Lakes Region on NH Real Estate Market Report - 6/20/08
Wanna find a deal?
The total number of residential sales for May in our Lakes Region of New Hampshire communities came in at 65 units which is down just a bit from last May’s total of 69. The average sales price is holding its own at $361,085 compared to $349,588 last May. A third of the sales were under $200,000 and there were four sales over $1 million.
There are lots of homes on the market so it stands to reason there are some great deals to be had. So what makes a property a good deal and how can you find a real bargain? One way is to look at the price per square foot which obviously varies depending on the age, quality, size, and characteristics of the property. Another is to look at the percentage of sales price compared to assessed value. When looking at this ratio you also have to take into consideration how recently a town wide assessment was done. In either case the lower the price per square foot or the lower the percentage the better. I ran a couple of reports to see which properties stood out as potential good values. On a price per square foot basis here are some potential deals: a 3500 sq ft split entry at 781 Stage Rd in Gilmanton for $219,900 ($62.83 sq/ft), a 5,780 sq ft contemporary at 34 Vincent Dr in Gilford for $349,900 ($60.54 sq/ft), a 2,720 sq ft Colonial at 525 Meadow Pond Rd in Gilmanton for $205,000 ($75.37 sq/ft), a 3,950 sq ft Victorian at 63 Whipple Ave in Laconia for $299,000 ($75.70 sq/ft), and an older, 2,400 sq ft cape on 14 High St in Meredith for $179,000 ($74.58 sq/ft).
Some potential good deals based on asking price compared to assessed value include: a 1,482 sq ft New Englander at 4 West St in Tilton with an asking price of $119,900 (63% of assmt), a 2,270 sq ft contemporary at 68 Drummer Trail in Laconia at $284,900 (65% of assmt), a 3,799 sq ft colonial at 7 Ambrose Rd in Meredith at $314,900 (71% of assmt), and a seasonal waterfront cottage at 13 Loon Cove Rd in Alton for $790,000 (71% of assmt).
Are these good deals? That all depends on the condition of the property and whether the property suits your needs and lifestyle. The only way to know for sure is to view the property and determine if it is in good shape. It may very well be priced low because it needs some repairs or TLC, but that is a good way to earn some pretty quick equity if you buy it right and fix it up. Once you have found a property you want to buy, make sure to have your agent print out comparable properties to determine where the property should really be priced.
Residential Homes Sold May 2008
| TOWN | # S0LD | < 100K | 100 to 200K | 200 to 300K | 300 to 400K | > 400K | AVG SELLING PRICE | MEDIAN SALES PRICE | % SOLD TO LIST $$ | AVG DOM |
|---|---|---|---|---|---|---|---|---|---|---|
| ALTON | 7 | 0 | 2 | 3 | 1 | 1 | $498,000 | $240,000 | 92% | 241 |
| BARNS. | 8 | 0 | 5 | 3 | 0 | 0 | $190,788 | $197,900 | 97% | 95 |
| BELMONT | 6 | 0 | 6 | 0 | 0 | 0 | $175,006 | $180,125 | 96% | 58 |
| CENTER HARBOR | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - |
| GILFORD | 7 | 1 | 1 | 2 | 0 | 3 | $524,071 | $269,000 | 81% | 207 |
| GILMAN | 6 | 0 | 1 | 3 | 2 | 0 | $275,500 | $267,500 | 98% | 193 |
| LACONIA | 13 | 1 | 3 | 3 | 4 | 2 | $372,361 | $250,000 | 99% | 105 |
| MERE. | 4 | 0 | 1 | 0 | 0 | 3 | $739,250 | $541,250 | 93% | 220 |
| MLTN. | 9 | 0 | 2 | 3 | 2 | 2 | $325,444 | $270,000 | 95% | 225 |
| NEW HAMPTON | 3 | 0 | 1 | 1 | 1 | 0 | $266,667 | $260,000 | 97% | 245 |
| SANB. | 2 | 0 | 0 | 2 | 0 | 0 | $280,000 | $280,000 | 86% | 154 |
| TILTON | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - |
| TOTALS | 65 | 2 | 22 | 20 | 10 | 11 | $361,085 | $240,000 | 93% | 165 |
Towns of Alton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, Tilton
