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Sanborn – Sales are up, but not prices

OK! Finally, there were over a hundred residential homes sales in one month in the towns covered by this report. There were 110 in July, to be exact, at an average sales price of $299,469. This may not be exactly a watershed moment in the Lakes Region real estate world, but it has been a long time since this happened. Last July there were just 70 sales at an average price of $260,113 so that's a healthy 57 percent increase.

Year to date sales of residential homes are up 13 percent with 556 sales through the end of July compared to 491 for the same period in 2012. The average sales price for the first seven months of the year comes in at $283,536 which is a just a bit lower than the $286,898 for the same period last year. Despite all the news reports on TV of the real estate market getting hot and prices increasing, it should be noted that real estate is a very local phenomena. While some areas may be seeing big bumps in selling prices and multiple offers, that just isn't happening in the Lakes Region. If you are thinking of listing your home to sell, don't get all excited thinking you can ask more for your property than you could a year ago. It is still a buyer's market in this neck of the woods and may be for some time. The good news is that the total number of residential sales has increased and that should help whittle down the inventory.

As usual, most of the high end sales last month were waterfront properties. There were, however, some pretty nice homes off the water that found new owners. Some took a while longer to sell than others, though. Take, for example, the property at 141 Riverwood Drive in New Hampton. This custom contemporary cape was built in 2004 and has an amazing, high quality 7,187 square feet of living space with all the bells and whistles. There is a gourmet kitchen featuring gorgeous cabinetry, high end appliances, granite counters, a great room with the requisite stone fireplace, a first floor master suite, four guest bedrooms, and a man cave over the garage that most guys can only dream about. This home was listed way back in June of 2009 for $699,000 and has been on the market every year since. It was relisted this year at $579,000 and had several price reductions down to $399,000. It finally sold at a higher price at $455,000. I expect there might be a long story about why it sold higher than the asking price, but it cannot be anywhere near as long as the 1,179 days it was on the market. The home is assessed at $761,080 so I'd say the buyer got a great deal.

A Victorian with a contemporary flair at 1525 NH Route 140 in Gilmanton, NH also sold last month. This 4,745 square foot beauty was built in 2002 and has three bedrooms, two and a half baths, gourmet kitchen, two fireplaces, master suite, den, bonus room, custom woodwork, and more. It was originally listed at $590,000 in December of 2009 and was on the market 270 days then. It came back on the market in April of 2012 for $485,500 and sold for $404,900 after another 417 days on the market. Time and (less) money fix everything. This home is currently assessed at $495,520.

A spectacular, custom built 4,868 square foot contemporary at 32 Harvest Run in one of Gilford's most desirable neighborhoods also found a buyer after 291 days on the market. This high quality home left little to be desired with its great floor plan, gourmet kitchen, granite countertops, beautiful oak trim and flooring, fireplace, sun room, media room, and a spacious first floor master suite plus four guest rooms upstairs. This home was listed at $660,000, reduced to $599,900, and sold for $550,000 after 291 days on the market plus another 118 days under contract. This property is assessed for $495,500. Obviously, the quality was recognized by the buyer.
Up in Gunstock Acres in Gilford, a mountaintop retreat at 30 Ridgeline Loop also took almost a year to sell. This 4,505 square foot, three bedroom, two and a half bath contemporary home was built in 1985 and is spectacular but the amazing panoramic views undoubtedly sold this home. The home has a gated entrance (no, not on the front door, in the driveway!), a great room with cathedral ceilings, exposed beams and fireplace, an upscale kitchen with granite counters, birch flooring, beautiful natural woodwork, master suite, gym, sunroom, and large deck overlooking the lake. There's also a two car detached carriage house plus an attached five car garage just in case. This is a home to entertain in and the party won't stop if the lights go out because a whole house generator ensures that you can party on. This home was listed for $849,000, was reduced to $799,000, and sold for $640,000 after 330 days on the market. It is currently assessed at $525,700.
So, it's pretty easy to see that all of these homes were on the market for extended periods of time and they all took sizeable price reductions to finally get a buyer. Do you think these sellers would have been ahead of the game and had a little less stress in their lives if they had listed lower to begin with?

Please feel free to visit www.lakesregionhome.com to learn more about the Lakes Region real estate market and comment on this article and others. Data was compiled using the Northern New England Real Estate MLS System as of 8/18/13. Roy Sanborn is a REALTOR® at Four Seasons Sotheby's International Realty and can be reached at 603-455-0335.

 
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