2011 Lakes Region Residential Sales Report
Sales of single family residential homes in the Lakes Region communities in this report showed a pretty strong uptick in December with 89 transactions at an average price of $306,126. In December of 2010 there were just 59 sales although at a higher average sales price of $369,112. Sales above the $400,000 mark were strong with 15 waterfront sales that closed in December. This was a pretty good finish to the year!
For the year there were 773 residential properties sold at an average price of $306,460 (which was 92% of the average asking price at the time of the sale) and these homes were on the market an average of 147 days. Incredibly, in 2010 there were also 773 sales at an average of $320,898 (which was also 92% of the average asking price) and those homes were on the market for 144 days! Pretty amazing and consistent!
So what price ranges were selling last year and how many days on the market did it take to sell a house? Just over 50% of the homes that sold in 2011 were under $200,000. Homes over $400,000 comprised 18.5% of the total sales and most of them were waterfront properties. As you can see from the following chart, the higher the price range, the longer it takes to sell. Also, remember the days on market shown here only represents the amount of time the home has been listed with the agency that sold it. Homes are often listed multiple times before they sell, so the average days on market is actually higher. But just to show you that you can sell your home in this market 190 of the 773 homes that sold in 2011 went under agreement in a month or less, 112 of those went under agreement in two weeks or less, and 51 were under contract in a week or less.
The following chart shows the average sales prices in each town since 2006 and the percentage change in pricing since the overall peak in 2007. There were seven communities in 2011 where the average sales price went up compared to the average posted in 2010, but the average price for all towns combined dropped $320,898 in 2011 to $306,460. Most towns are still well off the highs of 2007 except for Moultonborough and New Hampton.
The median sales price also topped out in 2007:
So all in all, residential sales in 2011 were pretty much flat compare to 2010 with a slight drop in the average sales price. Hopefully, the strong finish in December will continue throughout the new year!