to the beach for endless seaside fun.

The lowest priced condo sold in Provincetown in 2024 was 963 Commercial St #49. This is a three season waterfront studio at Beach Point with 258 square feet. It was listed for $375K, and sold for $350K. ($1,356 per square foot).

MLS REMARKS: Live a carefree summer lifestyle in this studio unit located at the Beachpoint Club in Provincetown. This unit could easily be converted to year round living. Weekly rentals allowed. Low maintenance tile floors throughout. Kitchen with gas stove, full bath with tub. Sliding glass doors lead to rear deck with water views and there is a patio area in the front. There is a common, in-ground pool and a path to the expansive bay beach. Parking for 1 car with guest spots. A pet is permitted with Trustee approval. Weekly rentals permitted in summer.

The median price of condos sold was $940K, represented by 7 Stable Path #A. The median price is the mid point of all condos sold. This condo in the new Provincetown Heights development has two bedrooms and two bathrooms with 1,434 square feet. It had a listing price of $895K and sold for $940K.

MLS Remarks: Welcome to Provincetown Heights. A short way from the hustle and bustle of Commercial Street, this relatively new condo development is located north of Route 6. Provincetown Heights offers privacy and easy access to the beaches, bike trails and nature walks. This stunning soon to be constructed townhouse offers peeks of the Bay and Provincetown Harbor and features 2 bedrooms and 2 baths. Hickory floors add warmth and durability throughout the unit. The kitchen features the minimalist-contemporary look of Miralis cabinetry, and is complemented by Caesarstone quartz counters and glass tile backsplash and Bosch appliances, including a propane gas range. Bathrooms feature radiant heated floors, Moen Align faucets and tiled walls. The condo has ENERGY Star® rated heating and cooling via an efficient heat pump mini-split system. A propane gas fireplace provides additional warmth and ambiance.

There were a total of 113 condos sold in Provincetown in 2024 up 13%. The average sales price was $1.110M up 19%.

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

PROVINCETOWN, TRURO AND WELLFLEET 4Q2024 FIGURES

Provincetown Condos Roar Back, But Other Categories Show Mixed Results!

In the past several years, the lack of inventory pretty much defined our market. After the pandemic buying spree, there was very little available. In the last several quarters we have seen inventory increases which have created some welcome market balance in 2024. We do have more inventory, but still not enough for everyone.

However, we’re still seeing mixed results even with these increased inventory levels. Fluctuations within categories is the norm now – even without this one major issue defining it. The availability of more condos in Provincetown, means increased sales. Less single-family availability in Wellfleet, means fewer sales. Interestingly, for the last few years, Wellfleet had the most balanced market with plenty of inventory, increasing sales and prices. But last year, both sales and prices were down.

More inventory creates more choices for buyers and more competition for sales within each category. Still, when compared with many other markets, our inventory is very limited. Stubbornly higher interest rates – currently around 7% – will continue to put additional pressure on the market.

But, we must always remember when analyzing the Outer Cape real estate market, that the sample sizes are really small, compared with other markets on the rest of the Cape and elsewhere. And one outsized sale in any market can skew averages wildly. Provincetown and Outer Cape real estate performs like the best neighborhoods in many cities. This market will always outperform the rest. That will not change going into 2025.

PROVINCETOWN

In Provincetown, condominiums and single-family property sales were both up. Condo prices were up but, single-family prices were down slightly.

• Condominium sales were up 13% to 113 from 100. Sale prices were up 19% to $1.110M from $937K.

• 27% of condo sales were over-asking. This means many properties are selling at or below asking prices.

• There are 25 condominiums on the market listed in MLS as of January 7. The average asking price for these condominiums is $1.17M ($1,890 per square foot).

• Single-family home sales were way up, 53% to 29 from 19 sales last year! However, the average sales price decreased 9% to $2.24M from $2.4M.

• There are currently 19 single-family properties on the market with an average asking price of $3.12M ($1,370 per square foot).

TRURO & WELLFLEET

Truro single family homes and condominiums both performed well. However, single-family sales and prices in Wellfleet were down. Historically, Wellfleet has been one of the best-balanced markets of the three towns of the Outer Caper. Reduced inventory in Wellfleet, however, has become an issue with only seven on the market as of Jan 6! And of course, fewer properties available for sale, means fewer overall sales.

• The average single-family sales price in Truro was flat at $1.6M. Sales were up 3% to 36. Currently, there are only 10 single-family properties on the market with an average asking price of $1.7M ($1,729 per square foot).

• Truro condominium sales were down 17% to 20 from 24 last year. The average sale price increased 8% to $535K from $495K. There are only 8 condominiums on the market with an average asking price of $410K ($1,023 per square foot).

• Wellfleet saw an uncharacteristic down year. The average sales price of single-family homes was down 13% to $1.05M from $1.2M. Sales were down 20% to 53 from 66. There are currently only 7 single-family properties on the market in Wellfleet with an average asking price of $1.8M ($730 per square foot).

As we welcome the New Year, we will continue to see strong market activity on the Outer Cape. Demand just doesn’t stop!

I believe we will continue to see higher average sales prices along with this continuing demand. And this upward pressure on prices will continue to effect sales throughout 2025.

Outside forces can affect our wonderful Provincetown and Outer Cape real estate market, but we can still take comfort in knowing we will continue to outperform most other markets. And patient buyers, who are actively searching for a new home, here on the Outer Cape, will hopefully find just what they are looking for in the new year.
 

I am committed to providing you with the safest means to view, purchase and sell real estate on the Outer Cape. My 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. I look forward to seeing you soon. And leave it to me to keep you informed.