Bob's Eastham
Real Estate Newsletter
Bob Sheldon , Realtor®
508-237-9545
June 2020 - Newsletter #207
BobSheldon@remax.net
RE/MAX Spectrum
Check Out my 'All New' Video Newsletter . Some stats and my commentary on the Coronavirus 'situation'.
In This Issue..

  • My market update through April.
  • Mass Reopening Plan
  • I Am Certified 'Move Safe'
  • Two New Listings
Eastham - May 2020 Report

Single Family Homes....
  • April had 3 closings (compared to 7 last year). The average selling price was $547,000, and the median price of $570,000.
  • The YTD average price was $497,147, down 11.9% from full year 2019. The YTD median price of $449,950 is 5.3% under the full year 2019 median.
  • With 12 new listings in April, we currently have 52 single family homes for sale in Eastham, with an average list price of $910,335 and a median price of $697K. (Note: last year there were 68 ‘active’ homes at this time). There are 22 homes in a 'Pending' status.
Condos...
  • There was one condo closing in April, a large 2 bedroom half-duplex that sold for $335K..
  • There are 10 condos for sale in Eastham. These range from $129K to $399K.
Residential Land...
  • April had no land sales. 
  • There are 9 residential building lots available, ranging from $150K to $436K, a 3 acre lot backing up to the Seashore.. .
Commentary:
No surprise, but the current world-wide pandemic has effected just about every part of our lives, so why not real estate in Eastham? We are just beginning to see the results in the statistics. The closings in April were down substantially from last year, down 57%. The new listings for April were down 43% and the total mid-May active listings are down 24% from last year. Lastly, the year-to-date median sale price is down 5.3% from the full-year 2019 number, to just under $450K. BUT, it's not all bad news. The number of 'Pendings' is up 69%, in spite of the lower inventory. It's telling me that, although we're faced with an ugly market, we still have Buyers wanting to buy. While things have slowed, they haven't stopped. I'm still showing homes and still have pending deals.

While we had about 6 weeks of real estate doom and gloom, the last few weeks have been a different story. We have cautious (and social distanced) buyers venturing onto the Cape to look at homes. They are serious Buyers, not attracted to the beaches and clam chowder (all the restaurants are doing take-out only). They are very understanding of the lower inventory and the 'Safe' protocols for looking at homes.

Looking Forward:
The Governor has given the go-ahead to begin the path to our 'New-Normal' (see article below). I see huge potential for upside later this year, maybe starting sooner than later. How much pent-up spring demand will we see this summer? How many off-Cape folks will want a home on the Cape to escape to, next time? How many folks will want to up-size after being cooped up for a few months? And, I'm hesitant to project how the 9-12 week re-opening plan will affect Eastham real estate, after only 1 or 2 days.

Whatever the answers are, I'm here to address your Eastham real estate needs (and wants). Eastham has been largely spared the actual virus (only 10 cases to date), but not the economic ramifications. I stay on top of the mortgage issues, the Town permitting issues, the Registry, etc. so that buying and selling real estate still happens as smoothly as possible, Please call me if you have any questions.
Massachusetts Reopening Plan

The Governor just announced the details for his 4 phase plan for reopening the state (see chart below). The details are in the 2 documents linked below. In short, each phase is a minimum of 3 weeks with each phase opening up to new business groups. We are entered Phase 1 on 5/18, with places of worship, manufacturing, and a few other businesses opening today. Next week (5/25) can be barbershops, hair salons, and car washes. AND beaches. All these openings are with 'proper social distancing'.

Phase 2, no earlier than 6/8, are short term rentals, hotels, restaurants, and a lot of other businesses. The State is looking at whether they can do hotels, restaurants, and short term earlier than Phase 2, to be determined by a task force currently underway. Not helpful.

Phase 4 is called the 'New Normal'. The earliest the 'New Normal' can get here is in nine weeks. Ugh.

I expect this plan to be tweaked several times over the next few weeks. Stay tuned.

Links...
More Interesting Articles

Several times a week I post articles that deserve to be re-seen. I post these to my Facebook 'corporate' page. Here are a few from the last month or so.


Would you like to follow me on Facebook? No problem!  Just go to my page on Facebook and press "Like"
New Listings - Every Day!

Would you like to get notice of new listings? With a lessened inventory, your ability to act quickly depends, in part, on you finding out about new listings as they come online. I provide a service that will give you immediate notice of any new listings that are entered into the Cape Cod MLS that meet your criteria. This service is so good that I use it myself to get instant updates to Eastham listings. Sign up for this new service .... HERE!
5 Bedrooms, 3 Acres - Wow!
EASTHAM - New Listing - Do you need space to stretch out? This 3 bedroom, 2 bath home sits on just over 3 acres and has a detached studio structure as well as a detached 2 car garage with a legal 2 bedroom apartment above. The property abuts the Seashore and has literally hundreds of acres of woods out it's front door. The home, built is 2001, has an open floorplan with a kitchen/dining area with a vaulted living room with fireplace. Upstairs we have a large loft area and a master bedroom. The detached garage is completely independent of the main house and has 2 bedrooms, a living room and a kitchen.
Brand New 2 Bedroom Ranch
EASTHAM - New Listing - Who doesn't like 'New''? This is brand new from the studs-in after a complete re-build. We have a granite and stainless kitchen, open living room with a fireplace, vaulted ceiling, and hardwood floor, and skylights. The 2 bedrooms are carpeted and have barn-door closets. This home has a full basement, natural gas, central AC, and Town water. Located a short walk from Kingsbury Beach and not too far from the bike path. Dream Here!
I Am MOVE SAFE   ™  Certified

I am  Move Safe  certified by HomeLight, a real estate referral company. What's important to you is that I am able (and willing) to take you through the entire Buying or Selling process without any face-to-face meetings. Certainly not the preferred scenario but very necessary in this time of Coronavirus.

For Sellers,  it means that we would meet online (Zoom or Facetime), sign documents online (ZipLogix or DocuSign), prepare the property for photos (and virtual tours) and for sale, all without you actually having to be present. After the accepted offer, I would manage the Buyer's home inspection, the septic and water testing, and the smoke/CO inspection. Over the last few years I've sold a few homes this way, having never had a face-to-face meeting with the Sellers.

For Buyers,  much the same way, but the shopping experience would be via photos and virtual tours. I would do video walkthroughs, take measurements, manage the home inspection, work with the attorneys, etc.

For both Buyers and Sellers - my job is to get it done, smoothly, and with no surprises. Call me.
My Weekly Coronavirus Updates & Videos

For the last few weeks I've been publishing a weekly Coronavirus video newsletter. They have been well received. In case you missed one or more of these, they are Here.
Mortgage Corner - 3.500% - Steady

Mortgage rates have swung wildly over the last few months. I expect that they will settle down at about the current level, the mid-3's. They are currently 3.500% (3.559% APR) for a 30 year fixed mortgage. Is now the time to buy your Eastham summer home?
Buying? / Selling?

Is it time for you to buy or sell Eastham property? Allow me to step through your options as your real estate agent. Call me at 508-237-9545 or send me an E-mail at  BobSheldon@remax.net .

Buyers: If you plan to come to Eastham this spring, I'd love to show you what's available with a customized list of homes. Then, when you come out, we can go see the homes that seem to work for you. Call me to get started.

Sellers: This is, no-doubt, a really good time to sell your home in Eastham. Lower inventory means higher prices. Would you like to know what your Eastham home is worth in today's marketplace? Call me for a no-obligation market analysis review of your property.

Nationally and locally, there are still more questions than answers. We have no idea what the summer tourist (or rental) season will look like. Answers may be a long time coming. If you have any real estate questions please give me a call. If you are thinking of selling your home, now may be the time to do the prep-work that needs to be done before it can go on the market. If the spring market is a bust (as it probably will be), let's get ready for a fabulous summer and fall.
If your home is currently listed with another agent please disregard the promotional components of this newsletter.