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Lakes Region of NH Real Estate Market Report - 11/8/08

Election's over, home sales up?
The inventory level of homes on the market in our Lakes Region of NH list of towns dropped about 7% from last month and now totals 1218 listings as of November 1. This represents about a 21 month inventory of homes that are currently on the market. That is also a slight decrease from the 23 month inventory shown last month. This is good news, but we still have a long way to go to get back down to reasonable levels.
According to the National Association of REALTORS® existing home sales across the nation, including single family homes and condos, rose 5.5% in September. Housing inventories on the national level fell at the end of September by about 1.6%. A lot of this has to do with the fact that median homes prices have fallen which is partly a result of the increase in foreclosures and distressed sales. As of September 1, the national median home price was $191,600 which is 9% lower than last September. Out in California existing home sales were up a whopping 97%. The bad news is prices there have fallen 41%! The good news is that the houses are coming off the market and reducing inventory levels. They had one of the biggest run ups in home prices and therefore have the farthest to fall. When prices come down homes sell.
The elections are finally over and it is time to take down all the political signs, rake up the leaves, and get your property ready to sell during the upcoming holiday season. If your house is on the market there is no doubt that you have many chores to do before winter hits that will help present your home at its best for potential buyers. There will be a few more warm days to finish cleaning up the yard, doing some touch ups on the paint and trim, and maybe even getting the windows clean. Keep your curtains open to let more light into your home as November is always seems a little dull and gray. Buyers don't like dark rooms. So that means your home needs to be spotless. If you have a fireplace always have a fire going as it sets a great mood and shows off that feature of your home. And do your best to decorate your home to the max inside and out and create a holiday feeling that buyers can admire and relate to. It just might sell your house. Selling a home during the holidays can be a little stressful, but keep in mind that the buyers that are looking now are the real serious ones.
Now that the elections are over I do expect that homes sales will be on the rise. Not because we have a new president or that a euphoric feeling of change has swept over the country. My feeling is that with the political signs down, buyers might actually be able to see the for sale signs again!
Homes Available November 1, 2008

TOWN

TOTAL

< 100K

100 to 200K

200 to 300K

300 to 400K

> 400K

AVG LIST PRICE

MEDIAN PRICE

AVG DOM

ALTON

145

4

29

43

24

45

$581,536

$289,900

173

BARNSTEAD

94

5

39

37

10

3

$220,907

$210,400

169

BELMONT

99

12

36

24

15

12

$243,390

$224,900

134

CENTER HARBOR

16

0

3

3

0

10

$797,562

$572,500

165

GILFORD

160

3

20

34

22

81

$864,976

$424,450

202

GILMANTON

92

4

31

28

12

17

$293,415

$243,900

182

LACONIA

213

1

60

58

29

65

$408,406

$279,900

228

MEREDITH

137

2

15

24

37

59

$665,672

$379,000

193

MOULTONBORO

149

3

13

33

28

72

$887,618

$399,000

201

NEW HAMPTON

35

0

6

19

3

7

$312,079

$259,000

163

SANBORNTON

39

0

8

15

6

10

$360,601

$287,900

190

TILTON

39

4

12

10

7

6

$259,733

$239,900

151

TOTALS

1218

38

272

328

193

387

$536,037

$299,000

189

Posted Saturday Nov 08