Lakes Region Market Competition is Fierce

Lakes Region NH

We are now entering March, the unofficial beginning of our Spring Selling Season. We have had an accelerating market during the past few months with a record hot 4th quarter of enormous demand. Going forward, how do things look in the Lakes Region?

After researching the Statewide Sales Activity for the first month of 2021, it looks like the heated market we’ve been experiencing is still on course:

Single Family Homes per NHAR ®:

  • Closed sales are up 3%.
  • The median sales price is up 8%.
  • The dollar volume of closed sales is up 9%.
  • Days on the market is down 5%.
  • Pending sales are up 2%.
  • Months of inventory available are down 2%.
  • New listings are down 8%.

When you break it down between Belknap, Carroll, and Grafton Counties for single-family homes, the numbers vary wildly:

January 2021

                                                 Belknap           Carroll            Grafton          

  • Closed sales:                +3.6%              +20%               +17.7%
  • Dollar Volume:            -1.2                  +46.7%            +56.1%
  • Days on Market:          -58.9%             -55.2%             -56.7%
  • Pending Sales:                 0%                +61%               +12.4%
  • Median Sales Price:     +14.5%            +51.1%            +48.3%

While one month of sales activity is not a great indicator, it does show me one thing — closed sales, dollar volume, pending sales, and the available inventory in Belknap County has dropped considerably compared to Carrol and Grafton County. Belknap County has just half the number of active single-family listings compared to Grafton County. It has had the lowest sales volume percentage of – 1.2% compared to all ten counties statewide for January 2021. The highest county was Sullivan County, with a 72.3% increase!

Right now, there are only 75 single-family homes for sale in the 11 cities and towns of Belknap County. The numbers are lower because of the severe lack of inventory and limited choices available. It appears Buyers might be looking further north for opportunities.

The same narrative applies when you look at other second home markets around the country, record sales, and shortage of listings. Much like in the Lakes Region, the second home market competition is fierce.

One of my best buddies in Vail, CO., called me last week. He told me Vail Valley real estate sales were close to $3.5 billion for 2020, shattering their previous record. Vail Valley News reported $601 million in sales for just October of 2020 alone! A record sale in Vail Village sold for $57.2 million! Can you believe that single-family homes in Vail Village start at $5.9 million?

Vail real estate agents said, “homes often sold before they hit MLS and activity was solid into January.” However, they provided this caveat “while the market was hot in 2020, it’s unlikely Vail Valley can have consecutive $3.5 billion sales years. The limiting factor is inventory.”

In another high-end spot, Nantucket Island, MA, the sales volume hit a record $1.86 billion. Nearly twice the year before, according to their local MLS. Ed Somford, a Nantucket Realtor®, reported that a property worth $1.7 million last year is going on the market for $2.5 million this summer. Even (the limited) rentals have skyrocketed. A rental property on Surfside Beach was booked fully for July and August 2020 at $21,000 per week. Rentals are up 15%.

Around Lake Tahoe in California, Realtors® are reporting, “with low inventory the market looks grim. Real estate is getting snapped up at a record pace. Inventory is 1/10th of the usual level. People are writing an all-cash offer for houses, sight unseen.”

In Palm Beach, Florida, a Sales Associate with Corcoran Group reported, “what we’re seeing here is a total frenzy.” The average Palm Beach home price in the third quarter was $7 million.

Here are the hottest markets in 2020 based on the percent of mortgages for secondary residence:

  1. Ocean City, New Jersey
  2. Barnstable, Massachusetts
  3. Salisbury, Delaware-Maryland
  4. Myrtle Beach, South Carolina
  5. Naples/Marco Island, Florida
  6. The Villages, Florida
  7. Flagstaff, Arizona
  8. Lake Havasu, Arizona
  9. Hilton Head Island, South Carolina
  10. Kahului-Wailuku, Hawaii

In the Lakes Region, we are fortunate for one thing: we are not on that list. Let’s try to keep it that way and not generate the overcrowding seen in those areas. Although it’s no longer a hidden secret, the Lakes Region remains our four-season paradise where we can truly escape.

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. Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.

Share on facebook
Share on twitter
Share on reddit
Share on pinterest
Hikers overlooking the lake in New Hampshire, voted "Best State to Live in America" in 2020.

Squam Lake — a Lakes Region Treasure

This past summer, I was invited for lunch and a nice boat ride around Squam …

Read More →
Shop Local New Hampshire

Small Business Saturday in New Hampshire!

We have many things to be thankful for here in New Hampshire, plenty of natural …

Read More →
Couple downsizing to smaller home

Does Downsizing Your Home in Lakes Region Make Sense?

There are many things to consider when planning to sell your home to downsize into …

Read More →
Newfound Lake, New Hampshire

Newfound Lake is the 8th clearest lake in US

Newfound Lake is the 8th clearest lake in the United States New Hampshire has a …

Read More →
Echo Lake New Hampshire

New Hampshire Rankings are Impressive!

New Hampshire has always been fortunate to land in many of the country’s top 10 …

Read More →
Lakeside at Paugus Bay

Impressive New Construction in the Lakes Region

For new construction sales in New Hampshire’s Lakes Region, 2022 has shown very impressive results. …

Read More →
Inflation and housing prices

How Inflation Impacts Lakes Region Housing Prices

I was out with a friend this week on Squam Lake, and we were talking …

Read More →
Picture of author in the Grand Canyon

Is Lake Region Real Estate Drying Up Like The Southwest?

I just returned from a trip to Nevada, Arizona, and Utah this past week. Put …

Read More →
Brook Hill at Meredith: New luxury homes in Meredith, NH

Brisk Sales at Brook Hill in Meredith

Meredith— Sales at Brook Hill, a new luxury townhouse community in Meredith, have been exceptional …

Read More →

Impressive Sales at Lakeside at Paugus Bay

Laconia— Sales at Lakeside at Paugus Bay, a new luxury waterfront condominium community on Lake …

Read More →

Four Decades of Change in Lakes Region Real Estate

We were talking in the office the other day regarding how much the real estate …

Read More →
Supply and demand graph, real estate housing

The driving forces in the demand for NH housing

It is no secret that our country has seen some incredible growth in the real …

Read More →
Holderness, NH

Holderness Bridges Big Squam and Little Squam

Holderness is a lakeside community in the foothills of the white mountains on New Hampshire’s …

Read More →
high inflation

Energy & Ukraine Crisis Compared to 1970s Inflation

Russia’s invasion of Ukraine has emerged as a black swan event rattling the world during …

Read More →
Tilton, NH

Tilton — The Gateway to New Hampshire’s Lakes Region

Tilton, New Hampshire, is considered the gateway to New Hampshire’s beautiful Lakes Region because of …

Read More →
Map of USA: How Real Estate Trends affect the Lakes Region

How Real Estate Trends Affect the Lakes Region

New Hampshire’s Lakes Region & New Hampshire Can you believe a new analysis from Zillow …

Read More →
Laconia NH

Laconia, NH — A City on the Rise

The 17,000 resident “City on the Lakes” is nestled on the shores of three of …

Read More →
Two ice sailing enthusiasts on Lake Winnipesaukee.

Waterfront Sales Activity and Real Estate News

Here’s an update on the waterfront sales activity that we experienced over the past two …

Read More →
Tuftonboro, NH

Tuftonboro — “The Diamond in The Heart of New Hampshire”

Located just west of Wolfeboro, Tuftonboro is called “The Diamond in the Heart of New …

Read More →
Aerial view of Lake Winnisquam and Sanbornton, New Hampshire

The Rural Character of Sanbornton, New Hampshire

Sanbornton embodies all that one expects to find in an old New England town. This …

Read More →
Castle in The Clouds is one of Moultonborough's largest attractions.

Moultonborough’s 66 Miles of Shorefront Captivates

By landmass Moultonborough, NH is the largest lakefront community in the Lakes Region with 59.7 …

Read More →
Kevin Shaw - Roche Realty Group

Kevin Shaw of Roche Realty Group is Top Producer for 2021

Laconia— Frank Roche, president of Roche Realty Group with offices in Meredith and Laconia, recently …

Read More →
Wolfeboro, NH — The Oldest Summer Resort Town In America

Wolfeboro, NH — The Oldest Summer Resort Town In America

Wolfeboro: a Brief History Nestled in the foothills of the White Mountains and on the …

Read More →

Roche Realty Group Reports Record of $170 Million in Sales

Meredith- Frank Roche, President of Roche Realty Group, Inc, with offices in Meredith and Laconia, has …

Read More →
Meredith NH

Gilford and Meredith NH – How Do They Compare?

There are 25 towns and cities comprising the Lakes Region. This week I thought I …

Read More →

EM Heath, LLC Acquires 1084 Union Ave in Laconia

The future of Ace Hardware EM Heath LLC in Laconia became solidified this past week …

Read More →
Roche Realty Group Sells Landmark Commercial Building in Gilford, NH

Roche Realty Group Sells Landmark Gilford Commercial Building

Gilford- One of the most visible, historic landmark commercial properties in New Hampshire’s Lakes Region …

Read More →
New Commercial Constructioin in Lakes Region

Commercial Sales Increasing in the Lakes Region

Recently I’ve been outlining the sales activity for residential, waterfront, and multi-family apartments in the …

Read More →
Laconia NH Commercial Building Sale

New Owner for 8,447 Sqft. Commercial Building in Laconia

Laconia— Exciting news for the downtown Laconia district. Another substantial commercial building, including approximately 8,447 …

Read More →

Strong Demand for Multi-Family Apartments in NH’s Lakes Region

Last week I was driving through Loudon Road in Concord in the busy heights area, …

Read More →
NH Lake

Area Lakes Show Considerable Appreciation

Below you will find data and insight into what’s happening in sales activity on 8 …

Read More →
inflation in shopping center / grocery store

More Inflation Concerns

More Inflation Concerns I submitted an article a while ago titled “Is Our Current Inflation …

Read More →
Alpenrose Village Retail Center located at Rte. 11 B / Rte. 3 in Weirs Beach, Laconia

Roche Realty Group Sells Alpenrose Village Retail Center

Laconia, NH – Tom Drouin of Roche Realty Group in Meredith represented both the seller and the …

Read More →
As the Real Estate Season Turns

As the Real Estate Season Turns

“There’s hope for buyers on the horizon, with more real estate opportunity to come.” This …

Read More →

10 Things to Consider if You’re Buying in a Seller’s Market

Anyone looking to buy a home today knows they are in a seller’s market, which …

Read More →

Third Quarter Update – Lakes Region Real Estate Activity

I’ve pulled up some data to provide all of you with some current insight on …

Read More →
Home Maintenance - Person repairing wall in house

Home maintenance the difference between sold and stuck

Be honest… is your home in need of some repairs? Because the truthful answer to …

Read More →
Coins stacked up indicting inflation

Is our Current Inflation “Transitory?”

The Federal Reserve officials have described the current period of high inflation as “transitory.” In …

Read More →
ABBA Tribute performing at the Lakeport Opera House

Meet you at the Lakeport Opera House

Last Saturday, Nancy and I were invited to the Lakeport Opera House to take in …

Read More →
Picture of

The New Hampshire Advantage

All of us who live in New Hampshire’s beautiful Lakes Region certainly have lots to …

Read More →

Just like vacation seasons, vacation homes come and go

When you think about it, all homes are actually seasonal properties. Whether it’s a primary …

Read More →

Hunt for lower prices like a lone wolf

If you ever watched Saturday morning cartoons back in the day, you may recall Looney …

Read More →
Birds eye view of Lakes Region New Hampshire

Lakes Region Real Estate Market 6-Month Comparison

We are halfway through 2021 already, and as we head down the second-half stretch, I’ve …

Read More →
The "Village Store" in Gilford, NH

The “Village Store” in Gilford Has New Owners

Gilford— The “Village Store” in scenic Gilford Village, a Lakes Region landmark since 1836, was …

Read More →
Lakes Region NH - aerial view of Lake Winnipesaukee NH

Lakes Region Waterfront Sales Comparisons

I thought I would look at the real estate activity on the Lakes Region’s four …

Read More →
Island Living on Lake Winnipesaukee in NH - aerial view of Welch Island, Lake Winnipesaukee

Island Living on Lake Winnipesaukee

The thunder of motorcycles has arrived in the Lakes Region. After a long year of …

Read More →
summer fun in nh - swimming in the river

Summertime Adventures Around the Lakes Region

Memorial Day weekend has arrived, and all of us are excited to kick off the …

Read More →
Are we in a real estate bubble?

Are We in A Real Estate Bubble?

Back in April, the red hot search on Google™ was “when is the housing market …

Read More →

Roche Realty Group Sells Artie’s Subs & Pizza

Moultonborough, NH – Brian and Kara Dillard of Barrington, New Hampshire, have recently purchased Artie’s …

Read More →
Laconia, NH - City on the Lakes

Laconia— City on the Lakes

The 17,000 resident, “City on the Lakes,” is nestled on the shores of three of …

Read More →

Leave a Comment