Frank Roche, President of Roche Realty Group, Inc with offices in Meredith and Laconia, has reported sales for the 12 months ending Dec. 31, 2020. The firm produced a sales volume of $146,563,726, involving 417 transaction sides. The company averaged $2.82 million in sales volume per week in 2020. The average selling price amounted to $351,472. Roche indicated, "the sales volume represented a 12.4% increase over the previous year and was the 3rd highest sales achievement in the firm's 29-year history." The number of transaction sides of 417 increased by 11.9% over the previous year.
Roche continued, "2020 was one of the most unusual years I have experienced in over 44 years selling real estate in NH's Lakes Region. In March, when the governor announced the shut down of nonessential business, our two offices went remote like so many businesses in the region. Like all of them, we had to adjust our marketing strategies, showing, and closing procedures. Our policies changed in an abrupt way. Fortunately, our technology systems, our web presence, social media presence, and the way we market properties helped us immensely during these difficult times. For example, we invested in Matterport technology way before the pandemic hit, which allowed us to showcase our listings with an interactive 3D tour that users can navigate through the rooms of the home in high definition. With so many of our clients operating out of their homes, this state-of-the-art technology was a game-changer for us. We made a number of sales with the consumer using the Matterport tour and not even viewing the property, especially with our out-of-state buyers.
That technology, together with our drone photography, creating beautiful aerials and high definition photos, we were able to create an experience similar to viewing the property. Roche Realty Group invested heavily to ensure optimal national and international exposure on over 80 websites. The company's affiliation with LuxuryRealEstate.com and LuxuryHomes.com added immensely to the companies global reach. At the same time, we made tremendous changes to our website, adding all sorts of content, pertinent blogs, numerous enhancements, making the search process more user-friendly, and up-to-date information on the region to help consumers make an informed decision. The website also includes a 'lifestyle finder' which compiles instant research and comparisons of cities and towns across the USA. For example, you can pull up the median home prices in every town and city as well as demographic information. Our informative blogs provide a wealth of information about the Lakes Region, the State of New Hampshire, and the local real estate market."
Frank Roche indicated, "I attribute the strong sales to our dedicated real estate professionals and our hard-working administrative and marketing staff. Back in March, I never would have predicted that sales would be this strong. As we move forward in 2021, we face a severe lack of real estate resale inventory. The limited amount of product selection is due to the considerable run-up we experienced over the past five years and the record low interest rates. This is by far the lowest inventory level I have experienced in my entire career. We have a lot of issues to work through, with the toughest one being an affordable housing shortage. Without adequate resale product, it is very difficult, if not impossible, to build very affordable housing at today's high construction cost and land prices.
On the other side of the spectrum, there is a very strong demand for housing at all price points. Continued movement from heavily populated urban areas into our beautiful region is helping to fuel the fire. Days on the market have dropped considerably to all-time lows, and with the low inventory levels, low interest rates, and continued demand, we expect to see an extended rise in home values. The only link to the puzzle will be the early spring market. If inventory levels do no increase, we will be in for a tough year. That's why 2021 is such a pivotal year. It is by far the best market to sell your home that I've experienced in my 44-year career here in the Lakes Region."
Since 1997 Roche Realty Group has sold more than $2,455,560,044 of New Hampshire's properties involving 8,200 transaction sides and has ranked in the top 10 real estate firms in New Hampshire out of over 2,400 firms statewide reporting sales during this 23-year period.
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. Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.