Lakes Region of NH Real Estate Market Report - September 6, 2009

Wow! September is here. Where did the summer go? As of September 1 there were 1291 single family homes available in the towns listed in this edition of the Lakes Region Real Estate Market Report. That is up slightly from last month's 1281 total but down a bit from last September when there were 1347 homes on the market. The median asking price came in just about the same as last year at $299,900. The current average asking price of $581,223 is up compared to last September when it came in at $522,865. Over the previous 12 months there were 673 sales in these communities for an average of just over 56 transactions per month. That translates to the same unwieldy 23 months worth of inventory that we posted last month.

As far as the condo market goes, currently there are 325 units for sale at an average asking price of $210,837. Over the past 12 months there were just 158 condo transactions completed at an average sales price of $185,713. Just to put these 158 condo sales in perspective, in 2004 there were 384 condo sold and in 2005 there were 315 units sold. The current inventory level translates to almost 25 months worth of units on the market. So the condo market is definitely struggling as well.

Land sales are even slower. As of September 2 there were 592 pieces of mother earth for sale in the Lakes Region which represents about 7.5 years worth of inventory! The average asking price came in at $240,500 as there are quite a few high end view and waterfront lots on the market. In the past 12 months there were 73 transactions at an average sale price of $104,500. The peak year this decade for total land sales was 2002 with 541 transactions and 2007 posted the highest average sales price at $167,500. People always ask how much an acre of land is going for. The answer varies tremendously and depends on the location, type of land, size of lot, whether there is a view or if it is waterfront parcel. In 2007 the average price per acre came in at $22,846 but ranged from as little as $1,000 per acre up to $1,474,359 per acre for a waterfront lot on Summit Ave in Laconia. Over the past 12 months the average sales price per acre came in at $12,170 but don't expect any kind of great building lot for that kind of money. The highest price paid per acre over the past 12 months was $833,967 for a waterfront lot on Dockham Shore in Gilford. With land, just like houses, you generally get what you pay for...

Residential Homes Available as of Sept 1, 2009

All data compiled from the NNEREN MLS system.