Another year has come to a close and it's time to review just what the heck happened last year in the residential home market in the Lakes Region of N.H. But let's get December out of the way.
In the twelve communities covered by this report there were 83 residential homes that traded hands in December 2014. That number is up from the 72 sales posted in December 2013. That's good. The average price was also up from $236,484 to $301,452. That's good, too, but try not to get too excited...it is a matter of what's selling in the market place rather than huge increases in home values.
For 2014, overall, there were 989 sales residential home sales at an average price of $312,413. The median price point came in at $205,500. That total sales number is off about 5 percent from the 1,041 transactions in 2013. Still not too bad, though. The average price was up from $300,392 to $312,413 and the median was up from $192,000 to $205,500. Just a note: the $312,413 average for 2014 is still 21 percent lower than the $398,717 average sales price posted way back at the peak in 2007. It will take real honest to goodness appreciation in the market place to get back to that level.
This all points to an improving market but also to the fact that there just are slightly more high priced homes selling compared the lower end. In 2013, 52.7 percent of the sales were under $200,000 compared to 47.8 percent in 2014. On the high end, 25.3 percent of the sales were over the $300,000 mark in 2013 while 29 percent exceeded that threshold in 2014. The number of homes that sold between $200,000 and $300,000 only increased 1 percent, from 22 percent in 2013 to 23 percent in 2014. So the detail is in the numbers.
The total residential sales volume for 2014 totaled $308.9 million compared to $312.7 million in 2013. So even though the average sales price was up a bit, it wasn't enough to compensate for the fewer number of sales. But that's OK, it was still a pretty good year!
The time on the market to sell a home increased slightly in all price ranges with the overall days on market increasing from 138 in 2013 to 157 in 2014. That gives you a couple more weeks to get ready to pack.
Laconia by far posted the most residential home sales with 198 transactions, followed by Moultonborough with 130, Meredith with 105, Gilford with 93, and Alton with 92. Center Harbor had the fewest sales with 23, but the highest average sales price at $588,626. The next highest averages were Moultonborough at $472,944 and Meredith at $456,271. Obviously, the high percentage of waterfronts that were sold in those towns bumped the average up some. Gilford's average sales price came in at $366,407, which is lower than I would have guessed. Guess they need to sell a few more Governors' Island properties?
Looking for more affordable homes? Barnstead had the lowest median price point at $154,750 and an average sales price of $177,238. Belmont also might be a good choice with a median price point of $158,000 and an average sales price of $162,673...
So, it was a great year overall! Let's hope 2015 brings continued increases in overall sales numbers and prices!
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