Winnipesaukee and Winnisquam Waterfront Report – First Half 2009
178 Channel Lane, Laconia offered at $1.5 million
Waterfront property sales make up a significant portion of the overall Lakes Region of NH residential home sales volume. So how are we doing half way through 2009? In the communities that border Lake Winnipesaukee (Alton, Center Harbor, Gilford, Laconia, Meredith, Moultonborough, Tuftonboro, and Wolfeboro) there were only 30 waterfront sales (including island properties) through June 30th representing $25,195,752 in total sales and an average sales price of $839,858. Overall, there were 252 residential sales transactions in these towns with a total sales volume of $73,970,665, so waterfront sales represented about 34% of the total sales volume so far in 2009.
Comparatively, in the first half of 2008 there were slightly more waterfront sales on Winnipesaukee (33) but the total dollar volume of these transactions came in significantly higher at $46,031,845 which translates to an higher average sales price of $1,394,904. There was a total of 237 residential transactions in the 1st half of 2008 producing $110,570,858 in total sales volume for all residential transactions with waterfronts making up 41% of that dollar volume. Looking back one more year to 2007, there were 50 Winnipesaukee waterfront sales through the first half of the year with a total sales volume of $55,614,400 and an average sales price of $763,750. There was a total of 320 residential sales producing $148,608,457 in total sales volume with waterfront sales making up 37% of the total dollar volume.
So, waterfront sales on Winnie are up and down but still happening. Just not as many as we’d like to see. Perhaps the biggest concern is that as of 7/5/09 there were 215 waterfront properties (including island properties) with an average asking price of $1,884,690 currently listed on the lake. Based on the sales rate over the past year that translates 3 years worth of inventory! There are124 waterfront homes offered over the $1 million mark which leaves 91 properties under $1 million. There are 3 waterfronts currently pending including a $6.7 million property on Governors Island, so there truly are buyers out there.
Lake Winnisquam has always been a very desirable and less expensive alternative to Winnipesaukee appealing to those looking for a quieter, more laid back feeling. Sales have been slow with only 2 transactions so far this year at an average sale price of $341,250 . That compares to 3 sales in the 1st half of 2008 at an average of $492,667, and 3 sales in the 1st half of 2007 at an average sales price of $546,333. As of July 6, there were 36 waterfront properties offered on Winnisquam which represents a huge 4½ years worth of inventory on the market. The average asking price on this lake as of 7/5/09 was $624,994. There are also 3 pending sales on Winnisquam and hopefully many more to come as the summer sun eventually, and begrudgingly, shines on the Lakes Region waterfront market…
July 23rd, 2009 at 7:56 am
Waterfront sales have to be heavily influenced by the aggressive tax increases thru the last revaluation and recent rate increases.buying now allows you to pay taxes at a rate of $200-$300,000 more than your house is worth and going steadily north. I live in the most beautiful part of washington D.C. and my taxes are %05 less than comparable tuftonboro taxes and my house has lost little of its value..
January 27th, 2010 at 3:56 pm
[...] Waterfront sales on Lake Winnipesaukee started pretty slow in 2009. There were only 30 waterfront sales (including island properties) in the first half of 2009 in the communities that border the big lake (Alton, Center Harbor, Gilford, Laconia, Meredith, Moultonborough, Tuftonboro, and Wolfeboro.) Sales did pick up steam in the second half of the year and we posted 46 more for a total of 76 sales on the year with an average sales price of $1,164,819. Moultonborough had the majority of the sales with 26 and Alton recorded 14 sales. Both Alton and Moultonborough had low average sales prices (although Laconia had the lowest average) which probably indicates that the availability of “affordable” waterfront properties led to a higher number of sales. [...]