Jon Goode

…..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.

The Martin House at 157 Commerial Street s a stunning example of Provincetown history. It is a five bedroom three bathroom home with 2,121 square feet. It is being marketed for $3.295M, by Bob O’Malley here at Beachfront Realty.

MLS Remarks: This landmark antique was converted from a restaurant back to a single family home in 2010 but many still refer to it as the Martin House. The original classic 3/4 Cape can be seen from the beach side while a two-story addition faces Commercial St. It has all been carefully restored and updated in a series of renovations since 2010. ”All of the hard stuff has been done” including the roof, windows, siding, & bathrooms. Most recently a masterpiece kitchen was completed in 2020, including English custom cabinetry, auto skylights, & radiant heat floor. The old pub style bar and banquette has been retained at the side entrance to the house and the wood burning fireplace was rebuilt. 3 of the 5 legal bedrooms are being used as a gym, office and parlor. The parlor has a private bath and could be a 1st floor primary bedroom. On the 2nd floor two bedrooms share a full bath and the primary bedroom has an en-suite. On the sunny south side of the house toward the beach there is a 1200 square foot brick patio that is sheltered from the wind and is perfect for outdoor entertaining. There is an informative history of the house in David Dunlap’s book, ”Building Provincetown’

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

15 Mechanic St #3 is a two bedoom three bath condo with 1,405 square feet in the West End. It was marketed for $1.250M and sold for $1.325M in just 5 days on the market.

MLS Remarks:  This meticulously maintained tri-level, two bedroom, 2 1/2 bath residence, in a small four unit condominium association, is offered for your immediate occupancy. Located in the highly desirable west end, a short walk to Relish, the Red Inn, Perry’s Liquors, Liz’s Cafe, Mussel Beach Health Club and the Boatslip, the unit is sold fully furnished for move-in summer occupancy. The main level entry welcomes you to a spacious living room with vaulted ceiling and a wood-burning fireplace. The living room flows to the dining room with a side pantry and half bath. Beyond the dining room are sliders to your private deck. The well appointed kitchen is fully applianced with double wall ovens. The privately situated primary ensuite bedroom is on the top floor with views of Provincetown. The lower level, private entrance suite includes a comfortable and private guest bedroom, also ensuite, and, a separate den/study and laundry. Parking for 2 cars directly adjoining the unit is accessed from this level. The condominium association takes pride in the well maintained building, including the beautifully manicured common front lawn.

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

27 Creek Road is a 2,215 square foot single family home in the West End of Provincetown. It has four bedrooms and three and one half baths, and lots of outdoor spaces. It is being marketed for $2.149M.

MLS Remarks: West End contemporary 4 bed, 3 1/2 bath home newly constructed in 2019. Upside-down floor plan with cathedral ceiling creates an open feel to the space. On top level is kitchen/dining/ living combo+half bath. Chef’s kitchen with custom kitchen cabinets, granite countertops, Bosch and Thermador appliances, and center island, is perfect for entertaining at home. Deck off the kitchen has nice views of the neighborhood. Living area is quite inviting with a shiplap accent wall and gas fireplace. A second deck with large sliding door provides great light and more entertaining space. Bedrooms include a primary en-suite with private deck on entry level along with two additional bedrooms with shared bath. Fourth bedroom with en-suite bath on the lower level along with convenient basement laundry room and lots of storage. Central AC, hot water on demand, plenty of parking and sewer connection. Listing courtesy of Cove Real Estate.

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

587 Commercial St the historic Merry Meetinghouse property on the waterfront in the East End has eight bedrooms and four baths and a total of 2,738 square feet. It was listed for $3.750 sold for $3.5M.

MLS Remarks: The Merry Meeting House is a historic four-unit waterfront compound rich with charm. The main building is 2,162-sqft and lives as a two-bedroom one-bath apartment on the entry level and a three-bedroom one-bath apartment on the second level. These units have separate exterior entrances but could also be combined through the interior staircase which leads further up to the currently unfinished third level or attic. The detached seasonal cottage is 576-sqft with a studio apartment on the first floor and a one-bedroom unit on the second. Every apartment has spectacular views of the Bay and Long Point. The outdoor space has mature plantings and a lawn that goes up to a seating area which runs along the seawall. Come explore this multi-faceted property so you don’t miss out on a wonderful opportunity to have one or several waterfront homes!

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

20 Alden Street #3 is a one bedroom condo that has it all. A five minute walk to town hall, parking, two decks, great like new condition, extra storage and parking. It is being marketed for $585K.

MLS REMARKS: Crisp and comfortable, this second-floor, one-bedroom/one-bathroom turnkey condominium is part of an established six-unit complex. Steps to downtown, yet quiet and private, this location has become one of town’s favorites. Granite and stainless kitchen and an open floor plan with a comfortable dining and living area and a deck right off the living room. There is also a second, good-sized lounging deck, right outside the kitchen door. This condo feels like new! Oil baseboard heat, hot water, and water are included in the monthly condo fee of $180. There is a common washer/dryer and extra storage. The unit comes with one parking space and there are two window/wall AC units. Weekly rentals are allowed and pets for owners are permitted. The condo is being sold furnished – excluding personal items.

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