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Provincetown – Listing of the Week – 350 Bradford St #3 – $1.395M

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

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Provincetown – Listing of the Week – 20 Montello St #20. $1.995M

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.

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The Jon Goode Market Report – January 2024

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.

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Provincetown – Listing of the Week – 14 West Vine St #4, $595K.

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.

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Provincetown – Sale of the Week – 1 Winthrop St – $1.530M.

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.

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On The Waterfront

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!

945 Commercial St #10C. $850K. This is a two bedroom, one bath unit with 700 sq ft. This Beach Point condo is on the beach just a short walk to the water. (click pic for more info).

501 Commercial St #22. $799K. This unit has three bedrooms and one bath with 984 sq ftat the Ice House Condominiums in the East End. (click pic for more info)

331 Commercial St #7. $888,777. This one bedroom, one bath free standing condo with 408 sq ft is nestled in the heart of town. (click pic for more info)

495 Commercial st #7. $899K. This one bedroom one bath condo has 410 sq ft with the beach right outside your door. (click pic for more info)

145 Commercial St #B2. $899K. This one bedroom, one bath unit with 470 sq ft is at Fisherman’s Cove on the beach in the near West End. (click pic for more info)

381 Commercial St #10. $899K. This two bedroom, one bath unit at Bull Ring Wharf condo has 586 sq ft and is located in the near East End. (click pic for more info)

331 Commercial St #U4. $899K. This one bedroom, on bath condo with 530 sq ft is perched atop one of the tallest beachfront buildings in town. (click pic for more info)

441 Commercial St #B. $1.099M. This one bedroom, one bath condo has 915 sq ft. Walk out of your kitchen onto your beachfront patio and look out at Provincetown Harbor. (click pic for more info)

359 Commercial t #1, $1.199M. This one bedroom, one bath unit has 570 sq ft. Right in the heart of town with the beach right out front. (click pic for more info)

361 Commercial St #3. $1.650M. This two bedroom, one bath condo has 880 sq ft. offering the perfect blend of modern luxury and serene coastal charm. (click pic for more info)

491 Commercial St #3. $1.799M. This two bedroom, one bath condo has 1020 sq ft. It has 150 degree panoramic water views from this spacious private deck. (click pic for more info)

153 Commercial St #6. $3.499M. This three bedroom, three bath freestanding condo with 1,034 sq ft has a prime waterfront location in the heart of the West End. (click pic for more info)

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.

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Provincetown Listing of the Week – 24 Blueberry Ave. $2.450M

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.

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Provincetown – Listing of the Week – 26 Alden St #1 – $1.149M.

26 Alden Street #1 is a two bedroom, two bathroom condo with 1,020 sf. Built in 2015, this condo has high ceilings, wide plank floors and the highest quality finishes. It is only two blocks from Town Hall, and steps to the Motta Field recreation area. It is being marketed for $1.149M.

MLS Remarks: New in 2015, this two-bedroom, two-bathroom condo with 1,020 sf has a terrific floorplan – all on one level. This end unit has three bright light exposures, gorgeous high ceilings throughout and Kahrs wide plank floors everywhere. The living room has a linear propane fireplace with distressed wood mantel. The open kitchen has stainless appliances, quartz countertops, white gloss cabinets, and an 8 ft eat-at island. There is a charming separate dining room with access to the outside covered deck. The primary bedroom is ensuite with a tiled bath and walk-in shower. The second full bath is discretely located behind the kitchen and has an oversized soaking tub. The condo is being offered turnkey with some seller exclusions. The outside spaces are lovely, including a covered deck which can be used for dining, and a bluestone patio. The yard is privatized with grasses and shrubbery, and a white picket fence. There is one parking space and a private storage area in the basement. It is located a short, two-block walk to town hall, and steps to Motta field recreation area. Pets allowed for owners. Exceptional rental history.

Please call if you have any questions or would like to view this property. See all available properties for sale at Beachfront-Realty.com.

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Jon Goode Market Report October 2023

PROVINCETOWN, TRURO AND WELLFLEET 3Q2023 FIGURES

Our real estate market is small and unique – geographically and numerically. And, while it does follow some national trends, the Outer Cape tends to often buck those same trends. Surrounded and landlocked by the priceless National Seashore (shared with our much-maligned great white sharks) developers are limited in their ability to locate new projects and choices for potential home buyers remain tight. Still, our real estate market continues to dazzle and attract buyers from everywhere who are looking to find their dream homes.

So far this year, sales in the three towns of the Outer Cape (Provincetown, Truro and Wellfleet) have decreased or held steady. Condominium sales are down 13% in Provincetown, single-family sales are down 36% in Provincetown, single-family sales are up 5% in Truro, and they are flat in Wellfleet.

However, prices on the Outer Cape continue an upward trend driven by this short supply and strong demand. This consistent set of circumstances is what drives the market conditions that we have been seeing for the last several years – even before the added pressures of Covid. A big question remains. Will high interest rates and affordability issues cause prices to moderate?

PROVINCETOWN

In Provincetown, the average sales price of condominiums was nearly flat year-to-date – from $927K to $929K. The median sales price was even at $842K. The number of sales decreased 13% down year-to-date to 80 from 92 last year. There are currently 25 condominiums on the market with an average listing price of $1.167M.

The average sales price of single-family properties was up 24% to $2.6M from $2.1M. The median sales price was up 5% to $2.3M from $2.2M. Single-family home sales were down 36% to 14 units year-to-date from 22 last year. Again, a result of very low inventory. Currently, there are only 16 single-family houses on the market with an average asking price of $4.8M. This average is skewed somewhat by the two exceptional, $10 million-plus properties, that are on the market right now.

TRURO AND WELLFLEET

The average sale price of single-family homes in Truro decreased 20% – down to $1.44M from $1.79M a year ago. And, the median price decreased 29% from $1.4M to $1.0M. There were a total of 20 sales, slightly higher than the 19 sales last year. Right now, there are only 13 single-family homes available on the market with an average asking price of $2.416M.

The average sales price of Truro condominiums decreased 16% – down from $578K last year to $486K year-to-date. The median price was flat at $450K. There were 17 condo sales, slightly lower than the 18 last year. Incredibly, there are only five condominiums on the market in Truro with an average listing price of $651K.

In Wellfleet, the average sales price of single-family homes was up 24% to $1.25M from $1.01M. The median sales price was up 20% to $1.1M from $916K last year. Total sales of single-family homes were even with last year at 44. There are currently 14 single-family properties on the market with an average asking price of $1.53M.

Historically, Wellfleet‘s inventory has been more plentiful than in Truro or Provincetown. In fact, Wellfleet’s 44 single-family sales year-to-date are the highest of all three Outer Cape towns. However, the average single-family sales price of $1.25M is still 15% less than Truro’s average of $1.44M. And, a rather significant 50% less than the average sales price of $2.6M for a single-family home in Provincetown.

FALL SETTLES IN WITH MIXED YEAR-TO-DATE RESULTS, BUT WITH A STRONG FOUNDATION OF HISTORIC GAINS AND A SEEMINGLY ENDLESS DEMAND TO BE PART OF OUR CAPE COMMUNITY

As you see, average sales prices were mixed, and the number of units sold were mostly down or flat in the three Outer Cape towns. However, buyer demand for property here remains consistently high. Happily, new properties will continue to come on the market, but unfortunately, not enough at the moment to bend us toward more of a balance between a buyer’s market and a seller’s market. Right now, it continues to be a seller’s market.

Higher prices and less sales. Are we seeing less sales because of higher prices or because of a scarcity of inventory? That remains the million-dollar question with the answer to be revealed slowly over the next several quarters. The good news is that the sales numbers in the report above represent 180 buyers who have found and purchased their dream homes in Provincetown, Truro and Wellfleet. Helping them navigate through this very tight market, these buyers have been well-prepared, well-informed,

and well-represented by smart and informed local buyer agents and brokers.

As always, my goal is to keep you engaged with 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 you are staying safe and healthy wherever you are and that the coming holidays treat you well. We realize how fortunate we are to be here at the tip of the Cape and look forward to seeing you very soon.

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The Luxury Condo Market $1M to $1.5M – Everyone Wants One!

The luxury condo market is the most requested property category in this inventory-poor market. Two bedroom two bath East or West End condos priced between $1M and $1.5M and between 900-1500+_ square feet make up this category.

In the “old days” (2015 ish) when we would ask buyers for their wish list most would say they want a 2 bed 2 bath in the West End. Well! Lots has changed but lots hasn’t changed. A 2 bed 2 bath in the near West End or near East End is still the most in demand property! We didn’t have enough of them to go around then and we certainly don’t have enough to go around now.

Twenty condos have sold between $1M and $1.5M year to date representing 27% of the 73 total sales.

Eight of these sales are featured below.

From Harry Kemp Way to Bradford Street to Conant Street and Pleasant Street, these properties represent the best there is and solidify a price point that is the new normal for this 2 bed 2 bath property category.

As featured in a post last week, the mid level $500K to $1M condo price point dominates sales, but this category is the aspirational one for many condo buyers.

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