Summer has been flying by, so I researched the closed real estate market activity for the seven months ending 7/31/2024 and compared it to the activity we experienced in 2023 for the same period. I pulled up 25 towns and cities which comprise the Lakes Region, and here’s what I came up with:
Single-Family
7 Months 2024: There were 706 single-family homes that sold during this 7-month period. Resulting in a 4.7% increase over the previous year. The median sales price was $480,000 (a 6.7% increase over 2023). The average sales price was $716,388, and the median days on the market were 10. Total sales volume was $505,770,594 (a 1.2% decrease over 2023). The lowest sales price was a 604 sf. camp on 0.15 acres in Meredith for $75,000. The highest was a waterfront home in Moultonborough that sold for $6,995,000 by Steve Baker of Roche Realty Group.
7 Months in 2023: There were 674 single-family homes sold during this period. The median sales price was $450,000. The average sales price was $759,862, and the median days on the market were 9. Total sales volume was $512,147,032. The lowest single-family home sale was a 3-bedroom ranch that sold at auction in Gilmanton for $54,700; however, the property was subject to a Raze and Remove Order and had to be demolished!
Condominiums
7 Months 2024: There were 166 condominium homes that sold during this 7-month period. Resulting in a 9.8% decrease over the previous year. The median sales price was $382,500 (a slight decrease over 2023). The average sales price was $466,554, and the median days on the market were 13. Total sales volume was $77,448,000 (a 13.4% decrease over 2023). The lowest sales price was a 2 bedroom ranch at East Bluff Village in Meredith that sold for $110,000. The highest was a 4 bedroom 2,552 sf. townhouse at Jonathan’s Landing on Lake Winnipesaukee in Moultonborough, located on the waterfront that sold for $1,630,000.
7 Months in 2023: There were 184 condominium homes that sold during this period. The median sales price was $395,000. The average sales price was $485,853, and the median days on the market were 9. Total sales volume was $89,397,055.
7 Months 2024: There were 35 waterfront homes sold (a 20% decrease over 2023). The median sales price was $2,400,000 (a 5% decrease from 2023). The average sales price was $2,846,934, and the median days on the market were 22. Total sales volume was $99,642,703 (a 33% decrease over 2023). The lowest was $480,000 on Rattlesnake Island in Alton. The highest was $6,995,000 in Moultonborough, which was sold by Steve Baker of Roche Realty Group.
7 Months in 2023: There were 44 sales. The median sales price was $2,525,000. The average sales price was $3,379,659, and the median days on the market were 11. Total sales volume was $148,704,999. The lowest was $510,000 on Treasure Island in Alton. The highest was $14,000,000 in Meredith.
7 Months 2024: There were 12 waterfront homes sold (a 71% increase over 2023). The median sales price was $1,482,500 (a 15.3% decrease from 2023). The average sales price was $1,505,333, and the median days on the market were 42. Total sales volume was $18,064,000 (a 51.2% increase over 2023). The lowest sales price was $360,000 in Belmont. The highest was $3,600,000 in Meredith.
7 Months in 2023: There were 7 sales. The median sales price was $1,750,000. The average sales price was $1,707,000, and the median days on the market were 29. Total sales volume was $11,949,000. The lowest was $964,000 in Belmont. The highest was $2,485,000 in Belmont.
7 Months 2024: There were 5 waterfront homes sales (a 28.6 % decrease over 2023). The median sales price was $1,400,000 (a 15.2 % decrease from 2023). The average sales price was $2,185,000, and the median days on the market were 14. Total sales volume was $10,925,000 (a 40% decrease over 2023.). The lowest sales price was $425,000 in Hebron. The highest was $4,775,000 in Hebron.
7 Months in 2023: There were 7 sales. The median sales price was $1,650,000. The average sales price was $2,600,000, and the median days on the market were 13. Total sales volume was $18,200,000. The lowest sales price was $1,000,000 in Alexandria. The highest was $8,820,000 in Bridgewater.
It looks like the single-family home category held up pretty good for the 25 towns and cities representing the Lakes Region, where sales were up 4.7% and the median sales price was up 6.7% over 2023 thus far. However the waterfront and condominium sector showed decreases on average.
We are seeing price reductions and longer days on the market for some properties in the upper middle price range and higher price ranges. However, for single-family homes priced under $400,000, the choices are limited.
To give you an example, in order to show you what we’re up against with affordable housing, I pulled up the number of single-family homes for sale on 8/6/2024 in 5 towns/cities that are priced at $400,000 and under. Here are the statistics; they are not good; however, it has improved somewhat from April:
Let’s hope we see more inventory coming on the market below $400,000 this year. There certainly is a backlog of buyers in that category. I know at Roche Realty Group that another category that’s in strong demand this year is water access properties with a beach and possibly a boat slip included. Lake and mountain view properties and properties with acreage are also on many buyers’ wishlists.
This article was written by Frank Roche. Frank is president of Roche Realty Group in Meredith, NH, and can be reached at (603) 279-7046. Data was compiled by a NEREN search on 08/6/2024 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.
