Author: Jon Goode

This time of year is naturally slower than most so we need to look creatively at what inventory is available. Nationally, increasing inventory levels have become the norm giving buyers additional choices, but in our contrary market we still have few choices, so being creative and resourceful as buyers is a must.

There are only 17 condos on the market with an average asking price of $844K. (Last year at his time there were 8). There are only 9 single family properties on the market with an average asking price of $3.4M*. (Last year there were 5) This average is skewed high because of a couple of very expensive properties.

Instead of just one “Listing of the Week” this week, I thought I would feature a couple of my favorite properties that are on the market.

UNDER $1M

4 Upper Miller Hill Road #2, is a two bedroom two bath condo with 1,492 square feet. It is being marketed at $999K.

MLS Remarks: This contemporary home was designed and built in 1987 to optimize the 360 degree views from one of the highest elevations in Town. You’ll be inspired by sweeping views of the harbor-front on one side and the back beach and ocean in the National Seashore on the other. The building is a two unit condo and this one occupies the entire top two floors as well as one room on the first floor and exclusive use of the driveway and garage. An outside stairway leads up from the driveway to a 2nd floor deck. Enter the great room with two-story ceilings, a fireplace and decks on both sides. A spacious kitchen is off the great room and the full bath and BR 1 complete this floor. Up on the 3rd floor the primary BR has a half bath and again decks on both sides. The siding, decks and doors and windows are mostly original and and need to be replaced. Listed square footage includes the garage, approximately 337 SF. This listing is one of ours at Beachfront-Realty.com.

22 Alden Street #2 is a two bedroom one bath condo with 543 square feet. It is being marketed at $699K.

MLS Remarks: Desirable Location, Updated Finishes, Solid Rental History. Welcome to the top floor of 22 Alden Street. This charming unit has two entrances, a private one on the side of the house and the other from your parking space. Enter into a lovely eat-in kitchen which has traditional Shaker styled cabinetry, propane stove, pantry area and stone countertops. Off the kitchen through a wide doorway is the well-sized living room with traditional Cape Cod built ins. There are two bedrooms located on opposite sides of the unit, both will comfortably accommodate queen sized beds. The bathroom like the rest of the unit has been tastefully updated with tile, glass shower doors and upgraded fixtures. One car parking and central AC. Courtesy of Coldwell Banker Pat Shultz Real Estate.

OVER $1M

Both of these condos below represent some the best the West End has to offer. Great locations, two or three bedrooms, parking and wonderful outside spaces. The fact that they are still availabe is a surprise, but then again, it is February.

56 West Vine St #A is a three bedroom two and 1/2 bath condo with 1,251 square feet and is being marketed at $1.3M.

MLS Remarks: This bright and immaculately maintained 3BR/2.5BA townhome is located in a desirable West End, close to Herring Cove Beach and just minutes to Commercial Street. The pleasing floor plan offers a large and spacious open living room/dining room/kitchen area with oak flooring, a gas fireplace, and sliders out to a sweet and private side deck covered by a pergola that is south-facing. Upstairs, find three good-sized bedrooms. The primary has an en-suite full bath with a tub, two other good size bedrooms and a second full shower bath is accessible from the hallway. The unit has baseboard hot water heat and also has supplemental heat from the Split AC/Heat wall units throughout. Listing courtesy of Gibson Sothebys Int’l Realty.

19 Tremont St # 4 is a two bedroom two bath condo with 1,048 square feet and is marketed at $1.245M.

MLS Remarks: Free-standing 2 Bedroom, 1.5 bath condo in the West End. The unit has tandem parking for two cars adjacent to the front patio and garden surrounded by a white picket fence. Enter from the front porch to a living room with hardwood floors and a gas fireplace. There is a dining area with a patio door that opens to the courtyard and a separate kitchen with loads of cabinets and working space. A half bath conveniently completes this floor. Outside the exclusive use yard is finished with large format pavers, garden wall and surrounded by a privacy fence. Upstairs, a very large primary bedroom with two closets and another gas fireplace shares a large Jack-and-Jill bath with a good size guest bedroom. This listing is one of ours at Beachfront-Realty.com.

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

18 Miller Hill Road #10 is a two bedroom two bath condo with 1,450 square feet. It is a townhouse style condo in the near East End of town. It represents the mid range price point very well. It is being marketed for $1.050M.

MLS Remarks: Spacious and well laid out, this condominium is perfect for year round living, a second home or investment property. Three full floors of living space, the living, dining and kitchen area are on the second level and the bedrooms occupy the lower and top floors. The living area is roomy and bright with a gas fireplace for those chilly winter evenings. There is a porch for lounging and grilling. The kitchen was renovated in 2016 and the main bath in 2019. In unit laundry and split system AC/Heat. Tucked away on Miller Hill, you are just a quick walk to Commercial St and the gallery district- the best of both worlds! Low monthly condo fees, rentals and pets for owners are permitted. Listing courtesy of Kinlin Grover Compass.

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

4 Miller Hill Road #7 is a one bedroom stand alone cottage with 408 square feet. Surrounded by gardens and a pivate patio this two story home in the East End is quintessential Provincetown. It was marketed for $750K and sold in 4 days for $740K.

MLS Remarks: The Beloved Toad, as it is known, is a free-standing townhouse cottage. The open first floor living area features a unique beehive fireplace, oak floors and opens to beautiful, lush perennial gardens and exclusive stone patio that wraps around to the back outdoor space. Upstairs you will find a large bedroom that overlooks the living area below. The recently renovated bathroom features an oversized fully tiled shower, shiplap walls and tile floor. Amenities include 1 car assigned parking space, split system AC/Heat as well as Renai propane heat, newer on demand hot water heater, storage area in an adjacent building. A well managed and friendly condo association. Sold turnkey. Low condo fee. 5 minute walk to Commercial St. in the East End Galery district. This quintessential Provincetown cottage is perfect for all year long, … gardens and tranquility on warm, sunny days of summer or the peaceful solitude of winter.

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

56 West Vine St #A is a three bedroom three and a half bath condo with 1,251 square feet. It is being marketed for $1.3M. This is a terrific condo in a great association located in the center of the West End. This kind of property checks a lot of boxes for buyers, and it should get a lot of attention – even in early February.

MLS Remarks: This bright and immaculately maintained 3BR/2.5BA townhome is located in a desirable West End, close to Herring Cove Beach and just minutes to Commercial Street. The pleasing floor plan offers a large and spacious open living room/dining room/kitchen area with oak flooring, a gas fireplace, and sliders out to a sweet and private side deck covered by a pergola that is south-facing. Also on the first floor, a half bath with stackable washer and dryer. Upstairs, find three good-sized bedrooms. The primary has an en-suite full bath with a tub, two other good size bedrooms and a second full shower bath is accessible from the hallway. The unit has baseboard hot water heat and also has supplemental heat from the Split AC/Heat wall units throughout. The association is professionally managed and the building has a brand new roof. Two parking spaces, pets allowed for owners (limit 2), and rentals are permitted. Listing provided by Gibson Sothebys International Realty.

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

Yes, there is a little bit of life to the market in February. One of the nicest single family properties available sold for $2.024M. 34 Bayberry Ave was marketed for $2.099. It is a beautifully renovated three bedroom two bath home with 2,489 square feet. It was on the market for 62 days.

The Bayberry Avenue neighbohood has become more and more desirable with single family zoning and third of an acre lots – and it’s only a few minute walk into town.

MLS REMARKS: Recently renovated, immaculately maintained West End luxury single family home! Perfect for entertaining, the main level has a wonderful open floor plan. Enter into the great room, which has a dramatic vaulted ceiling, gleaming hardwood floors, and a wood-burning fireplace as its centerpiece. Built-ins warm the room, and the multi-paned wall of windows invites nature into the space. A door from the great room leads to a spacious screened porch. Chef’s kitchen which connects seamlessly from the great room. The quartz countertops and wall of subway tile are elegant and the high-end appliances include a Subzero fridge, freezer, and wine cooler, a Wolf range with gas cooking along with an integrated Wolf microwave. The large formal dining room is inviting and anchored by a second wood-burning fireplace with a brick surround. Also on this level, a guest suite.. Upstairs, the primary suite consists of a sizable bedroom with a walk-in closet, an office nook with French doors, a bright bathroom with an oversized shower, and a double vanity, which connects to a bedroom that is currently used as an office. Outside, enjoy your oversized fenced yard which features a velvety lawn, privately sited hot tub, and outdoor shower. Other extras include AC throughout, parking for 4 cars on site, irrigation, and nest thermostats. The home is perfect for either year-round living or as an investment property. Listing courtesy of Gibson Sotheby’s Intl. Real Estate.

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

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.