-by Peter Francese

That’s the big question. Even the Chairman of the Federal Reserve Bank, who has access to databases we can only dream about, says he doesn’t know.  Perhaps it’s vain of us mere mortals to even ask the question.  But we’re going to, anyway.
 
 
As to when we will see the bottom of the market, we are probably awfully close to it right now. 
 

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The Lakes Region of NH Real Estate Market Report has been revised this month to focus primarily on Belknap County communities along with the Town of Moultonborough which is important statistically for waterfront and vacation homes. Sales were weak in these communities in January with only 33 residential homes changing hands. This compares to 57 in January 2007, 52 in 2006, and 59 in 2005. The average price for sales in these towns inflated to $463,629 due to the lower number of sales coupled with some high end waterfront sales. This compares to the average sales price of $369,232 in 2007, $368,028 in 2006, and $308,967 in 2005.
 

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 We had three sales on Lake Winnipesaukee in January of 2008. That compares to 10 in January of 2007, and 6 in 2006 and 2005. I don’t necessarily think things are slowing down too much on the lake as there are currently 12 other waterfront properties pending and we are seeing increased activity on all listings. Now is the time that serious buyers are out scouting for property so that they can be on the lake for summer. 

The highest sales price honor this month goes to the property at 230 Edgewater Dr on prestigious Governors Island in Gilford. This home is a stunning 8,000 square foot Adirondack style home constructed in 2006 with all the amenities and attention to detail expected in this price category. This fabulous home sits on a 1.6 acre lot with 300 feet of waterfront, a sandy beach, and docking for five boats. You also have a garage big enough to park all seven of your cars too!

 Click on this link for rest of report:

january-2008-lakes-winnipesaukee-sales.doc

Giant Attitude

The total number of residential listings available as of February 1 for the eleven towns listed came in at 793. That compares to 736 last February and 778 in January.

It certainly feels like the market is getting a little busier since the holidays. A number of other agents, home inspectors, and mortgage brokers also have commented that they are seeing increased activity. There are some key ingredients present that should allow us to have a better market in the Lakes Region this coming year.  Interest rates are truly phenomenal right now and are running ¾ of a point lower than last year. There’s also a lot of inventory available with many, many homes already greatly reduced in price. So there are some deals to be had. We are seeing some savvy buyers that recognize that you don’t often see low prices and low interest rates at the same time. And we have some sellers who have realized that even if they have to sell for a little less now they can make it up on the other end when they buy something else. A ready, willing, and able buyer in this market can often negotiate a pretty good deal.

Will prices go even lower???

Click on this link to view report:

market-report-feb-7-2008.doc