Bob's Eastham
Real Estate Newsletter
Bob Sheldon , Realtor®
508-237-9545
August 2020 - Newsletter #208
BobSheldon@remax.net
RE/MAX Spectrum
Check Out my Video Newsletter. Some stats and my commentary on the Coronavirus 'situation'.
In This Issue..

  • My market update through June
  • Mass Reopening Plan
  • Two New Listings
Eastham - July 2020 Report

Single Family Homes....
  • June had 10 closings (compared to 17 last year). The average selling price was $824,400, and the median price of $492,500.
  • The YTD sales of 52 homes lags 2019 by 16.1%.
  • The YTD average price was $564,817, up 0.1% (flat) from full year 2019. The YTD median price of $455,500 is 4.1% under the full year 2019 median.
  • With 28 new listings in June, we currently have 41 single family homes for sale in Eastham, with an average list price of $998,171 and a median price of $725K. (Note: last year there were 82 ‘active’ homes at this time). There are 52 homes in a 'Pending' status.
Condos...
  • Two condos closed in June, one at $203K and another at $304K...
  • There are 9 condos for sale in Eastham. These range from $175K to $399K.
Residential Land...
  • June had no land sales. 
  • There are 8 residential building lots available, ranging from $150K to $436K, a 3 acre lot backing up to the Seashore.. .
Commentary:
Last month I mentioned that the market was nothing short on 'nuts'. We'd had roughly 6 weeks where my phone never rang, followed by a fair amount of strong buying. . Well, the peace has been shattered and confirmed, by another month of feverish activity - seriously crazy.

The stats clearly show a market that is heavily leaning toward the Seller's side, with very low inventory and a high number of homes under agreement. The current number of active single family homes (41) is exactly half what it was last year. The number of homes under agreement (ie Pendings) (52) shatters the previous record of 48 from 2004.. The fact that the number of Pendings exceeds the number of homes for sale indicates a FIRE HOT market..

The large number of Pendings bodes well for sales in Eastham. The next few months should see the YTD sales exceed 2019's level. The longer term issue will be the supply of homes for Buyers to buy.

Looking Forward:
If new listings can be found, I still see huge upside potential for later this year. The demand seems to be there. I think much of the anxiety that fuels the current buying also causes folks to not put their homes on the market. Also, (my hope) many folks are choosing to tackle the COVID thing after the summer season is over. If demand remains strong, inventory will stay low as new listings get scoffed up quickly, which may drive prices up modestly. We'll see.

Whatever your situation, I'm here to address your Eastham real estate needs (and wants). Eastham has been largely spared the actual virus (STILL 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

We successfully made it in to Phase 3 on July 6th. after Phase 2 was extended to 4 weeks. Short term rentals, hotels, restaurants, and a lot of other businesses reopened with appropriate social distancing. The Governor has said that Phase 3 will be 'substantially' longer than the prior phases. Ugh. I'm hoping that we get to Phase 4 before Labor Day. Also, I've been wondering what the 'New Normal' is going to look like. The chart below is my tracking of our progress.

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!
Ocean Side 4 Bedroom Cape
EASTHAM - New Listing - Classic Cape completely renovated Spring 2019, boasts every amenity! 4 bedroom/2 full bath, brand new kitchen with peninsula , all new appliances, new hardwood floors throughout, new roof, new thermal-pane insulated windows throughout, new insulated exterior doors, central AC, forced hot air condensing furnace (fueled by propane), new composite deck, full basement with washer/dryer. Second largest lot on quiet road, at .64 acres, very private. Located on a cul-de-sac 2 miles from the ocean, 1 mile from Cape Cod Bay, 5 minutes to Cape Cod rail Trail bike path. Must see to fully appreciate. Dream Here! Go here for more information and photos.
I Am MOVE SAFE   ™  Certified


For both Buyers and Sellers - my job is to get it done, smoothly, and with no surprises. Call me.
Eastham 3 Bedroom Ranch
EASTHAM - New Listing - Looking for an ocean-side 3 bedroom ranch home that's been a great rental property, year after year? The vaulted and open kitchen/dining/living room, coupled with the 14x14 sunroom, make this a very livable home. Outside, we have a huge deck and an outdoor shower. This home has natural gas, full basement, a new roof, new 200 amp service, and a new hot water heater, all on a level half-acre lot in a great neighborhood. The bike path and paths into the Seashore are nearby. Dream Here! Go here for more information and photos.
National Grid & MassSave.....

Did you know that National Grid and Mass Save are offering homeowners free Virtual Home Energy Assessments through July 31st? This special offer will cover 100% of approved insulation and additional rebates toward qualified energy efficient equipment for your clients.
Mortgage Corner - 3.375% - Steady - Again

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 3.375% (3.434% APR) for a 30 year fixed mortgage. Is now the time to buy your Eastham summer home?
My Weekly Coronavirus Updates & Videos

For the last few (many 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.
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 summer, 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, one of the best times EVER to sell your home in Eastham. Lower inventory means higher prices and faster sales. 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.
If your home is currently listed with another agent please disregard the promotional components of this newsletter.