Bob's Eastham
Real Estate Newsletter
Bob Sheldon , Realtor®
508-237-9545
July 2020 - Newsletter #208
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 May
  • Mass Reopening Plan
  • Three New Listings
Eastham - June 2020 Report

Single Family Homes....
  • May had 8 closings (compared to 14 last year). The average selling price was $527,938, and the median price of $468,000.
  • The YTD sales of 42 homes lags 2019 by only 6.7%.
  • The YTD average price was $503,012, down 10.8% from full year 2019. The YTD median price of $450,000 is 5.3% under the full year 2019 median.
  • With 18 new listings in May, we currently have 50 single family homes for sale in Eastham, with an average list price of $1,015,706 (Yikes!) and a median price of $750K. (Note: last year there were 71 ‘active’ homes at this time). There are 38 homes in a 'Pending' status.
Condos...
  • There was one condo closing in May, a 408sqft cottage, that sold for $174K..
  • There are 9 condos for sale in Eastham. These range from $129K to $399K.
Residential Land...
  • May had one land sale, a half acre that sold for $168K. 
  • There are 10 residential building lots available, ranging from $150K to $436K, a 3 acre lot backing up to the Seashore.. .
Commentary:
While we had about 6 weeks of dead-ness (is that a word?), starting about May 1st the market has been nothing short of nuts. The 'sold' stats and the 'new listing' stats for May were unimpressive, but the Pending number (way up), coupled with the total Active listings (way down), show a market that has swung wildly toward the Seller's side. The reason that the average active listing price has crossed the $1M mark, for the 1st time (ever), is that moderately and well priced homes come and go in just a few days.

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 a supply of homes for Buyers to buy. Current inventory is about 30% under last year. Ugh!

What am I seeing? I'm seeing summer homeowners arriving early to their summer homes (with the kids home from school - why not?). The beaches are fuller for mid-June (why not?). I'm seeing folks looking for a Cape home as their next escape path from crowded cities and a better place for remote employment. I'm also seeing folks being respectful of the 'social distancing' mandated by COVID-19.

Looking Forward:
I see huge upside potential for later this year. As alluded to above, I expect that pent-up spring demand will take us through the 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?

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

We successfully made it in to Phase 2 on 6/8, where short term rentals, hotels, restaurants, and a lot of other businesses can reopen with appropriate social distancing. Marching toward Phase 4, the 'New Normal'. The chart below is my tracking of our progress. I fully expect we'll get to Phase 4 on July 20th.

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 Contemporary
EASTHAM - New Listing - Looking for a larger 4 bedroom home to make your own? This is a newer contemporary home that has wonderful family living space. Enter the home through a beautiful, custom-tiled foyer with its distinctive round window. On the first floor is an open kitchen, a living room with a European woodstove, a bedroom that is set up as a den/library, a large laundry/utility room, and a full bath. Upstairs are 3 more bedrooms and two full baths. Also, a 2-car garage (under), a large back deck, and pleasant gardens. This is not your standard cookie-cutter Cape and needs to be appreciated. You will certainly be able to Dream Here! Go to http://65ThoreauDr.robertsheldon.com for more photos and a Virtual Tour.
I Am MOVE SAFE   ™  Certified


For both Buyers and Sellers - my job is to get it done, smoothly, and with no surprises. Call me.
Nauset Light Views - Wow!
EASTHAM - New Listing - This is a truly unique home in a truly unique location. Literally next door to the iconic Nauset Light Beach lighthouse, this rustic 2 bedroom cottage should make everyone smile. Its wide-open great room has kitchen, dining and living room areas, with a vaulted ceiling, wood floors, wood stove, and clever access to a loft sleeping area. The 2 bedrooms are off a short hallway, which also has a large tiled bathroom with a walk-in shower. Outdoors, in back, is a large mahogany deck, a unique outdoor shower, and amazing views of the lighthouse next door. Take your private path to the lighthouse and on to one the finest beaches on the continent. Being sold fully furnished (w/exclusions). Dream Here! Go here for more photos.
Wellfleet New Farmhouse
WELLFLEET - New Listing - This is a custom designed and built 2005 Farmhouse, tucked into a quiet corner of Wellfleet. We have a huge 1st floor master bedroom, country kitchen, long-board fir flooring, 2 tumbled-marble tile baths, custom tilt-in windows, 2 fireplaces (incl one on the back deck), 2x6 construction throughout, and a gorgeous cedar roof. This property abuts the bike path. Property is being split from it's neighbor via condo-ization, due to be completed soon. Dream Here! Go to http://12ABluefishLane.robertsheldon.com for more photos and a Virtual Tour.
Mortgage Corner - 3.375% - 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 3.375% (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 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.