Lakes Region of NH Real Estate Market Report -1/15/09
2008 Year End Review
The total number of residential sales in our area towns for the month of December came in at 58 homes. That is up slightly compared to last December at 51. The average sales price, however, was down for the month to $373,170 compared to December 2007 at $404,958.
The total number of residential sales for the year 2008 came in at 675 units. That’s down about 19% from the 832 sold in 2007. The average sales price also dropped about 12.5% from $398,719 in 2007 to $349,688 in 2008. The total number of sales in 2008 was off 45% compared to 2004 when sales peaked at 1241 units but the average price came in higher than the $344,401 average registered that year. Except for this past year and a small drop in 2001, the average sales price of a home in these communities has risen every year since 2000 for a total increase of 47% in value.
Residential Homes Sold December 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 | 1 | 1 | 3 | 0 | 2 | $510,893 | $248,000 | 90% | 73 |
| BARNS. | 7 | 2 | 4 | 1 | 0 | 0 | $138,179 | $148,000 | 94% | 196 |
| BELMONT | 1 | 1 | 0 | 0 | 0 | 0 | $80,000 | $80,000 | 89% | 87 |
| CENTER HARBOR | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - |
| GILF. | 9 | 0 | 5 | 2 | 0 | 2 | $274,828 | $172,000 | 93% | 220 |
| GILMNTN. | 3 | 0 | 1 | 1 | 0 | 1 | $275,125 | $250,000 | 89% | 318 |
| LACONIA | 11 | 0 | 4 | 5 | 0 | 2 | $270,082 | $236,500 | 96% | 130 |
| MERE. | 9 | 0 | 0 | 1 | 3 | 5 | $711,597 | $784,000 | 91% | 165 |
| MLTN. | 6 | 0 | 3 | 1 | 0 | 2 | $606,958 | $189,875 | 91% | 236 |
| NEW HAMPTON | 2 | 0 | 2 | 0 | 0 | 0 | $149,750 | $149,750 | 105% | 26 |
| SANBTN. | 2 | 0 | 2 | 0 | 0 | 0 | $110,000 | $110,000 | 85% | 167 |
| TILTON | 1 | 0 | 1 | 0 | 0 | 0 | $185,000 | $185,000 | 97% | 145 |
| TOTALS | 58 | 4 | 23 | 14 | 3 | 14 | $373,170 | $217,500 | 92% | 168 |
Home prices are definitely down some, but the drop in the average sales price in 2008 can be partly attributed to about 7% more homes under $200,000 being sold compared to 2007. There were also fewer high end sales over $1 million compared to 2007, 54 versus 37, and the total dollar volume of those sales dropped to $64 million in 2008 compared to just over $100 million in 2007. The average sales price of high end homes (over $1 mil) dropped slightly from $1.854 mil in 2007 to $1.731 million in 2008, but that is still higher than in ‘05 and ‘06 which both came in around $1.65 mil. That means that waterfront owners should feel pretty secure in their investments. The total sales volume for all homes was down from $331.8 million in 2007 to $236 million in 2008.
So, while sales were down somewhat significantly and there has been a drop in the average sales price in 2008, it would appear that when viewed over the longer term the Lakes Region is fairing pretty well! Maybe the doom and gloom press should look a little deeper…
2000-2008 Comparisons for Belknap County Plus Moultonborough Residential Sales
| Units Sold | Median Price | Average Price | |
|---|---|---|---|
| 2000 | 1138 | $138,000 | $236,717 |
| 2001 | 1037 | $143,350 | $222,350 |
| 2002 | 1090 | $167,000 | $263,364 |
| 2003 | 1113 | $195,100 | $293,050 |
| 2004 | 1241 | $225,000 | $344,401 |
| 2005 | 1140 | $245,950 | $348,862 |
| 2006 | 958 | $246,000 | $365,198 |
| 2007 | 832 | $249,950 | $398,719 |
| 2008 | 675 | $228,000 | $349,688 |
Report covers the towns of Aton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, and Tilton
