Our local housing market mirrors what is going on in NH and the U.S. The shortage of inventory has led to higher prices and fewer sales. In the combined towns of Newbury, New London, & Sunapee, from 1/1/18 to 10/1/18, a total of 135 homes sold, the average days on market was 114 days, with a median selling price of $350,000. The same time frame in 2017 saw 159 homes sold, the average days on market was 126 days, with a median selling price of $344,000.
For the state of NH through August, the median sales price was $284,000, the average days on market was 62 days, and sales prices were up 7.1% from the year before.
According to Lawrence Yun, Chief Economist for the National Assoc. of Realtors, “the most significant challenges facing the housing market stem from insufficient inventory and accompanying unsustainable home price increases.” As a result, Yun anticipates a slight drop in 2018 sales in some markets but feels home price growth will remain strong and increase about 5% nationwide. The forecast for 2019 continues along these lines with a 2% rise in inventory and 3.5% rise in home prices expected.
Bottom line, as long as buyer demand exceeds the housing supply, prices will continue to increase. Whether buying or selling, contact me to see how market conditions impact you. 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com
Figures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/17 - 10/1/17 and 1/1/18 - 10/1/18.
Welcome to the original summer home of the Burke Family, for whom Burkehaven is named. Constructed around 1885, take a walk back in time, spend relaxing hours sitting on the incredibly inviting wraparound porch watching the activities in Burkehaven. Take a short walk to your owned 16.5 ft. of water frontage or boat slip on Lake Sunapee. Five bedrooms, den, library, cozy reading alcove, all represent a bygone era of tranquility and relaxation. Come take a look! 16'9" Pen Yan boat included in the sale. For more photos and details,visit http://tour.circlepix.com/home/J6YJKH/6-Burkehaven-Terrace-Sunapee-NH-4698317
Emily Campbell, Listing Agent, 603-526-4116
Due to the lack of inventory, our market is seeing an increase in multiple offers on homes. While this is exciting for sellers, it can be frustrating for buyers. Below are some suggestions on how buyers can “sweeten the deal” in order to be the winning bid.
- Obviously the offer with the highest price will get the sellers’ attention. Be prepared to offer over asking price.
- If your offer is contingent on financing, it’s possible the appraisal may come in lower than the selling price. You can state in your offer you will pay the difference between the appraisal price and purchase price.
- Find out the sellers ideal closing time and tailor your offer to meet that date.
- Have as few contingencies as possible in the offer.
- Consider using an escalation clause, offering to outbid another buyer by a certain amount.
Bottom line, you need to put your best foot forward with an offer that has the least number of contingencies, best price, and a large down payment to set your offer apart from others. For more invaluable advice, contact me, an Accredited Buyer Representative, before you start house hunting. 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com
If there are two things I would say about the real estate market today, it would be inventory is down and prices are up. This is seen pretty much everywhere in the US as housing inventory decreased 8% from last year (through March) and listing prices are 8% higher. Statewide, NH closed sales are about the same as last year, the median sales price is up 6% to $260,000 and the average days on market was 86 days. Looking at Newbury, New London, & Sunapee combined, sales are about the same as last year through 3/31/18 (25 solds), the average days on market was 192 days and the median sales price increased about 15% to $392,000. Despite fewer homes being on the market, buyer demand is strong enough to keep prices rising for the foreseeable future. New listings will favor higher income buyers making it very challenging to find homes priced under $200,000. Typically, our spring market will bring an influx of new properties for sale – we just need to have spring arrive!! Contact me if you are thinking about buying or selling and want to know how the market impacts you. 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com
Waterfront homes on Lake Sunapee have always been an intriguing and specialized market. Even though Newbury, New London, and Sunapee share the lakefront, the uniqueness of each property along with the fact there really aren't that many homes along the shoreline, seems to determine the overall market. In the past 7 years for example, the total number of waterfront homes sold each year hovered around 10, give or take. In reviewing the sales in the past 3 years, the typical price breakout is about 8-10 houses selling for under $1 million, about 9 selling between $1-$2 million, 3 sales in the $2-$3 million and about one a year over $3 million.
A few more statistics - in the last two years, the median selling price per square ft. was $574/SF. In 2017, the average selling price was 99% of the asking price and in 2016 it was 89%. It took an average of 219 days to sell a lakefront home last year and 185 days in 2016.
As the saying goes, if you are lucky enough to own on Lake Sunapee, then you are lucky enough! If you are looking to capture some of this serenity for yourself, then contact me to work as your buyer's agent! 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com.
Figures are based on information from the New England Real Estate Network, Inc. for the period 1/1/11 through 12/31/17 and 1/1/15 through 12/31/17.
The National Association of REALTORS conducts a survey* every year on recent home buyers and sellers. Below are highlights on buyers from their most recent report.
- 34% of buyers were 1st time buyers.
- The median purchase price of a home was $235,000.
- 84% of buyers purchased in a suburb, small town or rural area vs. an urban area.
- 83% of buyers bought a single family home.
- 87% used a real estate agent.
- 95% searched online.
- 65% of buyers were married couples, 18% were single females, 7% were single males and 8% were unmarried couples.
- The typical home purchased was 1870 square feet, 3 bedrooms, 2 baths and built in 1991.
Thinking of selling? Contact me if you’d like to know how these facts could impact your sale. 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com
*2017 Profile of Home Buyers and Sellers – National Association of REALTORS
After a record 2017 in the New Hampshire residential housing market, 2018 showed no signs of slowing with a brisk first month of the year. There were 911 closed sales in January, a 2 percent increase from the same month a year ago, and the median price of those homes was $260,000, a better than 5 percent jump from January 2017. Click here for statewide January statistics
New Hampshire home sales continue on an upward trend and ended the year with the largest dollar volume of sales in its history. It was 7% ahead of last year for a total of $5.5 billion in closed residential sales. Below are some of the highlights reported by New Hampshire REALTORS.
- The median sales price was $266,000, the 2nd highest in NH history and just $4000 off the historical high point in 2005.
- The average days on market dropped to 68 days.
- About the same number of homes sold in 2017 as 2016.
- The average % of list price received was 98%
To put a more local spin on it, below are some stats for New London, Newbury & Sunapee combined:
- The median sales price was $345,000. ($372,500 at peak in 2005)
- The average days on market was 127 days.
- 203 homes sold, the average % of list price received was 96%.
Whether buying or selling, contact me to see how the market impacts you! Donna Forest 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com
Figures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/17 thru 12/31/17
Appreciate the historic period details of this renovated antique cape. Enjoy entertaining in the fully updated, light-filled "dream" kitchen. Gather around the kitchen island and spacious Great Room addition with warming pellet stove. Formal dining room and master bedroom with walk-in closet complete the first floor. Natural woodwork and exposed beams throughout. Three additional bedrooms and full bath on the second floor. Both bathrooms are completely renovated with heated floors. The in-law apartment below provides extra income or privacy for family or friends. Mature perennials and cozy outdoor spaces. Easy access to boating, hiking, and biking. Make this your vacation home or year-round dream! Offered at $265,000. For more photos and details, go to http://tour.circlepix.com/home/V7EDPE/203-US-Route-4-Route-Enfield-NH-4668404
Anne Marie Appel, Listing Agent, 603-526-4116
As we approach the end of 2017, there are a number of articles out with predictions on what the 2018 housing market will bring, based on the opinions of economists and housing experts. While no one can say for sure, it sounds like it could be similar to what we experienced this year. Below are some of the highlights.
- Interest rates are expected to gradually rise from around 4% to 4.5% by end of year.
- Low inventory will continue to be a challenge for buyers.
- Millennials could be the most active home buyers in 2018 and they will be looking in higher density, amenity-rich neighborhoods.
- Baby boomers haven’t downsized as much as anticipated. Some speculate this is due to the fact they are working longer and also desire to age in place and not move.
- Home values are expected to grow – some predict 3.2% and others are at 4.7%.
Whether buying or selling, contact me if you’d like to know how the market could impact you. Donna@DonnaForest.com; www.DonnaForest.com; 603-526-4116.