There were 56 residential home sales in March in the twelve communities covered by this market report. The average sales price came in at $284,323 and the median price point was $202,500. Last March there were 62 transactions at an average sales price of $271,231. For the first quarter of the year there were 146 sales at an average of $284,766 with a median price point of an even $200,000. For the first quarter of 2014 there were 171 sales at an average of $316,900 with a median price of $204,910. So that's a 15 percent drop in the total number of sales so far this year and a 10 percent drop in the average sales price. There were also 171 sales in the first quarter of 2013 but the average price was much lower at $224,659.
So what gives? If you read the article in last Sunday's Union Leader it said things are heating up in the Southern N.H. real estate market. The key word there is "southern." There seems to be a line just around Concord where the market changes from hot to maybe lukewarm at best. Homes are selling quickly and with multiple offers in the Manchester and Seacoast areas and their inventory level is down considerably. The article states that REALTOR.com rated the Nashua-Manchester Market as the 11th hottest in the country. I suspect there was no mention of the Weirs-Lakeport market anywhere. Real estate is very local, so what you read about in one area does not necessarily apply in another.
Even at the local level, there are always communities and neighborhoods that are more desirable and where homes will sell quicker. Take Long Bay and South Down in Laconia, for example. Property always sells there and the listings generally bring more than assessed values which bucks the trend lately in many towns. Real estate truly is all about location, location, location.
As far as the condo market goes, there were 29 sales our communities in both the first quarter of this year as well as last. The average sales price for the first quarter this year was $201,507 and last year it was $149,615. Last year 8 of the 29 sales were over $200,000 and this year 11 were over the $200,000 mark thereby bumping the average sales price up a bit.
But there is some good news for this area as well. Interest rates are still very low. Freddie Mac stated that the rates across the nation on a 30 year fixed loan average 3.66 percent versus 4.34 percent 12 months ago. That helps give first time buyers that little bit extra purchasing power they may need to get into a home.
The other good news is that spring is really, truly, finally here. You can't help think that the horrible winter we have had has contributed somewhat to the lack luster sales so far this year. And, it truly feels like the number of showings and properties going pending have picked up over the past several weeks. A check on the properties that are currently under contract reveals that there are over 175 properties for a total of $62 million in the pipeline. That will help as we go into our busy season.
But the really great news is that the Lakes Region of N.H. will always be an extremely desirable place to live. Our lakes and mountains provide recreational experiences and a relaxed lifestyle that is unmatched anywhere else in the Northeast. That's why so many people choose to buy a vacation home or retire here. So while our real estate market is not as hot as some areas, we've got a lot going for us and I fully expect that we'll have a great summer sales season.
Pease feel free to visit www.lakesregionhome.com to learn more about the Lakes Region real estate market and comment on this article and others.
Data compiled using the NNEREN MLS system as of 4/16/15. Roy Sanborn is a sales associate at Four Seasons Sotheby's International Realty and can be reached at 603-677-7012.
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