Lakes Region of NH Real Estate Market Report -7/26/08
Half Way There…
We are at the halfway mark of the 2008 sales year and I was hoping to report by this time that the tide had turned and that things are definitely on the up swing as far as sales here in the Lakes Region. I can’t quite say that yet as it seems that the tide may still be out and our boat still resting on the bottom. First the good news. The good news is that the number of residential homes sold in the 12 towns listed came in at 77 units compared to 65 in June and 46 in April. That feels a little better. But the bad news is that it was still 20% off from last June. In looking at the first six months of 2008 there were 314 residential homes sold compared to 394 in the first 6 months of 2007. That is also about 20% fewer sales compared to last year for the six month period.
Looking back at the first half of each year in this decade, 2008 is definitely the worst start we have had. The average days on market has also increased steadily since 2003. Practically each year though, there has been an increase in the average sales prices of the homes sold.
Residential Sales Comparisons for January - June
2000 |
2001 |
2002 |
2003 |
2004 |
|
Units sold |
537 |
411 |
513 |
480 |
552 |
Avg Price |
$212,818 |
$213,531 |
$254,076 |
$246,188 |
$316,724 |
Days on Market |
164 |
125 |
103 |
88 |
106 |
*************************************
2005 |
2006 |
2007 |
2008 |
|
Units sold |
493 |
472 |
394 |
314 |
Avg Price |
$328,824 |
$362,485 |
$389,118 |
$363,753 |
Days on Market |
112 |
127 |
142 |
159 |
While the sales numbers are down and homes are definitely harder to sell right now, the fact that the average sales price for a home in these towns has increased from $212,818 in 2000 to $363,753 in 2008 or about 70% is pretty impressive. Even with a slight drop in the average sales price compared to 2007 we are still above 2006 levels. But before you go thinking that home prices aren’t falling and that you can ask more for your home when you sell, we have seen significant price reductions on homes in all price categories. The fact that our average sales price is holding up well is in part due to the fact that more higher priced homes are selling combined with fewer sales. Numbers alone can be a little misleading.
Many agents and home inspectors I have spoken with recently report increased activity. As of 7/21/08 there were 124 pending sales in the communities listed so many more sales are in the pipe line. We are at the height of our sales season and buyers are out looking. Let’s hope the tide comes in soon.
Residential Homes Sold June 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 | 1 | 4 | 0 | 2 | $453,971 | $260,000 | 92% | 204 |
| BRNSTD | 3 | 0 | 1 | 2 | 0 | 0 | $225,333 | $260,000 | 98% | 227 |
| BELM. | 8 | 2 | 5 | 1 | 0 | 0 | $144,500 | $147,500 | 92% | 156 |
| CENTER HARBOR | 2 | 0 | 1 | 0 | 0 | 1 | $879,000 | $879,000 | 91% | 32 |
| GILF. | 10 | 0 | 2 | 4 | 0 | 4 | $327,009 | $229,000 | 96% | 103 |
| GILM. | 1 | 0 | 0 | 1 | 0 | 0 | $245,000 | $245,000 | 94% | 95 |
| LACONIA | 18 | 1 | 8 | 5 | 0 | 4 | $279,961 | $192,950 | 95% | 91 |
| MERE. | 13 | 0 | 1 | 2 | 5 | 5 | $431,631 | $375,000 | 90% | 248 |
| MOULT | 10 | 0 | 0 | 5 | 2 | 3 | $430,450 | $292,500 | 91% | 131 |
| NEW HAMPTON | 1 | 0 | 0 | 0 | 0 | 1 | $408,000 | $408,000 | 93% | 63 |
| SANBTN | 2 | 0 | 0 | 2 | 0 | 0 | $249,400 | $249,400 | 98% | 18 |
| TILTON | 2 | 0 | 2 | 0 | 0 | 0 | $180,450 | $180,450 | 97% | 74 |
| TOTALS | 77 | 3 | 21 | 26 | 7 | 20 | $344,228 | $240,000 | 93% | 142 |
Report covers the towns of Aton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, and Tilton
