Lakes Region of NH Real Estate Market Report – 4/17/09
First Quarter Lakes Region Residential Sales Results
As billed, March did indeed go out like a lamb weather wise and sales wise with only 44 residential homes sold in the Lakes Region of NH. That total is 24% off from last March’s tally of 58 homes. The average price of the homes sold in March was also down from $330,774 last March to $218,530 this March. The major reason for the drop in the average sales price is the fact that far fewer high end homes are selling. Of the 45 homes sold in March, 18 were bank owned properties and 3 were short sales.
The numbers for the 1st quarter of the year show that we are down about 11% from last year with respect to the total number of residential sales: 112 so far this year compared to 126 last. The average sales price for the 1st quarter came in at $237,480 compared to $356,812 last year. Again, this drop seems to be a function of fewer high end home sales. In the 1st quarter of 2008 there were nine homes that sold over $1 million compared to just two for the same period in 2009. The total gross sales volume in 2008 was $44.96 million compared to just $26.6 million this year. One good sign is that the average days on market has dropped from 132 last year to 112 this year signifying that some properties are moving just a little quicker.
A quick look at the 1st quarter condo market shows that there 19 units changed hands with an average sales price of $223,550 compared to 35 units sold in the 1st quarter of 2008 at an average sales price of $196,735. So even though the sales numbers were off 45%, the condo average sales price has held up better than the residential sector so far this year. There were only two bank owned condos sold and one short sale so far this year which seems to indicate that far fewer vacation home owners are in trouble. The same scenario holds true in the mobile home market where 1st quarter sales dropped from 13 in 2008 to 9 in 2009 but the average sales price rose from $33,262 to $43,332.
The Lakes Region Residential View contest is underway so if you live in a home with a view send a photo of it along with your contact information to my attention at Roche Realty Group or email me at rsanborn@rocherealty.com. Yes, waterfront views are also views! I’ll post them at http://www.lakesregionhome.com/ and on May 13th an independent panel of judges (I promise, no tax assessors) will pick the best view submitted. The winner will receive $100.00.
Residential Homes Sold March 2009
| 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 | 1 | 0 | 2 | 1 | 1 | $247,680 | $207,500 | 95% | 92 |
| BARNS. | 8 | 3 | 4 | 1 | 0 | 0 | $125,785 | $112,500 | 97% | 124 |
| BELM.T | 4 | 1 | 3 | 0 | 0 | 0 | $125,109 | $146,718 | 92% | 38 |
| CENTER HARBOR | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | * |
| GILF. | 10 | 1 | 2 | 4 | 0 | 3 | $329,451 | $237,500 | 93% | 176 |
| GILMNT. | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | * |
| LAC. | 7 | 3 | 2 | 1 | 1 | 0 | $159,329 | $105,000 | 94% | 47 |
| MEREDITH | 5 | 0 | 3 | 1 | 1 | 0 | $206,200 | $163,000 | 93% | 65 |
| MLTN. | 1 | 0 | 0 | 0 | 0 | 1 | $825,000 | $825,000 | 83% | 17 |
| NEW HAMPTON | 1 | 1 | 0 | 0 | 0 | 0 | $81,122 | $81,122 | 114% | 14 |
| SANBTN. | 2 | 0 | 2 | 0 | 0 | 0 | $172,450 | $172,450 | 99% | 98 |
| TILT. | 2 | 0 | 1 | 1 | 0 | 0 | $198,450 | $198,450 | 93% | 278 |
| TOTALS | 44 | 9 | 17 | 10 | 3 | 5 | $218,530 | $167,507 | 93% | 97 |
Report covers the towns of Alton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, and Tilton
April 15th, 2010 at 11:55 am
[...] seasons. In March 2010 there were 59 homes that changed hands. That is a 31% increase over the 44 posted for March 2009! The average price for the homes sold in March 2010 came in at $272,539 compared to $218,530 last [...]