Jaw Breaking Price Increase in 2020 vs. 2019

Center Harbor, New Hampshire

Last week I pulled up comparisons on year to date sales of waterfront homes on area lakes. This week I’ll compare sales within 15 towns and cities throughout the Lakes Region to provide an overview of 2020 sales vs. 2019.

I read an impressive report from Corelogic that stated, “the average New Hampshire homeowner gained $27,000 in equity in the third quarter on a year over year basis. That was nearly double the national average of $13,000 in equity gain for the same period.” It was reported that New Hampshire’s homeowners gain for the third quarter was among the highest of any state.

Looking at the statistics I’ve gathered hereunder for the Lakes Region you can see the near verticle sales price increases, illustrating how hot this market has been. The percentages of price increases are truly amazing for most towns….some of this can be explained by declining interest rates, the pandemic effect on local real estate purchases, speculation, and a yearning to participate, resulting in flooding demand into a low inventory environment.

Here’s a look at the chilling statistics I’ve pulled up:

Alton had 133 sales in 2020 with a median sales price of $340,000, a 19.29% increase over the same period in 2019, and a median of 14 days on the market. In 2019 there were 126 sales with a median sales price of $285,000 and a median of 32 days on the market.

Belmont had 148 sales in 2020 with a median sales price of $233,450, a 19.71% increase over the same period in 2019, and a median of 18 days on the market. In 2019 there were 137 sales with a median sales price of $195,000 and a median of 28 days on the market.

Bristol had 85 sales in 2020 with a median sales price of $210,000, a 1.47% increase over the same period in 2019, and a median of 14 days on the market. In 2019 there were 66 sales with a median sales price of $206,950 and a median of 14 days on the market.

Center Harbor had 28 sales in 2020 with a median sales price of $452,500, a 33.48% increase over the same period in 2019, and a median of 7 days on the market. In 2019 there were 23 sales with a median sales price of $339,000 and a median of 43 days on the market.

Franklin had 143 sales in 2020 with a median sales price of $221,000, a 20.99% increase over the same period in 2019, and a median of 10 days on the market. In 2019 there were 146 sales with a median sales price of $182,648 and a median of 29 days on the market.

Gilford had 239 sales in 2020 with a median sales price of $340,000, a 24.31% increase over the same period in 2019, and a median of 14 days on the market. In 2019 there were 238 sales with a median sales price of $273,500 and a median of 23 days on the market.

Gilmanton had 85 sales in 2020 with a median sales price of $260,000, a 15.83% increase over the same period in 2019, and a median of 11 days on the market. In 2019 there were 104 sales with a median sales price of $224,450 and a median of 31 days on the market.

Laconia had 472 sales in 2020 with a median sales price of $250,000, a 16.27% increase over the same period in 2019, and a median of 16 days on the market. In 2019 there were 415 sales with a median sales price of $215,000 and a median of 24 days on the market.

Meredith had 173 sales in 2020 with a median sales price of $460,000, a 25.68% increase over the same period in 2019, and a median of 13 days on the market. In 2019 there were 163 sales with a median sales price of $366,000 and a median of 28 days on the market.

Moultonborough had 159 sales in 2020 with a median sales price of $385,000, a 4.05% increase over the same period in 2019, and a median of 15 days on the market. In 2019 there were 146 sales with a median sales price of $370,000 and a median of 48 days on the market.

New Hampton had 47 sales in 2020 with a median sales price of $300,000, a 10.01% increase over the same period in 2019, and a median of 10 days on the market. In 2019 there were 43 sales with a median sales price of $272,700 and a median of 26 days on the market.

Sanbornton had 55 sales in 2020 with a median sales price of $310,000, a 10.75% increase over the same period in 2019, and a median of 11 days on the market. In 2019 there were 51 sales with a median sales price of $279,900 and a median of 38 days on the market.

Tilton had 86 sales in 2020 with a median sales price of $247,000, a 31.38% increase over the same period in 2019, and a median of 17 days on the market. In 2019 there were 60 sales with a median sales price of $188,000 and a median of 21 days on the market.

Tuftonboro had 93 sales in 2020 with a median sales price of $420,000, a 15.06% increase over the same period in 2019, and a median of 21 days on the market. In 2019 there were 66 sales with a median sales price of $365,000 and a median of 42 days on the market.

Wolfeboro had 152 sales in 2020 with a median sales price of $375,000, a 13.63% increase over the same period in 2019, and a median of 24 days on the market. In 2019 there were 165 sales with a median sales price of $330,000 and a median of 33 days on the market.

How much does this recent parabolic spike in real estate prices remind me of what happened after the go-go 1980s or what occurred leading up to 2008? Only time will tell.

Frank Roche, President of Roche Realty Group, Inc. with offices in Meredith and Laconia, NH

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. Town data was compiled by a NEREN search on 12/22/2020 at 3:00 pm EST and is subject to change. Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.

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