Category: general info

PROVINCETOWN, TRURO AND WELLFLEET 2Q2023 FIGURES

Another summer season is upon us! And it’s always wonderful to see the town fill up with day trippers, weekly visitors, and returning Provincetown regulars again – especially after a few years of Covid! Happily, summer has officially arrived in full force. With the Fourth of July holiday week transitioning into the very busy Bear Week, our town is enjoying a few of the most delightful weeks of the early summer season.

National headlines report that in many regions the real estate market is moderating, with more price reductions, less multiple offers, lower sales and increasing inventory. Here on the Outer Cape, inventory gains are also limited by high interest rates – sellers don’t have to sell and the prospect of buying something else with a 7% interest rate is rather unattractive. Demand for property is still stronger than ever, but sales in every category have trended down as there are just not enough properties for buyers to buy to sustain the sales levels of the past.

This is the market stalemate we find ourselves in. With this limited amount of activity, there is not a lot of data to analyze, but I will do my best to provide some insights and to highlight some of the available empirical data in the charts below.

PROVINCETOWN

Condominium sales in Provincetown were down 2% to 52 year-to-date with the average sale price down 9% to $849K from $937K last year. For additional context, sales are down 37% year-to-date from the 83 sold in 2021. Currently, there are only 27 condos on the market with an average list price of $1.14M.

Single-family home sales were down 43% to 8 from 14 sold last year at this time. And sales are down 66% from the 24 sold last year. The average sale price was up 7% to $2.2M from $2.06M. There are only 14 single-family properties on the market with an average listing price of $2.8M. Remember second quarter samples are small and dramatic numbers and percentages usually moderate somewhat as we get deeper into the year.

TRURO AND WELLFLEET

In Truro, the average sales price of single-family homes sold was down 27% to $1.37M from $1.88M last year. Sales were flat at 13. Currently, in Truro, there are only 12 single-family properties on the market with an average asking price of $1.18M.

Condominium sales in Truro were down 41% from 12 units to only 7. The average sales price of condo in Truro was down 16% to $428K from $512K.

However, in Wellfleet, the average price of single-family homes was up 21% to $1.1M from $913K a year ago. But sales were down 17% to 20 from 24 last year. Right now, there are only 14 single-family homes available for sale in Wellfleet with an average price of $1.2M.

SO, I HATE TO SOUND LIKE A BROKEN RECORD, BUT IT CONTINUES TO BE ALL ABOUT INVENTORY, INVENTORY, INVENTORY

It does sound like a broken record that the lack of inventory is the problem and it could very well be the new normal. Remember that we have a very limited ability to build new properties, and conversions and renovations while visible, aren’t plentiful. We had hoped to see an uptick in inventory this spring, and while we have seen a slight increase, we did hope to see more. With interest rates hovering in the 7% range, and with prices moderating but still high, we do need to see fundamental changes for us to return to a more balanced market.

However, even in this unusual market, well-positioned and well-prepared buyers are finding properties to purchase, and sellers are taking advantage of the historically strong seller’s market. In Wellfleet, Truro and Provincetown, 100 buyers were able to find their dream homes so far this year. Patience and flexibility are key whether buying or selling in these truly unprecedented times. Hopefully, I can help to keep you engaged in 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 to see you soon.

361 Commercial Street U3b is a two bedroom one bathroom condo with 880 square feet. It is in the near East End one building away from the water next to the Pepes’ public parking lot. It is being marketed for $1.650M.

MLS REMARKS: Embrace the waterfront lifestyle you’ve always dreamed of with this exquisite condo offering the perfect blend of modern luxury and serene coastal charm. It is flooded with natural light from the east and south, creating a warm and inviting ambiance. Imagine waking up to stunning light, sunrises and enjoying serene water vistas right from the comfort of your own home. On chilly nights, warm yourself by the gas fireplace. Inside the unit is thoughtfully designed with two well-appointed bedrooms and a modern bathroom on the first floor. The second floor’s open layout seamlessly connects the living, dining, and kitchen areas, creating an ideal space for relaxation and socializing. This condo offers a private and tranquil retreat, complete with a coveted exclusive patio. And envision an even grander outdoor haven as you explore the possibilities of replacing the patio with a magnificent two-story deck. The waterfront location offers a myriad of recreational opportunities. Listing courtesy of Berkshire Hathaway HomeServices Robert Paul Properties.

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

If there ever was a best listing of the week, this would be it! 153 Commercial St #6 is a three bedroom two and a half bath freestanding condo. It has 1,034 square feet on three floors and is right on the beach in the near West End. It is being marketed for $3.499M.

MLS Remarks: With a prime waterfront location in the heart of the West End and short distance from all Provincetown has to offer, this rare free standing 3BR/2.5BA gem is the one you’ve been waiting for. You’ll enjoy breathtaking views from every room and from any the 3 decks. Imagine waking up to the sound of the waves and stepping out onto your private waterfront deck to take in the stunning ocean views and soak up the sun. This immaculately maintained condo offers the perfect mix between contemporary and nautical styles, using the highest quality materials. Ideal for entertaining, the open floor plan living space offers panoramic views of the bay, high ceilings and wide plank pine floors throughout. Whether you’re looking for a full-time residence or a vacation home, this property has it all. The seawall was completely rebuilt in 2019. Direct beach access, weekly rentals permitted with strong income potential, pets for owners, in-unit washer & dryer, split AC and 2 parking spaces. Listing courtesy of Gibson Sothebys International Realty.

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

These three recent sales are good examples of where the $1M plus condo market is in Provincetown in spring 2023. These include two West End properties and one East End property.

A total of 47 condos have sold YTD in Provincetown. 12 of those have sold above $1M representing 26% of sales, and 35 have sold under $1M representing 74% of total sales. The average price of sold condos was $834K.

In 2022, there were a total of 135 condos sold in Provincetown. 35 of them sold over $1M which represents 26% of sales. 100 sold below $1M which represents 74% of those sales. The average price of sold condos was $868K

In our real estate market that seems as volatile and unsettled at times as the larger national real estate industry does, the consistency of our condo market is surprising. As you see the numbers are trending exactly to last years.

19 Tremont Street #4 is a two bedroom, two bathroom duplex with 1,048 square feet. It was listed for $1.150M, and sold for $1.017M in 165 DOM’s.

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. There is another outside balcony off the hall on this level.

69 Howland Street #3B is a three bedroom three bathroom condo with 1,285 square feet. It was listed for $1.289M and sold for $1.220M in 10 days on the market.

MLS Remarks: Newly renovated from the studs out – all new walls, floors, ceilings and doors, and everything in between! Spacious light-filled townhome, part of a two-unit association, has undergone a complete renovation including electrical and plumbing systems, with every finish and amenity carefully selected and custom woodwork throughout. The home has three levels of living plus a full basement with walkout. Enter the main level sunlit living space with coffered ceilings, recessed lighting, dining area and spacious kitchen with peninsula, quartz counter tops, stainless appliances and glass block backsplash. Through patio doors is a custom-built screened porch with tongue and groove ceiling overlooking conservation land, offering total privacy and ideal for entertaining and relaxing. The next floor has 2 generously sized bedrooms. The top floor is dedicated solely to the spacious primary suite, with a cathedral ceiling and shed dormer, primary bath with shower and porcelain tiled floor, custom bookcases, walk-in closets, and a large seating area.

114 Commercial Street #3 is a two bedroom two bathroom condo with 854 square feet. It was listed for $1.345M and sold for $1.320M in 2 days on marlet.

MLS Remarks: This turnkey penthouse condo is ready to go for your summer enjoyment. A generous side deck with waterviews, complete with an electric awning, makes for additional entertainment space and dining outdoors. A popular one level layout of 2bdrms/2b and a West End center of town location simply fits the bill for many. The interior is complemented with cathedral and beamed ceilings with contemporary styled fans, split air units, hardwood floors, lovely cabinetry and built-ins with a gas fireplace, large screen TV and additional lofted storage above. Both bedrooms are good-sized and the full baths include high end tiling and granite counters. The kitchen with dining area offers all chefs plenty of convenient prep and counter space and the stainless appliances are all top notch. Additionally, there is parking for 1 (possibly 2 smaller cars in tandem) and a shared front bluestone patio space for streetside viewing of summer strollers and parades.

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

52R Point Street is a four bedroom, three and a half bath home with 2,115 square feet. It is perched on the hill near Lands End Inn. Over the past few years new constuction and renovation have solidified this neighbohood as the very best of the West End. It is one of three new to the market single family homes priced above $4M. There are only ten single family properties on the market, and five of them are priced above $2M.

MLS REMARKS: Literally just pack your suitcases to begin living in one of the most magical spots in Provincetown. Magnificent views inside and out, private Provincetown West End setting, incredible outdoor spaces, stylish designer interior and a pool, sum up this quintessential Ptown retreat! This 4 bedroom, 3 1/2 bath home has been extensively updated by the current owner. This home offers stunning views of the Harbor, Ocean, Long Point Light, and the west end. Handcrafted stone work, thoughtful landscaping, expansive decking with mahogany rails, stunning views, a fully equipped outdoor bar, fire pit lounge, shower and saltwater heated pool provide outdoor living at its best. Offered lifestyle ready, the midcentury modern décor captures the essence of the home, the artwork has been deliberately selected and all the items you will need to host your first guests are included. The entry level is comprised of an open living space with a gas stone fireplace as its focal point, a well-designed kitchen, dining area and bedroom with en suite bath. A whimsical spiral staircase leads to the 2nd floor primary bedroom with water views, balcony and wood burning fireplace. A uniquely designed bathroom with dual water closets, sinks, and oversized shower sits between the primary and 3rd bedroom. Ideal for guests or live-in staff, the homes lower level is comprised of a separate one-bedroom apartment. Finished in the same style as the rest of the home the guest suite has a full kitchen, seating space, full bath and separate sleeping area. Listing courtesy of William Raveis Real Estate.

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

Continuing my Nosy Neighbor post from a few weeks ago, here are a few more interesting private home construction projects as well as some new multi-unit/commercial developments. Again, 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 anyone’s privacy. This level of new construction and renovation in our little town continues to illustrate the level of confidence that the owners and developers have in Provincetown.

16 Bradford Street is a great renovation. It was a five bedroom, 2 bath single-family house with 1,368 square feet. It sold in October 2020 for $810K. What a great addition to the corner of Bradford Street and Franklin Street.

50 West Vine Street is really looking terrific. This is a new construction single-family home on the corner of Bradford Street Ext. and West Vine Street. These four corners are are a busy part of the West End with the Gale Force Bike Shop, Victor’s Restaurant as well as being the main route to Herring Cove Beach and the leafy western “suburbs”. Look for it to be marketed soon.

170 Bradford Street Ext. is a great looking new construction across from the fabulous Victor’s Restaurant on the corner of Bradford Street Ext. and Creek Road. The developers projects have historically been some of the best designed and most anticipated in town. This one is slated for employee housing f0r Victors Restaurant and an affordable rental unit for the Town. Perfect!

At 397 Commercial Street, the gallery building is undergoing a fantastic renovation. This property includes this Commercial Street space, the parking lot and the residence on the water. This of course is the famous East End “shell parking lot”, and along with the new town Cannery Wharf waterfront park next door, it has created a wonderful addition to this very popular Restaurant Row neighborhood.

7 Arch Street is in the midst of a complete renovation. It was originally a two bedroom, 1,134 square foot single-family property. Arch Street is a hidden gem of a street running one short block between Bradford Street and Commercial Street east of Johnson Street. Arch street epitomizes those charming downtown streets that run south off Commercial Street.

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

27 Creek Road is a four bedroom four bathroom single family home with 2,214 square feet. It was most recently marketed for $2.295M and sold for $2.3M. The property has been on and off the market for the last several years without selling. This time was the charm and it went under contract after three days on the market.

MLS REMARKS: Custom built West End residence with contemporary flair that sits perfectly on a knoll and borders Provincetown Conservation Land. This ideal location is just a short walk to Commercial Street. The open floor plan on the top floor blends indoor and outdoor space exceptionally well. The chef’s kitchen, fire-placed living room, dining area, and half bath are enhanced with a bold cathedral ceiling and ample decking that surround the space. The home offers 4 bedrooms, 2 of which are oversized with en-suite marble baths. 2 additional bedrooms share a full bathroom on the second floor Additional notables include hardwood floors, central a/c, on-demand hot water, town sewer, propane gas, professional landscaping, ample parking, plenty of storage, and washer and dryer in the lower level.

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

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.

MLS Remarks: 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.

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

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.

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

PROVINCETOWN, TRURO AND WELLFLEET 1Q2023 FIGURES

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.

PROVINCETOWN

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.