Category: general info

We are always asked how the market is doing.  It’s difficult to explain without delving into details which vary so much market to market. Our market is unique in so many ways.  It’s a small market, geographically and numerically, and while it does follow some national trends, it bucks some of those trends as well. Below is a short preview of what we are seeing in our fall market. I’ll provide a more in-depth analysis in the Jon Goode Market Report at the end of the month.

Inventory levels will determine the health of the real estate market going forward. With little increase in inventory year over year the expectation is that this fall season will track closely with last years.

It is already the first week of September, and if there was to be an influx of inventory we would have seen it by now. Last year there were 18 condos on the market in Provincetown at this time – this year there are 15. There were 9 single family properties on the market last year, now there are 8. In Truro there were 15 single family properties on the market last year. Today there are also 15. In Wellfleet there were 15 on the market. Now there are 11.

For buyers there is very little choice. This means it remains firmly a sellers market.

Despite these conditions, demand is very strong, and in demand properties are selling within a week and frequently over asking. See three examples below.

An interesting assortment of unusual and higher priced properties have been available and while taking longer to sell are still very much in demand. See three examples below.

There are 45 pending sales on the books in Provincetown. 16 in Truro and 13 in Wellfleet.

Low inventory – strong demand – elevated prices, but with some moderation especially in less desirable property categories – somre economic volitility but a generally strong economy. Is this a new normal? What will we transition into and when? These questons should be answered in the next four months.

Even with these unprecedented market conditions, buyers have closed on 169 properties in Provincetown, Truro and Wellfleet and another 74 properties are pending and under agreement. Many buyers are still finding their dream homes on the Outer Cape. Being well informed and prepared is essential.

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

We have been anxiously awaiting the launch of this new construction project which included these two Barndominiums at the Bayberry Hollow Farm on West Vine Street in the West End. Here are the first two of four and they are worth the wait. 72 West Vine Street #4 is a one bedrooom and one bath condo with 683 square feet being marketed for $975K. 72 West Vine Street #3 is a one bedroom and one bath condo with 598 square feet and is being marketed for $895K.*

MLS Remarks: With extraordinary pastoral views overlooking acres of open conservation land, this hidden oasis within Provincetown will delight you. Set within a farm-yard inspired grouping, you will view an idyllic horse and agriculture farm, Bayberry Hollow Farm. These new homes are reminiscent of traditional New England farm houses, yet built with contemporary, superior products including steep aluminum roofs, cement board-and-batten siding and inset windows allowing everchanging shadow lines. Currently, there are two 1-bedroom units available in a newly constructed ”Barndominium” – it looks like a barn, but it’s really a condominium! The interior finishes include French oak floors, custom cabinets, quartz island, Thermador refrigerator and dual-fuel stove, central air, on-demand hot water, hand-made Amish vanity, Kohler/Robern finishes and inviting wood decks. In early Fall, the final two 2-bedroom homes will be available completing this four-unit association. Listings courtesy of Coldwell Banker Pat Shultz Real Estate.

*At “press” time both condos were just marked as under agreement in MLS after 11 days on ther market.

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

63 Commercial Street is one of the most impressive waterfront homes in Provincetown. With a total of seven bedrooms, six and one half baths and 4,049 square feet of superbly renovated space, this property is truly one of a kind. It is being marketed for $7.9M.

MLS Remarks: With its signature corner bay turret overlooking the harbor, the Viewpoint is among the more prominent West End waterfront homes in Provincetown. Total living area of 4,000 sq. ft. 4 BR/3.5 bath main house extends from the waterfront to the attached 3 BR/3 bath guest house on the street side with a rooftop deck. The home was completely reconstructed and redesigned during the 33 years of the current ownership. All three floors have decks which provide stunning views,, particularly from the third floor master bedroom’s five full-window turret with views of the historic Captain Jack’s Wharf and extending from Woods End to Long Point, Truro and beyond. The first floor living area features two fireplaces, cherry floors, wainscoting, paneled walls, plaster walls and finials, custom stairway, kitchen with custom cabinetry, farmer’s sink, subzero refrigerator and double oven Wolf stove. Limestone counters. Multiple possibilities exist for this compound including owner’s residence with guest or caretaker’s quarters or excellent rental generation. Chapter 91 license. Town sewer. Whole house generator. All utilities are separate for each unit. Call us to view this wonderful Provincetown property.

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

4 Browne Street is a sweet eye catching ranch house in a great west end neighborhood. It has three bedooms and one bath and 1,452 square feet. It was marketed for $1.195M and sold for $1.225 in eight days on the market.

MLS Remarks: The possibilities abound with this West End single family fixer upper which enjoys a location that is convenient to all that Provincetown has to offer. Sitting on a large lot, this 1950’s style ranch home can remain a single family home or the zone allows for a multiple unit building. The main level has 2 bedrooms, one bath, a living room with oak flooring and a wood stove, a kitchen, and a large bright and airy sunroom with sliders out to a lovely decked yard that abuts Provincetown Conservation land. The home has a full finished basement with a den, a bedroom with a proper egress window, and a second full bath under construction. The one-car garage is connected to the house through a screened breezeway.

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

31 Point Street is a three bedroom three bath single family home with 1,400 square feet and was built in 2016. The property is being marketed for $2.2M.

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. Listing courtesy of Coldwell Banker Realty.

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

…..other than the gorgoeous hydrangea blooms!

With so much talk about real estate, especially in this important period between the spring and fall markets, I thought it might be interesting to report what we’re seeing and hearing “on the street”, in our offices, and in conversations with buyers and sellers daily. And what the prevailing thinking is about the direction of our real estate market.

There is very little MLS activity – few new listings, few under contract, few sold.

We are seeing price reductions on some higher priced offerings.

The most in demand properties, i.e. 2bed/2bath condos in the near east or west end are still selling quickly and at high prices. There aren’t many of them but the early spring dynamic is still in place for these properties. Multiple offers, over asking sale prices, few DOM’s – BUT, activity is down from spring highs with fewer showings and fewer offers.

Demand was off the charts last spring and is still high, but some buyers are postponing buying until 2023. Every market has lost frustrated buyers. Buyers here are resilient and it takes a lot to frustrate them.

There are more unusual and unique properties coming on the market and some are testing the market price wise. These provide some great buying opportunities.

Cape wide it looks like inventory is increasing. BUT in Provincetown there are only 12 single family properties available. In Truro there are only 11 and in Wellfleet there are only 10. These numbers are just not normal. Are they the new normal?

Not a lot of talk about interest rates, more about the economic unknowns and stock market in general.

One of my favorite real estate bloggers Jim Duncan in Charlottesville poses a great question. Is this market transitory – meaning not lasting long, or is it transitional meaning moving clearly from one kind of market to another, i.e sellers market to a buyers market? He also says what many of us are thinking, that the national market is moving to quickly for relevent analysis. I agree, but once again our specific market is so relatively small, and sampling is so limited that our anecdotal “on the street” experience, as well as the “numbers” can tell us our markets story.

It seems that the market from earlier in the pandemic may be gone. The question is what will take its place. Hopefully we will see an increase in properties for sale this fall giving buyers more choices and beginning the move to a more balanced market.

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

50 Commercial Street #1 is a three bedroom, four bath home with 1,926 square feet. You know the house. It is one of those gorgeous properties that you see on the lovely walk to the Red Inn that is across Commercial Street from the west end boat launch and parking lot. It was being marketed for $4.699M and sold for $4.1M.

MLS Remarks: Historic West End home is truly a unique offering. Traditional with contemporary amenities, the home features a wrap-around covered front porch with views of Cape Cod Bay across the street. Enter the front foyer to a large light filled living room with pine flooring, gas fireplace, formal dining area, built-ins and views of the bay. A separate dining room has sliders to a rear mahogany deck and side patio with pergola. The fully equipped cook’s kitchen has Caesar stone counters, marble subway tile backsplash, center island, stainless Kitchen-Aid and Miele appliances. A private primary bedroom with marble tiled bath en suite and sliders to a rear patio complete the first floor. Upstairs, the primary bedroom has views of the bay and marble tiled bath en suite. A large rear bedroom and small bonus room share a marble tiled bath with tub. The home leaves nothing to be desired.

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

The Lowest Sales Price

953 Commercial St #6, is a year round studio with loft bedroom condo with 190 square feet. It sold for $300K last April with a list price of $259K. It was on the market for 5 days.

MLS Remarks: This studio condo is the perfect Provincetown getaway for weekends, summers or all year-round. The entry level has ample room with a well-designed full kitchen, eating and living space. The stair case takes you up to a sleeping loft with skylights that provide pleasant natural light. The front and back patios have lovely seating areas with sun in the morning and afternoon. Being an end unit, the enclosed side patio is perfect for storing a kayak or bikes.

The Highest Sales Price

420 Commercial Street #A is a new construction condo with two bedrooms and three bathrooms with 1,248 square feet. It sold in January for $1.850M with an asking price of $1.699M. It sold in 11 days.

MLS Remarks: This newly renovated 2br/2.5ba condominium is located in the heart of Provincetown’s Gallery District and offers views of the Bay on each level. Amenities include: two ensuite bedrooms; classic white shaker cabinets with quartz counters; Bertazzoni stainless appliances; Carrera tiled bathrooms; Pella windows; central heat and A/C; Sawyer Mason wide plank flooring; in-unit laundry; and custom built-ins made from reclaimed wood in Provincetown. Enjoy the afternoon sun and people watching on the oversized, southeast facing front porch on Commercial Street.

There were two other condos that sold at higher prices but they were “multi unit” condo configurations, so I did not include them. They were 54 Commercial Street # 3-6 which was a combination of 4 condo units within a larger condo complex. The property was marketed for $3.595M and sold in 11 days for $3.225M laat February.

5 Lovetts Court was a two unit condo property that was marketed for $2.950M and sold for $2.7 in 14 days last January.

The broad range of these sale prices illustrates the diversity of properties in Provincetown. Even in this very unusual and unpredictable market, there still is something for everyone from entry level to luxury!

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

3 Race Road #B is a two bedroom one bath condo with 685 square feet in the near West End. This bright street level unit has a large private deck wirh the best people watching in town. It is being marketed for $949K.

MLS Remarks: In arguably the most desirable neighborhood in Provincetown this perfect fully renovated two-bedroom condo is a must see. It provides first floor living with three light exposures. There is a new oversized Trex deck right off the kitchen with wire railings and new stairs that provides the best people watching in town. The kitchen was fully renovated in 2019 with lots of granite countertops and a white farmhouse sink, stainless steel appliances and all soft close cabinets. The eat on island has seating for four. The custom tiled bath has a walk-in shower and a large quartz vanity. There is a full-sized W/D and lots of extra storage. The primary bedroom has a king-sized bed and a full wall of custom closets. The second bedroom has good closet space as well. There are hardwood floors throughout the living space and bedrooms, custom window shades and custom lighting. Commercial Street is a short walk away, and Liz’s restaurant and Mussel beach are around the corner. Race Road connects Pleasant Street and Franklin Street in the near West End. The condo is being offered fully furnished with some personal exclusions. Weekly rentals are allowed, and pets are allowed for owners. Call me if you would like to see this great property or if you have any questions.

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

PROVINCETOWN, TRURO AND WELLFLEET 2Q2022 FIGURES

Another summer season is upon us and what an incredible feeling to have the town overflowing with throngs of people. The weather has been outstanding, the crowds are happy, and after two years of being held back by the influences of the pandemic, Provincetown is back and busier than ever!!!

Turning to real estate, the normal frenzy of listings and showings is much slower in contrast to the outsized level of activity across the town.  Although demand for property is stronger than ever, sales in all categories are down dramatically. This slowdown is the direct result of an ongoing and unprecedented lack of inventory.

National headlines are reporting that the real estate market is finally adjusting. There are signs that more inventory is coming on the market, and that there are more price reductions and less multiple offers happening. All supposedly a product of higher interest rates and the volatile economic picture.

While we may experience some of these dynamics, we are always outliers when it comes to following national trends.  We may see moderating price appreciation and some increase in inventory as the fall market approaches, however demand will likely remain as strong as ever. And, as we start seeing more inventory, we’ll see even more buyers.

PROVINCETOWN

Condominium sales in Provincetown were down 36% to 53 year-to-date, while the average sale price increased 34% to $937K. There are only 19 condos on the market with an average list price of $814K.

Sales of single-family home sales were also down by 42% to 14 year-to-date. And the average sale price was up 4% to $2.06M. There are only 13 properties on the market with an average listing price of $3.4M.

TRURO & WELLFLEET

In Truro, the average sales price of single-family home sales was up 90% to $1.884M from $993K. However, there were two individual sales which did skew the average price higher. Sales were down 59% to 13 from 32 year-to-date. And there are only 9 properties on the market with an average asking price of $2.25M.

Condominium sales in Truro were down 50% to 12 units from 24 last year. The average sales price was up 47% to $512K from $349K. There are only 7 on the market with an average price of $844K.

In Wellfleet, the average price of single-family homes was up 3% to $913K. Sales were down 35% to 24 from 37 this time last year. There are only 10 single-family homes available for sale with an average asking price of $1.77M.

SUMMER IS IN FULL SWING AND THE LACK OF INVENTORY IS STILL THE HEADLINE!

The message remains that it’s all about inventory. We had hoped we would see an uptick in availability this spring, but while we have seen a slight increase, we were hoping to see more. With interest rates hovering close to 6% and prices continuing their upward trajectory, fundamentals will have to change in order for us to return to a more balanced market.

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, 116 buyers were able to find their dream homes. Patience and flexibility are key whether you are thinking of buying or selling in these truly unusual 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.