Lake Winnipesaukee Waterfront real estate trends from 01/01/2009-06/28/2009 versus 01/01/2008-06/28/2008

In the first 6 months of 2009, between 01/01/2009-06/28/2009, there have been 28 Lake Winnipesaukee waterfront residential sales. (Not bad for predominantly second home statistics in a down economy).

The median selling price for these Lake Winnipesaukee waterfront homes, in the above- referenced time period, was $760,500. The average selling price was $856,990. The average number of days on market was 128.

During this same time period in 2008, there were 31 Lake Winnipesaukee waterfront home sales. The median selling price during this time period in 2008 was $1,460,000. The average selling price was $1,447,672. The average number of days on market was 148. *

The number of days on maket are slightly fewer this year. The median and average selling prices are down significantly in the first half of 2009 versus 2008, but, in my opinion, that is partly because the number of Lake Winnipesaukee waterfront properties on the market this year, which have less square footage, and which are on canals or narrow waterfrontage, and which are both listed and assessed at under $1,000,000 is a far greater number than last year.

We obviously don't know the statistcs for the second half of 2009 yet. Let's take a look at the second half of 2008 and see if we can predict anything for the second half of 2009. From 06/29/2008 to 12/31/2008 there were 46 (forty-six) Lake Winnipesaukee waterfront residential home sales. The average number of days on market for the second half of 2008 was 230. The average selling price during this time period was $1,040,457.

The median selling price was $786,000. The median selling price for the second half of 2008, therefore is almost exacly the same as the first half of 2009.

With recent high end activity greatly increased in June 2009, my prediction is that the median selling price for the second half of 2009 will be higher than 2008. I also predict that the number of Lake Winnipesaukee waterfront sales over $3,000,000, will be approximately the same as the number of sales over $3,000,000 in 2007 and 2008. (There were a total 5 (five) Lake Winnipesaukee Waterfront home sales over $3,000,000, in both 2007 and 2008.)

(*Based on information from the Northern New England Real Estate Network, for the all of the Winnipesaukee-shored towns ( Alton, Meredith, Center harbor, Moultonborough, Wolfeboro, Tuftonboro, Laconia, and Gilford ) for the above-referenced time period. This information includes residential homes with owned waterfrontage, NOT condos or land Please note that days on market will not be accurate if a property listing has been listed with more than one real estate agency or if the property was off the market for 30 days or more.)

There are currently, as of March 6, 2008, a total of 10 Center-Harbor residential and waterfront real estate listings on the market. The median asking price is $494,000. The average asking price is $946,080. These current listings include a Squam Lake water-view estate property on Center Harbor Neck Road, a Squam Lake waterfront property on High Haith Road and a Winnipesaukee waterfront home on Dew Point Road in downtown Center Harbor. The average number of days on market is 89. No homes have sold in the last thirty days in Center harbor. One (1) home, Dew point Road was listed.*

(*Based on information from the Northern New England Real Estate Network, for the town of Center Harbor. This information includes Residential properties only, NOT condos or land.)

There are currently 21 Meredith Lake Winnipesaukee waterfront homes on the Northern New England Real Estate Network. The average asking price for these Meredith Lake Winnipesaukee waterfront homes is $1,657,943.

There are ninety-six (96) residential Meredith real estate listings on the market as of March 6, 2008. These ninety six (96) Meredith homes have a median asking price of $444,450 and an average asking price of $774,647. The average number of days on market is 229.

Six (6) Meredith NH homes sold in the past thirty days (since February 6, 2008). The average selling price was $442,083. The median selling price was $250,000. The average number of days on market was 168.

Twelve (12) Meredith homes were listed in the past thirty (30) days with a median asking price of $365,450 and an average asking price of $564,106. The average number of days on market so far for these home is eighteen 18.

Two Meredith NH Lake Winnipesaukee waterfront plots of land have sold since January 1, 2008. These are on Meredith Neck Road and Powers Road. The average selling price was $922,500.

Meredith NH residential home sales saw a decrease in number of sales from 2006 to 2007 but an increase in average sales price from 2006 to 2007.

Seventeen (17) Moultonborough listings are new to the market as of the past thirty (30) days. (Since February 6, 2008). The average asking price is $1,007,682. The median asking price is $549,000. The average number of days on market is fifteen. Five (5) Moultonborough, New Hampshire homes sold in the past thiry (30) days.

(*Based on information from the Northern New England Real Estate Network, for the town of Moultonborough for 2006 and 2007 through November 19th of 2007. This information includes residential properties only, NOT condos or land).

Here's the Skinny on the Moultonborough NH Winnipesaukee Waterfront Real Estate Market!

2007 versus 2006.

We all hear more bad news in the national media every day concerning the slowing real estate market, right? It probably shouldn't come as a surprise that Moultonborough, New Hampshire saw a median selling price for its Lake Winnipesaukee waterfront homes that was lower in 2007 than in 2006.

What did surprise me though, when I ran the statistics, was just how dramatic the drop in median selling price was - 3 of the 4 quarters in 2007, saw a median selling price 1/3 to 5/11 lower than in 2006. *

I think part of what happened is that a number of verifiable facts about a slowing national real estate market spiraled out of proportion in the media. Just because the market was tanking in parts of Florida, and elsewhere in the country, people saw the possibility of prices dropping to well below the current assessed value on most Lake Winnipesaukee waterfront real estate.

In my opinion the Lake Winnipesaukee waterfront market, in Moultonborough, and throughout the Lake Winnipesaukee towns, has merely been adjusting closer to the assessed values of properties. No longer is it common for selling prices of waterfront homes to be well above the assessed value. The Lake Winnipesaukee real estate market that had been galloping away for so long had to slow down eventually.

A market has been created in which, many of the Sellers won't sell unless they get their price, so they just aren't selling. Many Buyers, growing increasingly wary from the constant bad news about real estate, and the decreasing value of the dollar in the global economy, decided in the past year to wait out the real estate market and see where prices settle. I think the stabilization of prices in the 4th quarter so far, shows that many buyers decided that prices had settled, and finally went ahead with their purchases.

I predict that the median selling price of homes will be up again next year. Some of the Sellers will bring their prices down, closer to Town of Moultonborough assessed values. I also see more buyers deciding to go ahead and make a lakefront purchase. I'd like to know your opinions on the Lakes Region real estate market. Please write an entry on my blog to prove or to disprove this theory. We'll test it in the months to come and see how closely we can predict the future market.