2013 Lakes Region of NH Residential Home Sales Report
2013 LAKES REGION OF NH RESIDENTIAL HOME SALES REPORT
We finished off 2013 with 72 residential homes sold in December in the Lakes Region communities listed in this report. The average sales price came in at $236,484 and the median price point stood at $177,500. Last December we only had 57 sales albeit at a higher average sales price of $315, 391 and a median of $200,000.
For the year, there were 1,041 residential home transactions in these same communities at an average sales price of $300,392 and a median price point of $192,000. That is a 14% increase in total sales over 2012! And, 2012 had a 19% increase in total sales over 2011. So volume-wise, we are definitely headed in the right direction. The average sales price in 2013 came in at $300,392 which was just a tad lower than the $302,188 posted for 2012. You do know what a “tad” is, right? The median sales price has bounced around from $182,000 to $192,000 for the past five years.
A breakdown by individual towns has Alton with 110 transactions at an $346,734 average sales price, Barnstead with 95 sales at $145,793, Belmont with 102 at $150,243, Center Harbor with 23 at $510,715, Gilford with 140 at $347,782, Gilmanton with 52 at $193,208, Laconia with 188 at $213,729, Meredith with 107 at $430,845, Moultonborough with 132 at $521,134, New Hampton with 30 at $214,523, Sanbornton with $261,678, and Tilton with 23 sales at an average of $139,003. So Laconia wins for the award for the most sales but if you are going for the big bucks Moultonborough is the place to be! The overall average sales price in 2013 of $300,392 is 24.6% off the peak price year of 2007 when the average sales price came in at $398,717.
So what price ranges are selling? Well, there’s no surprise that over 50% of the homes sold in 2013 were under the $200,000 mark…52.7% to be exact. That’s down just a smidgen from 2012’s 55%. For those of you that don’t know, a “smidgen” is a precise real estate technical term meaning a small amount. Only 15.3% of the homes sold were under that magical $100,000 mark. Mid-range homes from $200,000 to $299,999 made up 22% of the sales while those homes priced from $300,000 to $399,999 made up only 8.3% of the sales. Homes over the $400k mark represented 17% of the total number of sales.
As with most things, less expensive homes sold quicker. Homes under $100,000 sold at an average of 106 days on the market, those between $100,000 and $199,999 averaged 119 days, $200,000 to $299,999 averaged 160 days, $300,000 to $399,999 averaged 172 days, and over $400,000 meant you were looking at an average of 163 days to find a buyer. The number of days on market listed, however, does not include any previous times the home was listed with another agency. The actual average days on market is higher just as things always appear a tad larger in your side view mirror.
The total dollar volume for 2013 came in at $312.7 million which was up a scoach from $276.3 in 2012. A “scoach” is another little used, but precise, technical term meaning a tad more than a smidgen. Anyway, to put this into perspective, the 548 sales under $200,000 represented about $68.7 million in sales or 22% of the dollar volume. But, the 177 sales over the $400,000 mark represented a whopping $158.9 million in sales or 51% of the dollar volume. This kind of demonstrates the definite positive impact that the high end, second home, and waterfront home sales have on our real estate market.
So what does this all mean? I think it is pretty basic. If the total number of sales continues to rise and deplete the inventory levels, eventually prices will begin to rise. And, of course, we need to have a stronger economy to get the mid-priced home market moving. We will continue to rely on the high end home sales to retirees and second home purchasers to bolster our market. Finally, I do know that if you could drop the price of your home a smidgen to get below that $300,000 mark and move it just a scoach over the line into Moultonborough to take advantage of their low tax rate, you will undoubtedly sell it a tad quicker. But, that’s just plain real estate talk.
Data was compiled using the NNEREN MLS system as of 1/15/14