It’s about that time of year again. The seasons are changing and the leaves are falling. As the primary selling season begins the same transition, why not take a look at what has happened so far this year, in the waterfront arena.
- For the 1st 10 months of 2010, there were a total of 78 closings on Lake Winnipesaukee; at an average sales price of $1,203,579.
- For the 1st 10 months of 2009, there were a total of 72 closings on the big lake; at an average sales price of $1,168,875.
- Unit sales on the lake were up 8.33%, compared to the same 10-month period of last year.
- The average sales price on the lake was up 3%, for the comparable period.
- In 2010, there were 33 sales for the first 10 months that sold over 1 million dollars, compared to 23 sales for the same period in 2009.
- The highest sales price on Winnipesaukee, year to date, was $6,839,000. Compared to $7,800,000, during the same period of 2009.
But what are the above trends really showing us?
I read a recent article in the Sunday Citizen indicating that Belknap County, leads the other NH counties in sales increases, for 2010. In the article, Belknap County saw a 7% increase in the number of residential home sales and a 6% increase in the median price. You can see from the above, that the sales of high-end properties on Lake Winnipesaukee, compares quite favorably to the overall residential sales, in Belknap County. Sales of upper end homes seem to be a big driver in the overall growth of sales in the area.
It is interesting to note that the Citizen’s article indicated the rest of New Hampshire’s 9 counties saw 3rd quarter residential declines in unit sales. Of the 10 counties, half also saw a 3rd quarter decrease in median home prices.
So why did Belknap County hold up well?
I strongly feel that one of reasons we are seeing a continued uptrend, compared to the rest of the country, is a direct correlation to our high quality of life in the lakes region. The demographic trend in today’s market place is leaning towards the peak of the boom generation. Acquiring vacation properties and semi-retirement properties, in second home destinations such as the lakes region, is a major trend. Because of the age demographic, we expect this trend to continue for the next 5 to 8 years.
*During 2009, we saw a large number of high-end waterfront sales close from August 15th through December 31st. Let’s see if this trend continues in the next 2 months. In any case, the data is positive news in a national environment that is looking for negativity around every corner!