Housing market

As the summer season winds down and we head into the fall selling season, I thought I would take a look and see how our real estate inventory stacks up going forward. The spring market was a difficult period due to the coronavirus's major concerns and the lockdowns that everyone was experiencing. That pause in the market created a surge of activity this past summer, where the market definitely started to catch up. Going forward into what is usually a brisk amount of real estate activity in the fall, we are faced with challenges here in the Lakes Region regarding our supply of real estate inventory.

According to the New Hampshire Association of Realtors, there is a 1.7-month supply of inventory statewide as of July 2020. They have not yet updated with the numbers from August. That is obviously not a healthy number; we usually look for at least a 6-7-month supply of inventory. However, back in 2012-2013, we had between a 12-13-month supply of inventory. If you look at pending sales in NEREN, the list is quite lengthy due to sales volume this past summer. In the Lakes Region at the present time, there are 522 residential properties that are currently under agreement and pending in the system. These listings are coming up for closing in the near future. On the other side of the equation, there are 331 active residential properties for sale in the entire Lakes Region, consisting of 25 towns. When you consider that there are over 900 licensed Realtors in the Lakes Region Board of Realtors, you can see what we are up against. Take, for example, if you owned a very busy Dunkin' franchise. At the start of the soccer season on opening day, all high school and middle school moms show up asking for dozens of the mixed variety donuts for all hungry athletes. Unfortunately, the clerk says, 'I only have plain donuts today.' That's the predicament we are facing as Realtors. In other words, right now, we have more buyers than sellers.

To give you an idea of what is out there available for sale, as of today, here are some chilling results:

Alexandria

1 active listing at $750,000. 16 listings under contract from $110,000-$1,395,000 with an average of $360,525

Alton

21 active listings with an average list price of $718,000 and a range of $68,900-$3,250,000. 36 listings under contract from $169,000-$425,000 with an average listing price of $890,620

Ashland

3 active listings with an average price of $344,966 and a price range of $185,000-$599,900. 11 listings under contract from $136,500-$675,000 and an average list price of $259,172

Belmont

20 active listings with an average price of $236,825 and a price range of $63,900-$399,900. 26 listings under contract from $65,000-$1,199,000 and an average list price of $334,623

Center Harbor

4 active listings with an average price of $2,322,000 and a price range of $369,000-$4,495,000. 11 listings under contract from $150,000-$3,500,000 and an average list price of $813,636

Franklin

15 active listings with an average price of $315,760 and a price range of $149,900-$1,850,000. 26 listings under contract from $59,000-$629,900 and an average list price of $249,338

Gilford

20 active listings with an average price of $1,123,362 and a price range of $17,250-$9,500,000. 51 listings under contract from $14,900-$3,800,000 and an average list price of $645,707

Gilmanton

9 active listings with an average price of $286,233 and a price range of $124,500-$575,000. 15 listings under contract from $110,000-$919,000 and an average list price of $367,960

Laconia

71 active listings with an average price of $433,298 and a price range of $53,000-$2,295,000. 92 listings under contract from $45,000-$1,200,000 and an average list price of $294,885

Meredith

27 active listings with an average price of $1,088,196 and a price range of $79,900-$5,995,000. 44 listings under contract from $79,900-$2,795,000 and an average list price of $701,902

Moultonborough

35 active listings with an average price of $1,158,537 and a price range of $125,000-$6,995,000. 35 listings under contract from $89,900-$1,949,000 and an average list price of $625,251

New Hampton

2 active listings with an average price of $459,900 and a price range of $459,900-$459,900. 5 listings under contract from $105,900-$499,000 and an average list price of $276,484

Sanbornton

6 active listings with an average price of $851,950 and a price range of $167,900-$3,895,000. 10 listings under contract from $182,500-$795,000 and an average list price of $382,280

Wolfeboro

30 active listings with an average price of $1,126,036 and a price range of $79,900-$10,000,000. 29 listings under contract from $145,000-$1,999,000 and an average list price of $622,706

The above listings include residential homes and condominiums/communities. 

Looking at a few of the condominium communities, Samoset Condominiums has no active listings, Misty Harbor has no active listings, Marina Bay has no active listings, Brookside Crossing has no active listings, Country Village Way has no active listings, Yacht Club Vista has no active listings, Gilford Meadows has no active listings, Gunstock Acres has two active listings, Broadview Condominium has no active listings, Village at Winnipesaukee has no active listing, Wildwood Village has one active listing, South Down Shores has four active listings, Meredith Bay has three active listings, Mallard Cove has no active listings, Racquet Club has no active listings, Grouse Point Club has no active listings, Waldron Bay has one active listing, Jonathan's Landing has no active listings, Lands End has one active listing, Windward Harbor has no active listings, Balmoral has three active listings, and Suissevale has three active listings.

So, you can see from the above what we are up against as real estate agents. There is strong competition out there with the increased buyer demand and lack of inventory. With interest rates at record lows around 2.5% adding fuel to the fire and a definite increase of buyers coming into the Lakes Region from the south, we can see how the housing market has recovered from the boom to bust cycle that began 12 years ago. NOW is the perfect time to consider selling your property for those of you out there that are considering selling, scaling down, relocating, or upgrading to a new home. You want to be out there when there is less competition with strong buyer demand and a lack of product choices. My advice…speak with your favorite Lakes Region real estate agent and get the process started!

•••

This article was written by Frank Roche. Frank is president of Roche Realty Group with offices in Meredith and Laconia, and can be reached at 603-279-7046. Data was compiled by a NEREN map search on Sept. 10 at 3:30 p.m. 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. Visit www.rocherealty.com to learn more about the Lakes Region real estate market.

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