Market Changes Nationally – and HERE!
This information is from Hazel Gaudet at Fairpoint Mortgage. Her service is excellent and her data is fabulous.
In our Lakes Region area we are seeing price reductions daily. In terms of percentages, in the past 10 days we’ve seen 19 prices changes on active listings in Lakes Region towns. The total number of active listings in the same towns is 165 so the percentage price drop is still small at 11%.
All last year there was little inventory available for waterfront buyers. As soon as something came on the market (or before!) it was snapped up at Open Houses with over bids and multiple offers. Waterfront properties are selling for record prices. And the market is still strong.
Here’s the data.
Year to Date 2022 (January 1 to July 7) : 36 waterfront homes closed (all towns around the Lake). The average time those homes were on the market (DOM) was 14 days. The average selling price was $2.65M.
If we look at the last 90 days (a recent subset of the YTD), : 25 waterfront homes closed (all towns) with an average Days on Market of 18. The average selling price was $2.43M.
And in the past 30 days : 8 waterfront sales, which sold on average in 8 Days on Market, and the average price was $2.6M.
Sales are strong.
Home sales data for Moultonboro is starting to show some softening.
Closed sales for the first 6 months of the year (Single Family Homes) shows 51 sales, with an average “Days On Market” (DOM) of 19.
Homes that are currently under agreement or pending (AUC or PE) number 16, and the DOM of those homes is 16, About the same as the closed properties.
Active Homes (currently available for sale) number 17, with an average DOM of 40. That’s longer than we have seen for months. So things are starting to slow. Of course, a few new listings will drop that average pretty quickly, but the data deserves to be considered. The currently active inventory represents 2 months of inventory. Still a sellers’ market for sure, but more inventory than we have seen for a long time.
Another sign is that prices are starting to drop. Homes that have been on the market for 30 days are starting to have price reductions…..which is totally normal but which we haven’t seen in many months.
So if you are thinking about selling, sooner rather than later will help you take advantage of this still hot seller’s market.
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