Showing Signs of Increased Market Activity and a Recovery in Market Values
Many of the measurable market trends noted in 2009 have seen a significant change with some more promising indicators throughout the 1st quarter of 2010. Could the overall market be improving? Let’s take a closer look…
In the 1st quarter of 2009 the Wolfeboro market area reported (all properties) a total of 128 new listings, 64 back on the market and 26 pending sales. 124 listing expired prior to a sale, 43 were withdrawn and 21 resulted in a successful close/transfer. The average marketing exposure time averaged better than 10 months, the average SOLD price $251,089., and the average MEDIAN price was $244,687.
1st quarter in 2010 Wolfeboro is showing some positive signs of change in all market reports… Wolfeboro reported a total of 179 new listings, 45 back on the market and 23 pending sales. 128 listings expired prior to a sale, 38 were withdrawn and 34 properties resulted in a successful close/transfer. The average marketing exposure time averaged 5-6 months, the average SOLD price $549,667., and the average MEDIAN price was reported as $256,762.
2009 vs. 2010 (1st Quarter Residential, Condominium, Commercial & Vacant Land))
- Market inventory increased +39.8%
- Back on the market listings showed an increase of +4.6%
- Available properties under contract decreased -11.5%
- Properties that didn’t sell increased +3.2%
- Properties withdrawn from the market decreased -11.6%
- Properties that SOLD up +61.9%
- Days on the market decreased 4-5 months
- Average SOLD price increased by +119%, (strongest market gain in 3 years)
- Average MEDIAN value also increased by +4.5%
In the 1st quarter of 2009 the Wolfeboro market area reported (residential properties) a total of 81 new listings, 34 back on the market and 22 pending sales. 67 listing expired prior to a sale, 29 were withdrawn and 17 resulted in a successful close/transfer. The average marketing exposure time averaged better than 7-8 months, the average SOLD price $263,800., and the average MEDIAN price was $262,500.
1st quarter in 2010 Wolfeboro is showing some positive signs of change in all market reports… Wolfeboro reported a total of 102 new listings, 31 back on the market and 17 pending sales. 79 listings expired prior to a sale, 20 were withdrawn and 24 properties resulted in a successful close/transfer. The average marketing exposure time averaged 4-5 months, the average SOLD price $708,774., and the average MEDIAN price was reported as $436,500.
2009 vs. 2010 (1st Quarter Residential)
- Residential inventory increased +25.9%
- Back on the market listings showed a decrease of -8.8%
- Available residences under contract decreased -22.7%
- Homes that didn’t sell +17.9%
- Residential homes withdrawn from the market decreased -31%
- Homes that SOLD up +41.1%
- Days on the market decreased by 2-3 months
- Average SOLD price increased by +168.6%, (strongest market gain in 3 years)
- Average MEDIAN value also increased by +66.2%
Wolfeboro’s new listings reflect an increase in overall inventory… the good news is CLOSED SALES are up 41% to 62% over 2009 and the time it takes to realize a success sale has been cut in half. Average SOLD prices have increased by 119% to 168%. Good news for Wolfeboro and the Lakes Region.
Based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2009 to April 30, 2009 & January 1, 2010 to April 30, 2010.
Contributed by Kathleen M. Kizer, REALTOR, ABR, GRI, ePRO, Associate Broker | Costantino Real Estate, LLC. “Your Lakes Region Professional” | Certified Residential Appraiser, NHCR-616, Wolfeboro Appraisal Services
For further inquiries or questions please e-mail to Kathleen@LakesRegionBroker.com or call 603-539-3200.
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