Lakes Region of NH Real Estate Market - 8/24/08
One Up
Suddenly, gas prices have dropped to $3.50 or so per gallon and it seems like everyone’s mood is improving a little. It’s not that gas is suddenly inexpensive as it is a long way from where we’d like it to be. But at least things seem to be headed in the other direction for a while and perhaps stabilizing some. People become just a little more optimistic when things seem to be headed in a positive direction. I can report for the first time in a long time that the number of homes sold in the past month exceeded the same month for the prior year. Not by much. It was only one sale more, but at least it doesn’t feel like the market is spiraling continually downward. A total of 62 homes in our area towns changed hands in July compared to 61 in July 2007. Not time to strike up the band yet, but it does feel better that things could finally be leveling out and a new normalcy can be maintained. As with gas prices or anything else in life, if things stabilize so consumers know what to expect, everyone has a more positive outlook.
Seventy percent of the sales in July were under $300,000 which shows that the low to mid-range properties are moving. The average sales price for the first seven months this year stands at $360,918 compared to $394,305 for the same period last year. The median sales price has dropped from $250,000 to $227,000 for the same periods. There were three homes that sold for over $1 million in July. One home that just missed being the largest sale in July at $2.175 million was extraordinary in that it was not a waterfront home, but a spectacular mountain retreat on Red Hill in Moultonborough. This 7,800 square foot home has 15 rooms, 5 bedrooms, 5 baths and sits on 62 acres with endless views of Winnipesaukee, Squam, and Kanasatka lakes as well as the Belknap and Sandwich mountain ranges. The home features high quality materials and attention to detail along with some everyday necessities like an in-ground heated pool and tennis court. Just goes to even the cheap stuff off the water can sell if it is priced right.
RESIDENTIAL HOMES SOLD JULY 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 | 5 | 0 | 1 | 3 | 1 | 0 | $228,580 | $240,000 | 95% | 65 |
| BARNS. | 4 | 0 | 3 | 1 | 0 | 0 | $178,761 | $175,950 | 101% | 174 |
| BELMONT | 2 | 0 | 0 | 2 | 0 | 0 | $229,950 | $229,950 | 90% | 66 |
| CENTER HARBOR | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - |
| GILFORD | 9 | 0 | 1 | 2 | 2 | 4 | $566,650 | $350,500 | 89% | 138 |
| GILM. | 4 | 0 | 2 | 2 | 0 | 0 | $189,225 | $190,950 | 99% | 44 |
| LACONIA | 17 | 0 | 6 | 8 | 1 | 2 | $252,594 | $220,000 | 97% | 111 |
| MERE. | 7 | 0 | 3 | 0 | 0 | 4 | $435,157 | $430,000 | 96% | 90 |
| MLTN. | 7 | 0 | 2 | 2 | 1 | 2 | $579,429 | $225,000 | 93% | 129 |
| NEW HAMPTON | 3 | 0 | 3 | 0 | 0 | 0 | $138,000 | $134,600 | 95% | 43 |
| SANBTN. | 3 | 0 | 0 | 2 | 0 | 1 | $438,967 | $272,000 | 86% | 92 |
| TILTON | 1 | 0 | 1 | 0 | 0 | 0 | $185,000 | $185,000 | 85% | 179 |
| TOTALS | 62 | 0 | 22 | 22 | 5 | 13 | $346,560 | $222,500 | 93% | 106 |
Report covers the towns of Aton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, and Tilton
