Real estate activity in the Lakes Region increasing

With only two months to go to year-end, I looked up the real estate activity we've experienced in the Lakes Region for the past 10-months to see how 2020 compared to the same 10-months in 2019. Like all businesses, Real Estate took a hit in the beginning stages of the COVID19 pandemic but rebounded during the summer and fall season.

Here's how sales look in 25 of the Lakes Regions towns and cities for the first 10-months of 2020:

Residential Sales

• 2,316 Sales compared to 2,160 in 2019, an increase of 7.3%.

• 18 median days on the market compared to 28 in 2019, a decrease of 35.7% for days on the market.

• $402,245 average sales price compared to $348,244 in 2019, an increase of 15.5%.

• $277,000 median sales price compared to $244,290 in 2019, an increase of 13.4%.

• 465 pending sales as of 11/4/2020 at an average price of $454,946 and a median sales price of $319,000

• 351 active residential listings as of 11/4/2020 at an average price of $595,922 and a median listing price of $329,900

Land Sales:

• 498 sales compared to 333 in 2019, an increase of 49.5%.

• 112 median days on the market compared to 116 in 2019, a 3.4% decrease.

• $119,089 average sales price compared to $102,676 in 2019, an increase of 16%.

• $63,500 median sales price compared to $60,000 in 2019, an increase of 5%.

• 144 pending sales as of 11/4/2020 at an average price of $166,051 and a median price of $71,000.

• 417 active land listings as of 11/4/2020 at an average price of $202,036 and a median price of $78,000.

Commercial Sales:

• 57 sales compared to 43 in 2019, an increase of 32.6%.

• 102 median days on the market compared to 91 in 2019, an increase of 12%.

• $411,719 average sales price compared to $300,048 in 2019, an increase of 37.2%.

• $274,500 median sales price compared to $260,000 in 2019, an increase of 5.6%.

• 22 pending sales as of 11/4/2020 at an average price of $543,105 and a median price of $412,450.

• 109 active commercial listings as of 11/4/2020 at an average price of $701,231 and a median price of $479,000.

So there you have it. You can see how the three real estate sectors performed compared to the previous year. The results look very good for closed sales and the pending sales show a very positive year moving forward.

I wanted to see how our sales at Roche Realty Group compared to the Lakes Region Statistics as a whole noted above:

For the first 10-months of 2020, Roche Realty Group produced $122,143,531 in closed sales volume resulting in an increase of 14.6% over 2019 with 332 transaction sides resulting in an increase of 13.3% over 2019. Gross commission income was up 19.9% over 2019. The average sales price amounted to $367,902. One very important trend I saw was in pending sales. As of 11/4/2020, Roche Realty Group has 67 pending sales scheduled to close on or before 12/31/2020. That was a big surprise and shows we will be way far ahead of last year's results.

All of the Realtors in the Lakes Region are seeing similar trends. Sales are up, buyer interest is very strong, and the Lakes Region is a great place to be living in today's environment. One common caveat, however, which we are all facing is the lack of inventory. Let's hope we see more real estate listings coming on the market in the year ahead.

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This article was written by Frank Roche. Frank is president of Roche Realty Group with offices in Meredith and Laconia, NH, and can be reached at (603) 279-7046. Data was compiled by a NEREN search on 11/04/2020 at 3:30 pm EST and is subject to change. Towns searched as Lakes Region include Alexandria, Alton, Ashland, Belmont, Bridgewater, Bristol, Center Harbor, Effingham, Franklin, Freedom, Gilford, Gilmanton, Hebron, Holderness, Laconia, Meredith, Moultonborough, New Hampton, Ossipee, Sanbornton, Sandwich, Tilton, Tuftonboro, Wakefield, and Wolfeboro. Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.