How's the Lakes Region Real Estate Market Looking?

We’re at the end of the first quarter of 2023 for real estate sales in New Hampshire’s Lakes Region. I’ve pulled up stats for 3 of the towns, Laconia, Gilford, and Meredith, for the first 3 months of 2023 and compared the results for the same 3-month period in 2022.

As expected, unit sales were down considerably, with a 46.2% decrease in Laconia’s single-family unit sales and a 55.6% decrease in total sales volume. For condominiums, unit sales were down 44.4%, and there was a 44.4% decrease in total sales volume.

For Gilford, unit sales for single-family were down 56.6% and total sales volume was down 20%. For condominiums, unit sales were down 54.5% and total sales volume was down 45.9%.

In Meredith, single-family unit sales showed an increase of 8% and total sales volume was down 17.5%.?

Median sales prices went down in some towns and went up in others. The continuing trend is the lack of available inventory in the Lakes Region. Currently, there are only 146 single-family homes for sale in the 25 towns comprising the Lakes Region and there are only 44 condominiums for sale. Only 931 single-family homes and 321 condominiums are presently for sale in New Hampshire. We are not setting up the Lakes Region or the state for the spring/summer selling season with adequate inventory.?

Here’s the breakdown:

Laconia — Single-Family — (1/1 - 3/29)

2023: 21 sales (46.2% decrease), 15 median days on the market, the median sales price was $302,500, and the total sales volume was $7,511,171 (55.6% decrease).

2022: 39 sales, 9 median days on the market, the median sales price was $330,000, and the total sales volume was $16,907,181.

Laconia — Condominiums — (1/1 - 3/29)

2023: 15 sales (44.4% decrease), 48 median days on the market, the median sales price was $305,000, and the total sales volume was $5,003,200 (44.4% decrease).

2022: 27 sales, 6 median days on the market, the median sales price was $315,000, and the total sales volume was $8,997,800.

Gilford— Single-Family — (1/1 - 3/29)

2023: 8 sales (56.6% decrease), 14 median days on the market, the median sales price was $634,500, and the total sales volume was $10,221,500 (20% decrease).

2022: 18 sales, 7 median days on the market, the median sales price was $487,500, and the total sales volume was $12,743,500.

Gilford— Condominiums — (1/1 - 3/29)

2023: 5 sales (54.5% decrease), 5 median days on the market, the median sales price was $265,000, and the total sales volume was $1,657,000 (45.9% decrease).

2022: 11 sales, 7 median days on the market, the median sales price was $215,000, and the total sales volume was $3,060,448.

Meredith— Single-Family — (1/1 - 3/29)

2023: 13 sales (8% increase), 19 median days on the market, the median sales price was $439,900, and the total sales volume was $12,720,300 (17.5% decrease).

2022: 12 sales, 7 median days on the market, the median sales price was $990,000, and the total sales volume was $15,409,745.

Meredith— Condominiums — (1/1 - 3/29)

2023: 7 sales (13.3% increase), 7 median days on the market, the median sales price was $500,082, and the total sales volume was $3,316,805 (69.% increase).

2022: 3 sales, 10 median days on the market, the median sales price was $725,000, and the total sales volume was $1,963,000.

I also obtained some interesting statistics provided by MarketStats by ShowingTime relating to real estate sales in New Hampshire for 2022:

• There were 20,186 residential sales in 2022 ( a decrease of 16% from 2021)
• 14,456 were single-family homes (down 17%)
• 4,549 were condos (down 15%)
• 1,181 were mobile/manufactured (up 5%)
• Total sales volume was $9.6 billion (down 3.7%)
• The most expensive home sold was in Rye for $25 million, a new state record. The previous state record was a waterfront estate in Wolfeboro that sold for 12.3 million. Years ago, when I spent summers at Rye Beach, I used to jog along Jenness Beach and Straw Point, where this property is located. It’s amazing to see the price this estate garnered.?
• The most expensive land sale was $6 million for 12.4 acres in Sandwich on Squam Lake.
• There were 2,304 land sales in New Hampshire (down 27%) because the covid effect went down.?
• The largest piece of land sold was 5,441 acres in Campton.?

We are now entering our busy season here in the Lakes Region as summer approaches. Let’s hope more inventory starts coming on the market. The demand out there is still very strong!?

This article was written by Frank Roche. Frank is president of Roche Realty Group with offices in Meredith and Laconia, NH, and can be reached at (603) 279-7046. Sales data was compiled by a NEREN search and is subject to change. Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.