Blog :: 2009

Lake Winnipesaukee Market Conditions January 1, 2008 through October 31, 2008 versus January 1, 2009 through October 31, 2009

Some of my predictions for Lake Winnipesaukee real estate sales for the second half of 2009 have already become true. For instance...there are more pending and closed Lake Winnipesaukee real estate sales over $3,000,000 than there were during the same time period last year (January 1, 2008 through October 31, 2008 versus January 1, 2009 through October 31, 2009),

For this same time period, there were 63 Lake Winnipesaukee waterfront real estate sales in 2008 and 64 sales in 2009. The highest price sale for this time period in 2009 was $6.5 million versus a highest sales price of $4.1 million in 2008. The average sales price in 2009 so far has been $1,125,478 versus $1,272,458 for this same time period in 2008. There has been a dramatic upswing in sales prices so far for the second half of 2009. The sales during the first half of the year were primarily below $1,000,000. If the pending sales are an indication of how 2009 will continue, it looks as though the dramatic upswing in sales prices for the second half of the year will continue. The second half of the year will have an unusual number of the highest end sales, even if all of the pending sales don't close this year.

Lake Winnipesaukee Waterfront Market 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.)