2022 vs. 2021 — Is the Lakes Region's frenzied market over?

It's that time of year to provide all of you with an update on real estate activity in the Lakes Region, comparing sales in 2022 with those that occurred in 2021. Here are the statistics I've compiled through NNEREN for the 25 towns and cities comprising the Lakes Region of New Hampshire.

Residential single-family homes

2022: 1,587 sales, a decrease of 19.7% over 2021; median days on the market nine; median sales price $425,000, an increase of 18.06% over 2021; lowest $32,500, highest $12.3 million; total volume $1,024,814,216, a decrease of 0.325% over 2021.

2021: 1,976 sales; median days on the market eight; median sales price $360,000; lowest $25,000, highest $8.5 million; total volume $1,059,234,364.

Residential condominiums

2022: 370 sales, a decrease of .093% over 2021; median days on the market seven; median sales price $360,000, an increase of 39.7% over 2021; lowest $22,000, highest $1.4 million; total volume $161,584,262, an increase of 24.23% over 2021.

2021: 408 sales; median days on the market six; median sales price $257,750; lowest $15,000, highest $1.4 million; total volume $130,071,390.

Land

2022: 468 sales, a decrease of 34.7% over 2021; median days on the market 32; median sales price $90,000, an increase of 21.6% over 2021; lowest $8,000, highest $6 million; total volume $77,377,576, a decrease of 18.5% over 2021.

2021: 717 sales; median days on the market 44; median sales price $74,000; lowest $3,000, highest $4.3 million; total volume $94,949,868.

Commercial

2022: 87 sales, a decrease of 23% over 2021; median days on the market 50; median sales price $380,000, a decrease of .05% over 2021; lowest $35,000, highest $2.5 million; total volume $49,173,258, a decrease of 37% over 2021.

2021: 113 sales; median days on the market 52; median sales price $400,000; lowest $32,500, highest $6.2 million; total volume $78,002,069.

Lake Winnipesaukee

2022: 104 sales, a decrease of 21.8% over 2021; median days on the market 10; median sales price $1.7 million, an increase of 19% over 2021; lowest $335,000, highest $12.3 million; total volume $242,358,450, a decrease of 0.38% over 2021.

2021: 133 sales; median days on the market nine; median sales price $1.45 million; lowest $255,000, highest $8.5 million; total volume $251,911,850.

Lake Winnisquam

2022: 18 sales, a decrease of 18.2% over 2021; median days on the market six; median sales price $1.36 million, an increase of 15.4% over 2021; lowest $650,000, highest $3.5 million; total volume $28,151,500, a decrease of 0.0054% over 2021.

2021: 22 sales; median days on the market nine; median sales price $1.18 million; lowest $145,000, highest $2.95 million; total volume $28,304,804.

Squam Lake

2022: Six sales, a decrease of 40% over 2021; median days on the market 13; median sales price $3.2 million, an increase of 75% over 2021; lowest $1.58 million; highest $8 million; total volume $24,465,027, an increase of 27.3% over 2021.

2021: 10 sales; median days on the market 47; median sales price $1.83 million; lowest $1.3 million; highest $3.23 million; total volume $19,215,000.

Newfound Lake

2022: Six sales, a decrease of 25% over 2021; median days on the market 22; median sales price $1.3 million, an increase of .016% over 2021; lowest $796,000, highest $1.43 million; total volume $7,221,000, a decrease of 35.4% over 2021.

2021: Eight sales; median days on the market 10; median sales price $1.28 million; lowest $800,000, highest $2.58 million; total volume $11,173,400.

You can see from the above that 2022 was a very interesting year that showed major decreases in unit sales primarily because of the lack of inventory, price escalation, and increased mortgage interest rates. However, median sales prices in all categories increased substantially because of the very strong demand for Lakes Region properties and continued limited supply. Looking ahead to 2023, I expect a year of uncertainty coupled with real estate market conditions slowly transitioning in favor of buyers rather than the hot seller's market we experienced the past several years. Do not expect a frenzied market over the next year. We'll certainly learn just how much of the shift in the housing market rhymes with the past and how much is creating new history.

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This article was written by Frank Roche, president of Roche Realty Group in Meredith & Laconia. Frank can be reached at 603-279-7046. Please feel free to visit www.RocheRealty.com to learn more about the Lakes Region and its real estate market.