Lakes Region Real Estate Market 6-Month Comparison

Birds eye view of Lakes Region New Hampshire

We are halfway through 2021 already, and as we head down the second-half stretch, I’ve pulled up several 6-month real estate comparisons to see how the first half of 2021 compares to the first half of 2020. Keep in mind that the pandemic somewhat hindered us in 2020. However, it was still a pretty robust market.

I’ve compiled real estate sales statistics for 3 counties, Belknap, Carroll, and Grafton, to provide a reasonable overview of what’s happening in the Lakes Region and the surrounding towns northeast and northwest of our region.

Here are the results:

Single-family homes:

  • From 1/1/2021 to 6/30/2021, there were 1,511 single-family home sales in the three counties resulting in a 10.5 % increase over the same period in 2020.
  • The median sales price for single-family homes was $339,000 resulting in a 30.92% increase over the same period in 2020.
  • In 2021 the average days on market was 39 compared to 85 in 2020.
  • Total sales volume was $697,891,913 resulting in a 46.4% increase over the same period in 2020.
  • There are presently 499 active single-family home listings in the three counties, and the median listing price is $459,900.

Condominiums

  • From 1/1/2021 to 6/30/2021, there were 590 condominium sales in the three counties resulting in a 26.9% increase over the same period in 2020.
  • The median sales price for condominiums was $255,705 resulting in a 27.9% increase over the same period in 2020.
  • In 2021 the average days on the market was 49 compared to 67 in 2020.
  • Total sales volume was $174,566,799 resulting in an 85% increase over the same period in 2020.
  • There are presently 84 active condominium listings in the three counties, and the median listing price is $249,950.

Land

  • From 1/1/2021 to 6/30/2021, there were 950 parcels of land sold in the three counties resulting in a huge increase of 142% over the same period in 2020! This shows the effect of COVID19…so many people trying to acquire a future escape from urban areas and also the effect of the shortage of resale homes available for sale.
  • The median sales price was $70,000, resulting in a 27.5% increase over the same period in 2020.
  • In 2021 the average days on the market was 226 compared to 281 in 2020.
  • Total sales volume was $104,376,926 resulting in a 163% increase over the same period in 2020.

Commercial Sales

  • From 1/1/2021 to 6/30/2021, there were 98 closed sales in the three counties, increasing by 108%!
  • The median sales price for commercial sales was $357,500 resulting in a 103% increase over the same period in 2020.
  • In 2021 the average days on the market was 253 compared to 281 in 2020.
  • Total sales volume was $51,612,069 resulting in a 68.9% increase over the same period in 2020.

Multi-Family Sales

  • From 1/1/2021 to 6/30/2021, there were 76 closed sales in the three counties, increasing by 76.7%.
  • The median sales price for multi-family homes was $284,000, resulting in a 35.7% increase over the same period in 2020.
  • In 2021 the average days on the market was 58 compared to 124 in 2020.
  • Total sales volume was $29,245,427resulting in a 172% increase over the same period in 2020.

You can see from the above comparisons that real estate volume in unit sales and corresponding increases in value were huge as New Hampshire prices in all categories continued their upward momentum, even as the total number of homes on the market shrank. The increase stems from continued strong buyer demand and limited inventory. Today, there are only 1,832 active single-family homes for sale in the entire state of New Hampshire, representing less than half of what it was back in June of last year. Back in February of this year, there were only 1,250 homes for sale in New Hampshire. So at least we see some improvement in new listings coming on the market.

The Manchester, Nashua, Concord, and Lakes Region markets were recently noted as having one of the hottest real estate markets in the county with soaring demand. However, if you look at the national picture, they say mortgage applications decreased 1-8% last week and came in 14% lower than a year ago nationally. What’s interesting is that the decline came even as mortgage rates fell. Mortgage rates loosely follow the yield of the 10-year treasury. I couldn’t believe it dropped to 1.25% yesterday, although today it’s back to 1.34%. Even with the low financing rates, it appears purchase demand nationally has weakened over the last couple of months, primarily due to affordability constraints stemming from high home prices. With inventory very tight in the Lakes Region, any slow down in demand has yet to impact prices, meaning the summer and fall season in the Lakes region will likely remain a strong seller’s market.

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. Sales data was compiled by a NEREN search on 07/7/2021 at 10:00 am 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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