Author: Jon Goode

PROVINCETOWN, TRURO AND WELLFLEET 1Q2024 FIGURES

MARKET ACTIVITY REMAINS SLOW BUT STEADY WITH A PERSISTENT LACK OF INVENTORY BUT NEW CONSTRUCTION CONTINUES FULL FORCE.

Spring in Provincetown. Restaurants and shops are beginning to open and Commercial Street is getting its annual reset with businesses everywhere, renovating and simply freshening up. This year’s mild winter allowed for an inordinate amount of new construction and renovations to continue throughout Provincetown. Most of these construction projects are private renovations, but there are several projects that will eventually add to the available sales inventory over the next few months. We are looking closely at market developments in April which will help detect the overall direction of the market this spring.

First quarter results are becoming even more difficult to analyze because of the smaller number of sales. Not surprisingly, demand remains consistently high and inventory remains consistently low. This market dynamic will continue to impact sales in most categories. First quarter results are all over the board. Sales are down in Provincetown and up in Truro and Wellfleet. Single-family prices are down in Provincetown and Wellfleet, but up in Truro. Condo prices are up in Provincetown and Truro.

Lower sales provide less of a sample from which to derive trends. Only three single-family properties sold in Provincetown in the first quarter of 2024, and only five sold in Truro! 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.

PROVINCETOWN

Condominium sales in Provincetown were down 22% to only 18 from 23 for the first quarter of the year. The average sale price increased 11% to $940K from $848K. There are 25 condos on the market as of April 13 with an average listing price of $1.4M. For some interesting context: 10 years ago in 2014, there were 112 condos on the market!

Single-family home sales were down 25% to only 3 from 4 this first quarter. The average sale price decreased 13% to $1.98M from $2.3M. There are 21 single-family homes on the market as of April 13 with an average listing price of $3.5M. 10 years ago, there were 49 single-family properties on the market!

TRURO AND WELFLEET

In Truro there were only five single-family home sales, up from four last year. These five sales included one $4M+ and two $2M sales skewing the average sale price up 118% to $2.01M from $920K last year. The median price was up substantially as well to $1.97M from $915K. As of April 13, as we “go to press” there are eight single-family properties on the market for sale in Truro with an average listing price of $2.2M.

There were six condominium sales in Truro – an increase of 50% from four last year. The average sales price was up 22% to $474K from $389K. There are only 5 on the market with an average listing priced of $711K!

In Wellfleet, the average price of single-family homes was down 21% from $1.15M to $911K. Sales were up 36% from 7 to 10. There are only 11 single-family homes available for sale with an average listing price of $3.5M.

FROM “STUDS TO SHINGLES” – NEW CONSTRUCTION AND RENOVATIONS EVERYWHERE SHOW REAL CONFIDENCE IN OUR LOCAL REAL ESTATE MARKET

With Spring in full bloom, sounds of construction can be heard all around Town along with the wonderful Spring songs of the returning birds. Inventory, like the number of warmer days is increasing slowly. Hopefully, this will drive a healthier real estate market in the coming months. Regardless, it looks to be a slow adjustment over the next several quarters. With interest rates hovering in the 6% range, fundamentals still need to change in order to return to a more balanced market between buyers and sellers.

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 they happen. Watch for interesting stories in your email and on social media at jon.goode.com. I hope to see you on the streets soon. Stay well.

43 Commercial St #B is a three-bedroom two two-bathroom condo with 1,480 square feet. It is being marketed for $2.199M. This condo is part of one of those, dare I say iconic properties in the West End.

MLS Remarks: Nestled in the heart of the highly sought-after West End waterfront, this exceptional 3-bedroom unit occupying the top two levels at Dr. Don’s Landing, is a rare find. The residence is situated atop a historic building dating back to 1840, once belonging to whaling captain John C. Weeks Sr. and later floated to Commercial Street. The first level features 2 bedrooms, a bath, kitchen/living area, and a deck overlooking the picturesque bay and the association’s common deck and patio. Continue to the second level to discover a third bedroom, a den, and a second bath, all while enjoying spectacular views from both the living room and the second deck. A highlight of this residence is the expansive 267 sq.ft. rooftop deck, providing unmatched views and serving as the highest viewpoint in the neighborhood. The unit comes with two parking spaces in tandem. Property is offered ‘as is’. Sewer betterment has been paid off. Listing courtesy of Gibson Sothebys Int’l TRealty.

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

481 Commercial St #2 is a one-bedroom, one-bathroom condo on the beach with 487 square feet. This one-of-a-kind condo has an incredible private waterfront deck with views up and down the bay. It is being marketed for $1.080M.

The Beach House is one the most sought-after waterfront cottages in Provincetown. This one-of-a-kind property sits on the water and has sensational views on three sides that offer an extraordinary beachfront experience. The Gallery District is right outside your door as well as some of the best restaurants in town. The living area is wide open to the deck with high vaulted ceilings. The deck provides the best views of the bay, beach, and the Provincetown waterfront. A cozy window seat overlooks the water. There is a wood fireplace with a warm barn-board surround. The kitchen is brand new with granite counter tops, new Wherever cabinets, cook top/DW and microwave. The bedroom has vaulted ceilings too and a barn-door slider provides privacy. The renovated bathroom has granite countertops with custom tiling. There is common laundry area and parking for one car. Offered furnished with some exclusions.

481 Commercial Street #5 is a two bedroom, one bathroom second floor condo with 764 square feet. It is being marketed for $995M.

Large and light two-bedroom waterfront condo in the Chandler House association in the East End. This 764 square foot second floor home has sensational views up and down the Bay Beach to Lands’ End and Truro. The U-shaped kitchen has stainless steel appliances with gorgeous east and north light from two windows. The open plan living room has a charming brick fireplace and hearth. The large dining area is at the front of the condo, with other seating areas in between. The two bedrooms have good separation within the condo. The primary has a large office nook. There is one full bath. A private covered deck extends the living area outside. The newly renovated common deck on the water provides lounging and recreational space with stairs to the beach. Incomparable location in the Gallery District, and a short walk to Provincetown’s best dining destinations. There is common laundry and parking for one car. Offered furnished with some exclusions.

Call me if you would like more information or to schedule a showing.

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

350 Bradford St # 3 $1.395M is a two-bedroom two and one and-a-half-bath condo. It has 1161 square feet. This 13 unit complex has become a favorite East End destination since it was built in 2018. (Listing courtesy of Kinlin Grover Compass)

MLS Remarks: Welcome to 350 Bradford Street, a stunning townhouse in Provincetown’s East End. This newly built home offers modern conveniences and turnkey living, featuring two levels of contemporary design and beautiful finishes. Upon entering, you’ll be greeted by oak floors and large windows that fill the space with natural light. The gourmet kitchen boasts Thermador appliances, quartz countertops, and custom cabinetry. Step outside onto the large exclusive use deck, perfect for entertaining. Upstairs, discover two bedrooms for ultimate comfort and relaxation. The en-suite primary has an impressive ceiling height, a stylish bathroom, and a slider leading to its own balcony. The guest room has easy access to a spacious bathroom off the hallway. Additional amenities include a convenient half bath located off the kitchen, two designated parking spaces, in-unit washer and dryer, A/C and a cozy fireplace with custom stone surround designed by a local artist. Located just a short walk to the beach and flats, it also offers easy access to the Old Colony walking trail.

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

20 Montello Street #U20 is a three-bedroom two-bath condo that lives like a single family home. It has 1,328 square feet and is being marketed for $1.995M.

Remarks: This freestanding 3br/2ba home is located in Provincetown’s desirable West End. Part of a small 2-unit association, it offers the convenience and independence of a single-family home. On the 1st floor, discover a bright living room with a cozy wood-burning stove seamlessly connected to the dining room and kitchen. Immerse yourself in culinary delights in the expansive kitchen, featuring abundant counter space, and an open layout that beckons social gatherings. Dual staircases, positioned at the front and rear, guide you to the second floor, where three bedrooms await. Outside, a welcoming front covered porch and a fenced side patio offer generous outdoor space for relaxation and entertaining. With two dedicated parking spaces, convenience is key. Situated on a quiet one-way side street, yet only one block from Commercial Street. Weekly rentals and pets permitted. Listing courtesy of Kinlin Grover Compass.

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

4Q2023 MARKET REPORT

FOR BOTH BUYERS AND SELLERS – PATIENCE IS THE OPERATIVE WORD

The Provincetown and the Outer Cape real estate markets had mixed results in 2023 as stubborn, lower levels of inventory continue to lead to lower sales. But, patient and determined buyers are still finding their dream homes even as demand continues to influence the market and sales prices continue to increase in all categories here on the Outer Cape. Interestingly enough though, of Provincetown, Truro and Wellfleet, it is Wellfleet that had the most balanced, all-around market, with both higher sales and higher prices.

This classic lower inventory and high demand dynamic is also exacerbated by a profound lack of ability to construct additional dwelling units, especially here in Provincetown where there is almost no place to expand. Limited availability, along with continued higher interest rates – currently around 7% – continues to put additional strains on the market.

Even with these less-than-optimal conditions, our Provincetown and Outer Cape real estate market ALWAYS seems to outperform the rest. I believe that will not change going into 2024.

PROVINCETOWN

In Provincetown, sales were down in every category, but sale prices were up! Condominium sales were down 26% from 135 to 100. Sale prices were up 5% from $868K to $937K. 28% of all those sales sold over the asking price. This does mean though, that 72 units (72% of total 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 $1.036M ($1,583 per square foot).

Single-family home sales were down 39% from 31 sales last year to 19 sales this year. The average sales price increased 10% to $2.4M from $2.19M.

Currently, there are only 15 single-family properties on the market with an average asking price of $4.1M ($1,523 per square foot).

TRURO AND WELLFLEET

Both Truro and Wellfleet performed generally even with last year, as inventory levels more commensurate with demand, provided a better balance between buyers and sellers.

The average single-family sales price in Truro was flat at $1.6M. Sales were up 9% to 36 from 33. Currently, there are only 10 single-family properties on the market with an average asking price of $1.873M ($982 per square foot).

Truro condominium sales also decreased – down by 5% to 24 from 25 last year. The average sale price decreased 13% to $495K from $570K. There are only 5 condominiums on the market with an average asking price of $676K ($1,145 per square foot).

In Wellfleet, the average sales price of single-family homes was up 17% to $1.2M from $1.02M. Sales were up 6% to 66 from 62. There are currently only 13 single-family properties on the market in Wellfleet withan average asking price is $2.514M ($896 per square foot).

AS WE WELCOME THE NEW YEAR, WE WILL CONTINUE TO SEE STRONG MARKET ACTIVITY AS BUYERS SEARCH FOR THEIR VERY SPECIAL HOME HERE ON THE OUTER CAPE

Most importantly, as we begin the New Year, we are all hoping that 2024 brings peace and a much-needed respite from all the drama and the uncertainty occurring throughout the world.

Closer to home, as we close out the real estate market for 2023 on the Outer Cape, I believe we will continue to see higher average sales prices along with an extremely vigorous, buyer demand for Outer Cape property. The upward pressure on prices caused by this ongoing high demand and sustained lack of inventory will undoubtedly have a strong effect on sales throughout all of 2024. 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.

Even as some of these, and other outside forces effect our beloved Provincetown and Outer Cape real estate market, we can still take comfort in knowing we will continue outperform most other markets.

How lucky are we!

I am committed to providing you with the safest means to view, purchase and sell real estate on the Outer Cape. I have learned to do business safely and comfortably during Covid, while still providing the expected high level of service and attention you require. 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 here at jon.goode.com. I look forward to seeing you soon. And leave it to me to keep you informed.

14 West Vine Street #4 is a free-standing cottage in a four-unit complex on the corner of West Vine Street and Atwood Ave in the West End. It has 322 square feet, a sleeping loft a large private deck, and exclusive-use gardens. It is being marketed for $595K.

Remarks: This West End, freestanding-cottage is a Cape Cod classic with an original aesthetic that is ready for you to make your own. Or move in and happily enjoy as is. Filled with natural light, this condominium has high, wood-planked ceilings, a propane fireplace, hardwood floors, a sleeping loft and offers the perfect space to add a Murphy bed. A wall of windows looks out to a large private deck and surrounding exclusive-use gardens for your enjoyment. Located on the corner of Atwood Ave and West Vine Street in the heart of the West End, this home really is quintessential Provincetown. Parking for one car. A well-established condominium association. Rentals allowed for 30 days or longer. Being sold ”as is” in current condition.

Please call for more information or to schedule a showing.

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

The property located at 1 Winthrop Street is a two-story home with one bedroom and two bathrooms, covering an area of 840 square feet. It is easily recognizable as the beautiful house situated across from Joe’s Coffee on Winthrop. The house was sold for $1.530 million, with an asking price of $1.450 million, and it was under agreement within a day!

MLS Remarks: Re-imagined by the renowned Royal Barry Willis Associates architectural firm and located in the highly sought-after heart of the West End, close the beach and Boatslip, this Greek Revival single-family home is offered for sale for the first time since it was rebuilt in 2015. This home depicts the true meaning of ‘attention to detail.’ The complete interior redesign includes a custom Boffi kitchen, 9′ ceilings, Anderson 400 series windows, white oak floors, slider doors leading onto the Phoenicia Buff granite patio, and thoughtful built-in storage features for functional elegance. The open concept primary suite occupies the entire second level, offers stained white oak ceilings reaching 10′, 13 windows, 3 skylights, a built-in desk with Pilgrim Monument views.

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

With so many options on the market right now, this could be the perfect time to find your Provincetown waterfront home.

There are 12 waterfront condos on the market, representing a broad range of prices, styles, and locations. Why so many? It is mostly a cyclical issue, as many of them are great investment properties with long-term owners who are thinking of selling and profit taking. The lowest priced property is $799K, the highest price is $3.499M. The average asking price is $1.267M, and the average price per square foot is $1,806. There really is a property for every waterfront budget!

11 waterfront condos have sold year-to-date in 2023. 8 have sold below $750K and 3 above. The lowest sale price was for $390K at 963 Commercial St #24. The highest sale price was $1.187M at 371 Commercial St. #10.

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

24 Blueberry Avenue is a three bedroom three bathroom single-family home with 1,728 square feet. It is being marketed for $2.450M. Blueberry Ave is an extension of West Viine Street and runs into Bayberry Avenue.

MLS Remarks: Welcome to this charming home nestled in the serene and sought-after West End neighborhood. With its thoughtfully designed layout, the home exudes a warm and inviting ambiance, perfect for both entertaining guests and enjoying quiet time. Bright natural light floods the open living room-dining room-kitchen. This extends to a spacious deck with expansive views to the south and west overlooking a landscape of pastures and woodlands. The residence boasts three bedrooms and 2.5 baths, including an en-suite primary bathroom. Each bedroom has its own entrance and an outdoor seating area, offering ample space for relaxation and privacy. Embrace the tranquility of this neighborhood while still being in close proximity to all of Provincetown’s amenities and attractions. Listing courtesy of Berkshire Hathaway Home Services Robert Paul Properties.

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