Jon Goode

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.

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.