Bob's Eastham
Real Estate Newsletter #249
February 2024
Bob Sheldon, Realtor®
508-237-9545
BobSheldon@remax.net
RE/MAX - Eastham
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In This Issue:
- Eastham Year-End Report
- Hopper's 'Portrait of Orleans'
- Biggest, Smallest, Cheapest ...
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Eastham - Year-End 2023 Market Report |
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Single Family Homes....
- December had 8 closings, bringing the year-end sales to 102. That's 4.7% below last year (2022 was 107)..
- The full-year median price of $779,500 is up 4.9% from the 2022 median of $743K.
- On January 15th we had 10 single family homes for sale in Eastham, with an average list price of $932,180 and a median price of $755K. (Note: last year there was also 10 active homes at this time. There are 13 homes in the 'Pending' status.
Condos...
- There were two condo sales in December. One at $$279K and the other at $580K
- There are 3 condos for sale in Eastham. All at $730K for new-build Cedar Banks condos.
- For 2023 - there were 20 condo sales.
Residential Land...
- December had no land sales.
- There are 2 residential building lots available, ranging from $475K and $1.2M. The more expensive parcel is waterfront on Town Cove.
- For all of 2023 - there were only 8 land sales in Eastham.
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Commentary:
The year ended about where we started. Only slower. We've been in a low-supply market with demand just keeping up. The last half of the year was very slow, with higher mortgage rates finally taking their toll on the Buyers. And the Sellers. Many Sellers are unwilling to trade a 3% mortgage for a 7% mortgage - willing to stay put until things free up.
The 'net' of all this were sales numbers lagging 2022 by 4.9%, putting our total Eastham sales at 102, vs 107 for 2022 and 169 for 2021 (a 40% drop). The last time we saw sales dip this low was in 2011, as we were just coming out of the 2008/2009 housing 'crash'.
The good news for Sellers is that the median sales price has increased somewhat. We are about 4.9% above where we were for the full year 2022. AND, up 64% from pre-COVID 2019. The price appreciation certainly helped push the total dollar number for Eastham real estate transactions - $90M for 2023. This tops any pre-COVID year.
Looking Forward:
It's helpful (to be determined) to look at past predictions when daring to look forward. A lot can happen in a year. Last year's forward look predicted price stability and slightly up sales. Wrong (sorta) on both counts. We had modest median price increases and modest sales decreases.
Showing that I can't learn from my mistakes, I'm predicting modest price increases and modest sales increases for 2024. The current numbers (and the headwind) don't support any significant recovery over the next year. The experts are predicting a modest reduction in mortgage rates and continued, but improving, low inventory.
If you are considering selling, now's the time to get your ducks in a row and plan for a spring sale. Reduced supply means better sale prices and shorter times-on-market. Let's get started!
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1) HomeBot Property Analysis
Have you thought about what your Eastham home might be worth in today's market? A starting data point can be had through a number of computer models, such as one I now provide through HomeBot. Give it a try... HERE. HomeBot will not only give you a good idea of your property's current market value, but it will provide an automatic update, roughly monthly, of how the market has changed. Give it a try. (Note - if you hate it, you can simply unsubscribe).
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Mortgage Corner - Now 6.125% (30yr fixed)
The latest word from the Fed is that they think they are helping the economy and killing inflation. The current rates (just a snapshot) have the mortgage rates 6.125% (APR 6.181%), for 30 yr/fixed loans. Some experts are now saying that they expect more 6% rates in our near future. The Fed is expected to have several rate cuts this year. We're ready!.
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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.
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Cute 2 Bedroom - U/A in 4 Days
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NEW LISTING - EASTHAM - This is a sweet cottage, just waiting to be the new owner's year-round home or their Cape get-away. This 2 bedroom, 1 bath, cottage was completely renovated, to-the-studs, in 2007 and has new kitchen, bathroom, floors, doors, roof, and wood-burning fireplace. The refrigerator and dishwasher have been just recently replaced.
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Amazing Wellfleet - Great Location
NEW LISTING - Rarely does a home come on the market that needs little or no updates. This 2 bedroom, 2.5 bath Cape has an open floorplan with kitchen, dining area and living room on the first floor, along with a bonus den area. The first floor also has a laundry and a full bath. The living room has a gas fireplace, hardwood floors, and access to a larger composite deck off the dining area. Upstairs are 2 front-to-back bedrooms and a full bath. The walkout basement has a media/family room, another bonus space, a half-bath and a family sized exercise room. Outside we have a new shed, a patio area, and beautiful landscaping. The location is amazing also. We are less than 0.3 miles to the Paine Hollow public landing, a short distance to the Fox Island Conservation Area and a short bike ride to the Pleasant Point Landing.
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More Interesting Articles
Several times a week I post articles that deserve to be re-seen. I post these to my Facebook 'corporate' page and/or my Twitter page.Here are a few from the last month or so.
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2023 - Smallest, Biggest, Cheapest, Most Expensive
As we look back at last year, certainly interesting are the extremes. What were the 'extreme homes' sold last year?
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Smallest - (*) 880 N Sunken Meadow Rd - This home is a 675 sqft, 2 bedrooms, 1 bath home on a marsh-front lot. Sold for $685K.
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Cheapest - 50 Surrey Dr - This 4 bedrooms, 1.5 bath, 1680 sqft ranch Foreclosure. Sold for $356K.
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Biggest - 400 Ireland Way - This 3656 sqft, 4 bedrooms, 3.5 bath home sold for $1.175M.
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Most Expensive - 165 Harmes Way - This Bayfront 2 bedroom, 2 bath home sold for $2.5M. Amazing Bay views.
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Least $/sqft - 5 Surrey Dr - (see above), sold for $356K, or $212/sqft.
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Most $$/sqft - 165 Harmes Way (see above) - sold for $2.5M, or $2039/sqft.
- (*) my sales
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The Worst Is Over! - 2024 To Be A Good Year
Mortgage rates continue to drop to more manageable levels for homebuyers, declining for nine consecutive weeks and potentially dropping further in 2024.
Read more
www.fox5dc.com
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The Butcher of Eastham
On Route 6 in Eastham, across the road from Buddha Bob's, sits a plain shingle-sided house. It's a classic Cape house in many respects: its door faces east, it has [...]
Read more
provincetownindependent.org
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Hopper's 'Portrait of Orleans'
Edward Hopper painted a street scene that is entitled 'Portrait of Orleans' in 1950.
I'm pretty sure we see the corner of what is now Main St and Rt 6A. What I can't figure out is which way he's pointing.
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Happy New Year!
Thank you for making 2023 a great year for me and I hope last year was good to you also. I was privileged to be able to assist over 30 families in their buying or selling (or both) of homes this past year.
May 2024 bring you much joy, good health, and great fortune and if I can assist you in your real estate needs, I would be honored. Thank you.
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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 email me at BobSheldon@remax.net.
Buyers: If you plan to come to Eastham this winter, 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: Is now the time 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.
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If your home is currently listed with another agent please disregard the promotional components of this newsletter.
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