Jon Goode

28 Pilgrim Heights Road is a five bedroom, three bath home with 3,384 square feet. It has multiple levels, soaring ceilings and great outside spaces. It is an extraordinary home. It is being marketed for $2.1M.

MLS Remarks: A contemporary-lover’s dream! This impeccably maintained tiered designed home is located in the desirable Pilgrim Heights neighborhood.The modern design offers a multi-functional floor plan with the main living, chef style kitchen, and dining on the top level maximizing the gathering space. There is a wood burning fireplace that anchors the room for those fall nights.Banks of sliders lead out to a sunny deck with beautiful ocean views. The large master bedroom offers a generous walk in closet and master bath with a slider leading to a private balcony. There are three additional bedrooms and two full baths as well as a laundry room. A large office is on the first floor and as well as access to the garage. Additional features include a cedar sauna and large outside shower. This custom home is truly an architectural gem! Listing courtesy of Kinlin Grover Compass Real Estate.

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

56 Harry Kemp Way #6 is a great freestanding condo with three bedrooms and three bathrooms in 2,820 square feet. It was marketed for $1.499M and sold for $1.48M.

MLS REMARKS: Spacious & meticulously maintained freestanding home, a short distance to Commercial Street & the center of town. Large, well-designed, kitchen with granite counters, stainless appliances, and plenty of cabinetry & counter space. A large, bright open plan living & dining area, w/ hardwood flooring, propane fireplace & double sliders leading to a private back deck, overlooks neighboring conservation land. A half bath is conveniently tucked away on this level. Upstairs there are two bedrooms including a large primary ensuite bedroom w/ cathedral ceiling, also with double sliders leading to another private deck w/ views of the conservation land – morning coffee perhaps? A guest bedroom & hall bath, w/ tub, are also found here. The top floor is a large, inviting room w/ French doors, vaulted ceiling and good size closet space. And the large, nicely finished lower level! With over 2,800 sq ft of living space, including central AC, 2 car parking.

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

It’s that time of year again when our beloved restaurants and stores begin to open, our friends start readying their homes for another season and the extraordinary whales return here to swim in the welcoming waters of Provincetown.

As we move into our spring selling season, this year’s first quarter results are even more difficult than usual to analyze. We are experiencing an inventory drought like we haven’t seen before. Supply has been depleted from the buying surge that began as the pandemic hit in 2020. Heightened demand and absorption continued through 2021, prices continued to rise and unit sales decreased. Last year, Provincetown condo sales were down a total of 21%. In the first quarter of this year condo sales are down 34%. And the average sale price is up a staggering 67% to $1.046M! These numbers are enough to shock anyone, even the real estate obsessed like all of us.

As unit sales are down significantly for the first quarter, that gives us even less of a sample from which to derive trends. For example, only seven single-family properties were sold in Provincetown in Q1, and only two in Truro. There is simply 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 34% to 27, while the average sale price increased 64% to $1.022M. There are only eight condos on the market excluding four listings at Seashore Point, the over-55 residences. For some interesting context, 10 years ago in 2012, there were 131 available condominiums on the market!

Single-family home sales were down 36% to seven. The average sale price was up 15% to $1.988M. There are only five on the market as of April 15. Ten years ago, there were 51 single-family properties on the market.

TRURO & WELFLEET

In Truro, the average sales price of the two single-family homes sold was $3.070M. While a dramatic number and a crazy headline, don’t read too much into it. The average selling price will moderate as more homes become available for sale. But right now, as of mid-April, there are no single-family properties available for sale in Truro.

Condominiums sales in Truro were down 64% to four units from 11 last year. The average sales price was up 55% to $498K from $320K. There are only two condominiums available on the market!

Wellfleet is closest to a normal market, with the average price of single-family homes up 3% to $901K. Sales were down 36% to 14 from 22 last year. However, inventory here is low as well and there are only three single-family home available for sale.

AS THE SPRING MARKET BEGINS, ITS ALL ABOUT INVENTORY!

The message this quarter is all about inventory. There is little to none. Hopefully, this will change over the coming spring-summer selling season. However, we will continue to see a slow adjustment over the next several quarters. An inventory increase is predicated on sellers deciding to sell and in turn having someplace to buy. With interest rates hovering close to 5% and prices continuing their upward trajectory, fundamentals have to change in order to return to a more balanced market.

Even in this market, prepared buyers are finding their dream homes and sellers are taking advantage of the historically strong seller’s market. Patience, knowledge, preparedness and flexibility are key – whether buying or selling in these truly unusual times.

As always, my goal is to keep you engaged in this unprecedented outer Cape Real Estate market by providing you with news and market developments as they 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. Stay well.

15 Cottage St #C is a two bedroom one bath 620 square foot top floor condo in the West End. It was marketed for $899K and sold for $995K, after three days on the market.

MLS Remarks: Penthouse level 2BR/1BA condo located on quiet Winthrop Street, in the West End, just a block from Commercial Street, Joe’ coffee and the Boatslip. Exhaustively renovated in 2015, the unit boasts a handsome, skylighted kitchen with Caesarstone counters, stainless steel appliances, a marble tile backsplash, gas cooking and under-counter washer/dryer. The living room has wide pine floors and a large skylight. Each of the two bedrooms has a queen size bed and good closet space. The bathroom features an oversized custom-tiled shower . There are burnished wide pine floors throughout, and there is central air conditioning cooling all rooms. A unique feature is a large 225 sf exclusive-use deck off the living area, perfect for sunning. Its like having an open-air family room! A staircase leads down to a fenced exclusive-use yard, with new outdoor shower. There is parking for one car. Weekly rentals and pets for owners allowed.

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

If there ever was an iconic Cape, it’s 64 Commercial Street in the West End near the West End boat launch. It has three bedrooms and two baths and 1,560 square feet. It sold for $2.6M, with an asking price of $2.599M.

MLS REMARKS: Located in the heart of Provincetown’s West End on the corner of Commercial Street and Atwood Avenue, this classic full Cape dates from the early 19th century and is steeped in history. It was originally built further down the way, closer to the Red Inn, but is said to have been moved to this location in 1840. In recent years, the house has enjoyed a top to bottom restoration with meticulous attention paid to renewing many of the home’s wonderful original details. The variable width wide plank pine flooring has been refinished throughout and the unique multi paned windows were carefully dismantled, reglazed and rebuilt. The layout of the house offers ample living space great for entertaining or quiet relaxation. The large living room faces Commercial street and features a gas fireplace as its centerpiece. The chimney is interior and heats the upstairs with radiant heat. The dramatic kitchen feels voluminous with a soaring ceiling with skylight, a wood burning fireplace with brick hearth, and cabinetry also created by Malicoat. A full bath on the first floor is accessed from the hall as well as from the first floor bedroom. Upstairs, find two spacious bedrooms with vaulted ceilings, exposed original beams, plenty of closet space and extra space in each bedroom for a home office workspace. A one car garage provides convenient parking as well as additional storage.The West End beach is nearby.

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

I came across these 2012 posts while working on my second quarter 2022 report and couldn’t believe these numbers. In July 2012, there were 157 condos and 77 single-family homes for sale in Provincetown! Today there are only 13 condos and 8 single-family houses for sale. Seriously? I put together a snapshot for the first half of 2012 and the inventory numbers were unreal!

Here’s What I Wrote Back in 2012

January 2012 – “Current inventory is solid with buying opportunities in every price range. There are 63 single-family homes on the market priced from $222K to $5,995M. There are 124 condominiums on the market priced from $125K to $1.795M and there are 12 multi-family properties on the market priced from $549K to $2.285M.”

March 2012 – “The first quarter is almost over and spring is right around the corner. There are 131 condominiums on the market priced from $39K to $1.795M. There are 51 single-family homes on the market priced from $349K to $4,75M and there are 17 multi-family properties for sale priced from $549K to $2.9M.”

July 2012 – “Speaking of inventory, as of July 14 there are 157 condominiums for sale in Provincetown, with an average price of $466K, and an average price per square foot of $583 and an average days on market of 246. There are 77 single-family properties for sale with an average price of $1.441M, averaging 2,398 square feet.”

Back to 2022

These excerpts from my 2012 posts illustrate the huge inventory levels at the time – which were the norm. I can’t imagine seeing anywhere near these numbers anytime soon, as the market dynamics today are so different. Hopefully though, we will see some additional inventory come available as we enter the spring market.

In the meantime, see all available properties for sale at Beachfront-Realty.com.

3 Bayberry Avenue is a stunning modern home with four bedrooms, five baths and 5,050 square feet. This surprising h0use is well hidden from Bayberry Avenue yet includes almost an acre of land and has an extensive pool and patio area in the back of the house. It was most recently listed at $2.995M and sold for $2.917M. The home had previously been listed for $3.2M.

MLS REMARKS: This grand West End gated estate with views of the Ocean and dunes, is one of the largest private lots in Provincetown with nearly an acre of land bordering the National Seashore. The modern contemporary three level home was custom designed and includes 10 concrete columns, extensive built-ins, over 50 windows, 3 fireplaces, separate heating/ac zoning, and hardwood floors throughout. The house also boasts a roof-top deck with ocean views, an in-ground swimming pool & patio, and outdoor shower. The upper two levels include 5000sf of living space, and the lower level has a 458sf Guest Suite, an 800sf 3-car garage with glass doors, as well as 600sf of private storage. Recent renovations include a new 400sf addition with 14′ ceilings and a wall of windows with views of the National Seashore, an updated three season room, brand new kitchen appliances, new Pella windows & doors, a private fence surrounding the entire lot for privacy, new gated entrance, painting of exterior decks, and exterior lighting.

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

207 Bradford Street is a two bedroom three bathroom single family house with 1,437 square feet. It is in the East End right before Howland Street and the East End Market. It is being marketed for $1.295M.

MLS Remarks: Spacious and charming single-family home in the heart of the Gallery District. Centrally located and a short walk to Commercial Street, this 2 bedroom, 2.5 bath home with loft can be your Provincetown getaway or year-round home. Entering the first level you will find a large bedroom suite including sitting area, wide plank wood floor, wood stove and full bath. Washer and dryer are also here. Up one level are the kitchen and open plan living space with another woodstove. An additional bedroom and full bath are also on this level. Off the living space, and through the large glass slider, is a lovely, outdoor garden and patio area. Up an additional set of stairs is a bright and airy loft, with a nicely sized exterior deck overlooking the outdoor garden area. Listing courtesy of Coldwell Banker Pat Shultz Real Estate.

254 Bradford Street is a single family home with four bedrooms and two baths with 2,204 square feet. It is being marketed for $1.975M.

MLS REMARKS: Incredible Provincetown classic, full of unique possibilities. Make it your single or multi family home/compound or explore a range of potential investment opportunities. This beautiful antique home in the East End is located steps from town beaches and the gallery district. Built circa 1880 this unique home has had some light renovations but has kept much of its old world charm. Upon entering the first floor you will find the main living room, dining room and one bedroom. The kitchen, laundry, and bathroom along with an additional sunny sitting room complete the first floor. On the second floor you will find two bedrooms along with an additional office/bedroom with peeks of the water. The living room on this floor has a wood burning stove and is followed by an open kitchen and dining area. There is a nice sized bathroom on the second floor with plenty of storage. There is a wood deck in the front of the house and an oversized secluded back patio area great for outdoor entertaining. The house is accompanied by a free standing garage that fits one car. There is additional parking for at least four more cars making it a true Provincetown rarity. Listing courtesy of William Raveis Real Estate.

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

212 Bradford Street, The East End market just sold for $950K. It is a 2,175 square foot building on the corner of Bradford Street and Howland Street. The market has been a go to place many years for locals and tourists alike. It has provided a valuable neighborhood resource for groceries and much more for all those years. It will be exciting to see what the new owners will do with this neighborhood treasure.

MLS Remarks: This is your opportunity to fulfill your dream of running your own business in Provincetown. The East End market is a fun place to see friends for breakfast and lunch, and is licensed for 12 take-out seats for dining. Known for its delicious deli sandwiches, bakery breads/pastries, prepared foods and catering services, the owners have also cultivated a fine selection of gourmet and local products, and unique gifts for their loyal customers. The market holds an annual beer and wine and seasonal spirit license offering carefully selected wines, craft beers and spirits.

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

The luxury markets get all the attention, no matter where we are. It’s time to give some of that attention to the under $500K market here in Provincetown. It is our entry level in a market where the average sale price of condos last year was $734K, up 10% from 2020. A total of 34 condos sold under $500K in 2021 which represented 23% of the total condos sold in Provincetown. Nine of them were at Seashore Point at 100 Alden Street which is Provincetowns’ over 55 residence. These nine are excluded in the general discussion below.

The average price of those sold was $407K. The average size was 429 square feet. The average price per square foot was $1,095, and the average days on market was 75 days.

The most epensive was 15 Cottage St #6, a one bedroom with two baths, and 579 sf . It sold for $495K. This condo complex is popular West End address with a great pool and sun deck!

The least expensive was 962 Commercial St #5, which is a studio with a loft and 265 sf, that sold for $264K. This condo complex has a large in ground pool!

The smallest was a 190 square feet cottage studio at 162 Bradford Street #4 which sold for $337K. It is a charming attached cottage in a private leafy setting, and just a block to the harbor.

The largest was 945 Commercial St # 3B. It is a two bedroom one bath, 700 sf condo that sold for $450K. This condo is in a popular beachfront complex two miles from town in the East End’s Beach Point.

One of my favorites was 405 Commercial Street #6. It is a charming Provincetown beachside studio with 296 square feet of well designed livng space. It sold for $437K. This condo provides an ideal beachfront living opportunity. It’s in a desirable East End location in the center of all the downtown action literally steps to the beach.

You will notice I am not posting about any current properties for sale under $500K. As you know we are experiencing a chronic lack of inventory on the outer Cape, and well, everywhere else. There are currently only three condos on the market priced under $500K. Two are at the aforementioned Seashore Point at 100 Alden Street and one is at 421 Commercial Street #D which listed for $365K.

These featured properties represent the full range of condos in the under $500K category. You’ll get more space farther out of town, and less space in town in the center of things. This assortment of properties mirrors the diversity in other price categories and in our housing stock in general. Granted, it is hard to see it in these unprecedented times of very low inventory, but hopefully market forces will return us to a more balanced market soon.

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