About Belknap County, NH

February is here and the days may be getting longer but the home inventory in the Lakes Region of NH is getting larger. We edged up from 869 homes on the market last month to 926 homes listed as of February 1 with a current average asking price of $590,214. That is on par with last February when the inventory stood at 923 homes, but the average price was lower at $548,470. Currently, we have a 15 month supply of homes on the market based on sales numbers over the past year. That is still about three times what is considered a normal or good inventory level.

As reported previously, the average sales price of homes is definitely down in the Lakes Region as well as the rest of the country. I thought it would be an interesting exercise to break the numbers down a little further and see how the individual communities faired over the past four years. Both the average and media sales prices peaked in 2007 and in the last two years slid lower ( 20% and 14% respectively) than the numbers shown in 2006. Of all the towns in this report, New Hampton was the only one to stay in positive territory with a slim .57% increase in the average sale price.

The smallest decrease since 2006 occurred in Gilford with a 4.7% drop and Gilmanton with a 9% drop. Gilford’s strong waterfront market probably helped stabilize the average but then again Moultonborough, which had the highest number of waterfront sales (but not the highest waterfront average), dropped 28%. The biggest decline in average sales prices was in Barnstead at 37.7% . The median sales price (the amount paid for a property where half of the properties sell for less and half sell for more) in Barnstead was also down the most since 2006 at 37.7%. This indicates that there were a lot more low priced homes (and a large number of foreclosures) being sold and thus the lower average sales price. The same scenario is true in Laconia where the average sales price dropped 22.8% and the median price dropped 28%.

As I have mentioned in previous articles, these averages and percentages don’t necessarily mean that if you live in Laconia, for example, that your property is worth 22% less then it was worth in 2006. The average sale price is reflective of market conditions, what homes sold and for how much, and in what price bracket. You might have to living on another planet not to be aware that home values have dropped, but the question is how much? I believe that this is on a case by case basis. Desirable, nice quality homes still sell in any market and bring fair and reasonable prices that are usually above the averages. The best way to determine the value of your home is to have your REALTOR® provide you with a current market value analysis based on recent similar sales in your area. But, like anything else, the real value is of your home is ultimately determined by what someone is willing to pay for it…

My favorite Lakes Region Real Estate Market Report of the whole year is definitely the year end waterfront report. It is exciting to see what homes sold, where they were located, and how much they went for. I focus only on the sales on Winnipesaukee and Winnisquam because they have the bulk of the sales and therefore they are a pretty good barometer as to how well the market is doing. Waterfront sales are a big part of the local real estate market as well as being important to our local economy is so many ways. So how did 2009 stack up to years past?

Waterfront sales on Lake Winnipesaukee started pretty slow in 2009. There were only 30 waterfront sales (including island properties) in the first half of 2009 in the communities that border the big lake (Alton, Center Harbor, Gilford, Laconia, Meredith, Moultonborough, Tuftonboro, and Wolfeboro.) Sales did pick up steam in the second half of the year and we posted 46 more for a total of 76 sales on the year with an average sales price of $1,164,819. Moultonborough had the majority of the sales with 26 and Alton recorded 14 sales. Both Alton and Moultonborough had low average sales prices (although Laconia had the lowest average) which probably indicates that the availability of “affordable” waterfront properties led to a higher number of sales.

Winnipesaukee island properties are always an affordable option for buyers looking to get their little slice of paradise on the lake. A small two bedroom cottage on Moose Island in Alton sold for a mere $156,000 and a very nice three bedroom, two bathroom cape with .62 acres and 100 ft of frontage on Sleeper Island in Alton sold for $425,000 covering both ends of the pricing spectrum. If island living is appealing to you, 2010 should be a good year to find an affordable island vacation get-a-way.

There were also some good deals found on mainland properties. For example, in Alton a two story seasonal cottage that also included another studio cottage right on the lake sold for $120,000 (it was assessed for $311,800). It might not have been beautiful but for that price and 121 feet of frontage on Winnipesaukee who cares! Another affordable waterfront that sold was at 62 Driftwood Drive in Moultonborough. This 1972 vintage. three bedroom, one bath ranch with 100 feet of frontage and a 30 foot dock was assessed for $424,100 and sold for $335,000. In fact, there were 16 properties that sold between $300,000 and $500,000. On the upper end of the spectrum there were 26 homes that sold over $1 million. The top three were properties at 25 Gazebo Point in Wolfeboro at $5.98 million, 55 Broadview Terrace in Gilford at $6.5 million, and the highest sale ever on the big lake at 50-60 Wagon Wheel Trail in Meredith at $7.8 million. Overall, we ended up the same as last year on Lake Winnipesaukee in terms of total sales. The average sales price of $1.176 million was down just a bit from the $1.218 posted in 2008 but pretty strong still when compared to the past 5 years.

Over on Lake Winnisquam, the total number of sales came in at 14 for the year. That is up from 2008 but still lower than the twenty or so that changed hands in previous years. The average sales price of $496,536 was the lowest it has been in the past five years and confirms that there were some good deals found on the lake over the past year. Properties on Winnisquam are always a bit more affordable than those on the big lake. The least expensive property this past year on Winnisquam was a seasonal two bedroom cottage with 114 feet of frontage at 118 Gray Rd in Sanborn which was assessed for $452,100 and originally offered at $449,000 that sold for $340,000. The highest sale was a fourteen room, six bedroom, 4,572 square foot contemporary with 170 feet of frontage at 87 Collins Brook Rd in Meredith that brought $740,000.

While 2009 was not one of those banner years for waterfront sales in the Lakes Region, considering the overall state of the economy, it was a pretty solid year. Given the rebound in the stock market and a little better outlook on the part of many people, 2010 should be a stronger year for vacation, water access, and waterfront sales.

If you are interested in receiving FREE additional detailed information on the Lakes Region waterfront sales and ongoing updates that will keep you informed on the value of your waterfront investment just click on the following button...

Lakes Region Real Estate Year End Review

It is not only the end of the year, it is the end of the decade, so it is the perfect time to review home sales in the Lakes Region of NH! First, a quick look at December. There were 68 residential home sales this past December compared to just 58 in December 2008. That’s a 17% increase which should make us all feel pretty good! However, the average sales price was down from $373,130 in December 2008 to $290,008 in December of 2009. That’s a huge decline, however, comparing the same month in different years doesn’t generally mean a whole lot. Statistics looking back over a year or a decade are much more meaningful but even they can be somewhat misleading.

There were 720 residential sales in the communities in this report for the calendar year 2009. That’s about a 6¾% increase over the 675 homes sold in 2008. While that may not be a tremendous increase in sales it is, nevertheless, a very positive sign. Of the homes that sold in 2009, 401 of them (or about 56%) sold for less than $200,000. In 2008 there were 259 sales under $200,000 which represented just 38% of the sales. This increased activity on lower priced homes reflects the fact that a number of first time buyers and possibly even a few investors were out there picking up some deals. First time buyers were happily taking advantage of the $8,000 tax credit here as well as across the country. That’s a great closing gift courtesy of Uncle Sam!

Homes in the $200-300,000 price range struggled a bit in 2009 with 145 sales compared to 198 in 2008. The $300-400,000 price range came in at only 65 sales in 2009 compared to 81 in 2008. There were 109 sales over $400,000 compared to 137 in 2008. The big drop was in total number of sales over $1 million where there were 37 sales in 2008 that represented $64 million in total sales volume but only 18 in 2009 for a total volume of $42 million. The overall total sales volume was also lower at $209 million in 2009 compared to almost $236 million in 2008.

The net result of these shifts is that the average sales price for the calendar year 2009 came in at $290,884 which is 15% lower than the $348,688 average in 2008 and a whopping 27% off the $398,719 average of 2007. Both the current median and average sales price are now very close to those registered in 2003. Before we all jump off the nearest bridge, this doesn’t mean there has been a 27% across the board decline in property values since 2007. While property values have certainly declined over the past two years, the average price is down in large part as a result of what was actually sold. The lack of mid-range to high end home buyers over the past several years has dramatically and negatively impacted the sales price averages. As our economy begins to improve these buyers will return to the market and our average sales price will increase.

But there is no doubt that property values have indeed declined in the Lakes Region of NH somewhat over the past couple of years. To determine just how much your property value has changed, have your REALTOR® provide you with a market value based on sales of similar properties in your area. If you have a nice quality, well maintained home, it may not be as bad as you think…

In Alton in 2008 the median selling price for Lake Winnipesaukee real estate was $1,231,250 and the average selling price was $1,125,938. In 2009 the median selling price for Alton Lake Winnipesaukee real estate was $425,000 and the average selling price was $634,567. 13 of the 15 Alton Lake Winnipesaukee homes that sold were BELOW $1,000,000, quite a startling statistic. The only Alton lake Winnipesaukee home above $1,000,000 which sold in 2009 was 107 Clay Point, which sold for $3,200,000 (and was offered at $3,350,000).The average number of days on market in Alton was 166 in 2009 versus 232 in 2008. In 2008 5 of the 8 Alton Lake Winnipesaukee homes for sale, actually sold for above $1,000,000. To sum up these alton Lake Winnipesaukee statistics, selling prices were higher in 2008, while total number of homes sold almost doubled in 2009.

The town of Laconia, NH saw its Lake Winnipesaukee Waterfront Home Sales sales double in volume! Yes...In 2009 there were twice the number of Lake Winnipesaukee home sales as in 2008. Could more good news be coming in other Lake Winnipesaukee towns? But back to the town of Laconia....In 2009 there were 8 Lake Winnipesaukee waterfront homes that were sold compared to only 4 Lake Winnipesaukee Laconia, NH homes sold in 2008. The median selling price for Laconia Lake Winnipesaukee waterfront home sales was just slightly down in 2009 to $481,250 from $527,500 in 2008. *

(Lake Waterfront Sales Prices were actually up in other Lakes Region, NH towns. Check out my real estate trends page and my blog on my website www.nicolewatkins.com in the upcoming days for more information on activity in the Lake Winnipesaukee-shored towns in 2009 compared to 2008.

*New England Real Estate Network, for the Town of Laconia, NH in 2008 and 2009. This information includes residential homes with owned waterfrontage, NOT condos or land Please note that days on market will not be accurate if a property listing has been listed with more than one real estate agency or if the property was off the market for 30 days or more.)