Lakes Region of NH Real Estate Market Report -6/5/08
Improving The Odds
The inventory for our Lakes Region of NH area towns is steadily increasing as the summer months approach. We stand at 1128 homes on the market as of June 1 compared to just 898 homes as of April 1. Our inventory always rises during this prime time selling season. That means a lot more competition if you are trying to sell your home. And with fewer homes changing hands you may want, or need, to increase the odds in your favor to make your home one of the ones that does sell. The homes that sell, sell for a reason. Usually, the reason is that the buyer saw real value in a particular home and decided to purchase that home instead of one of the many others that were viewed. Buyers comparison shop now more than ever. There is little urgency on their part due to the high inventory and slow sales pace unless they see the urgency of a great deal that could be missed.
If you look at the previous 12 months there were 775 homes sold in these towns. With 1128 homes on the market, this translates to a little over 17 months worth of inventory on the market right now if sales stay at the same pace as the last 12 months. This compares to having about 11 months of inventory available in June 2006 and 14 months inventory in June 2007. Having 17 months worth of inventory on the market is not real encouraging if you need to sell your home quickly. But you can significantly improve the chances of selling sooner by making your home the best buy in its price range. Again, it falls back to creating value for a buyer. Make your property show the best that it can by decluttering, cleaning, painting, repairing, and staging your home to show off its best features. Make sure that you have the best curb appeal possible. Your REALTOR® can help you with some suggestions and recommendations. If your home is already in great shape and shows beautifully and you are not getting the activity you want, you may have to consider a price reduction in order to create that value and make your home the best bargain out there. If you can’t reduce your price than you may have to rely on a good dose of patience and persistence in the market place to bring you that elusive buyer.
Homes Available June 1, 2008
| TOWN | TOTAL | < 100K | 100 to 200K | 200 to 300K | 300 to 400K | > 400K | AVG LIST PRICE | MEDIAN PRICE | AVG DOM |
|---|---|---|---|---|---|---|---|---|---|
| ALTON | 134 | 2 | 23 | 41 | 22 | 46 | $547,692 | $306,900 | 156 |
| BARNSTEAD | 91 | 4 | 31 | 36 | 14 | 6 | $249,384 | $229,900 | 153 |
| BELMONT | 81 | 3 | 20 | 34 | 14 | 10 | $280,849 | $260,000 | 120 |
| CENTER HARBOR | 12 | 0 | 1 | 2 | 3 | 6 | $600,308 | $424,450 | 192 |
| GILFORD | 157 | 2 | 13 | 26 | 28 | 88 | $721,879 | $449,000 | 193 |
| GILMANTON | 63 | 3 | 16 | 22 | 11 | 11 | $289,176 | $249,000 | 187 |
| LACONIA | 193 | 2 | 45 | 57 | 26 | 63 | $423,095 | $285,900 | 218 |
| MEREDITH | 119 | 2 | 6 | 19 | 35 | 57 | $707,856 | $399,100 | 211 |
| MLTNBORO | 161 | 2 | 13 | 38 | 35 | 73 | $863,417 | $369,000 | 168 |
| NEW HAMPTON | 30 | 0 | 7 | 13 | 2 | 8 | $304,055 | $256,750 | 131 |
| SANBTN | 50 | 0 | 7 | 19 | 10 | 14 | $394,316 | $294,900 | 152 |
| TILTON | 37 | 3 | 11 | 12 | 5 | 6 | $277,735 | $249,900 | 213 |
| TOTALS | 1128 | 23 | 193 | 319 | 205 | 388 | $533,339 | $319,900 | 180 |
For the Towns of Alton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, Tilton
August 26th, 2008 at 10:39 am
Roy, Would there be any benefit to including the latest assessed value of properties sold? Buyers often like to look at this assessed value when buying a property. Would that information then influence the offered price?
Thanks, Stu
August 26th, 2008 at 5:31 pm
Hi Stu, I would love to have the space and time to give the ratios of assessed values to sales prices in each of the towns that we report on—it is a very important piece of information if someone is looking to buy a property. Unfortunately, many agents don’t bother to put the assessed values in the MLS system so when we download the sales data there is a lot of missing info. It is very time consuming to get the assessed values if they aren’t put into the MLS system, especially if the property is in a Town that does not have an on line database. I do provide reports for my Buyer Clients that are looking in specific towns when they are ready to buy just to confirm that the seller is somewhere in the ballpark in his asking price. Thanks for the question and if I can be of assitance, don’t hesitate to call or email…
June 4th, 2009 at 4:10 pm
[...] the sales over the previous 12 months we are looking at a 21 month supply of inventory compared to 17.5 months last June. This is not good news if you are trying to sell your home in this market.Real estate is not a lot [...]