There were 605 homes on the market, as of May 1, in the 14 Lakes Region communities covered by this market report. The average asking price was $693,157 and the median price point was $349,999.
The average asking price of homes in the Lakes Region is definitely inflated by the many high-priced waterfront homes that are on the market. Big time! You’d almost think we were in California or Boston when you look at the $693,157 average asking price above. While the actual average sales price each month is less, even that number is inflated by the abundance of waterfront sales in the area!
For the first three months of 2019, the average sales price for single-family residential homes in the communities covered by this report was $422,098. That’s a scary number for a lot of folks!
So just for the fun of it, I ran the numbers for residential sales in each of our towns for last year without the waterfronts included. As you can see by the accompanying chart, that has a significant effect on the average sales prices. It also paints a truer picture of which communities have more affordable homes.
The towns that have a lot of waterfront showed the biggest price drop. The overall average sales price in Moultonborough was $732,217, but when you take out the waterfront homes, the average sales price drops down to $257,454! Meredith went from an average of $504,819 down to $293,973. In Tilton, New Hampton, and Gilmanton, where there aren’t as many waterfront sales, the change was much less.
The chart also shows the 2018 tax rate for each town, which also is a big factor for many buyers when purchasing a home. So, if you are looking for a home you, might think that you’d want to pay the average sales price in Laconia of $196,899 and have Moultonborough’s tax rate of $7.72? Sorry, it doesn’t work that way. But never mind … cut this chart out and put it on the fridge; it might come in handy if you are looking for some new digs!
Visit www.DistinctiveHomesNH.com to learn more about the Lakes Region real estate market and sign up for a monthly newsletter. Data compiled using the NEREN MLS. Roy Sanborn is a sales associate at Four Seasons Sotheby's International Realty. Contact him at 603-677-7012.