Low housing inventory has been the topic of conversation nationally as well as in NH this year. There just seems to be a lack of homes for sale. So why now? It’s a combination of many factors: homeowners are moving every 10 yrs. compared to historically being 6-7 yrs., many homeowners are staying put as their mortgage interest rate is lower than what rates are now, there was a lack of new construction during the recession, and owners don’t want to sell as they are fearful they will not find a home to buy. As a result of having low inventory in many markets, prices are going up. In NH, the median sales price is up 6.2% through October compared to 2016. A stable market has a 6 month supply of existing homes to sell. Anything less means home values will rise and anything longer than 7 months will cause prices to fall. As of October, NH as well as the rest of the U.S., had about a 4 month supply. Bottom line, buyers will continue to compete for homes and sellers will see home values rise. Contact me to see how this market impacts you! 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
Having read numerous articles lately on the housing market, my takeaway is most economists feel 2018 will see an increase in total home sales and median sales price. National Association of REALTORS Chief Economist Lawrence Yun expects sales to increase 3.7% in 2018 and the National median existing home price to rise around 5.5%. Freddie Mac forecasts home sales to increase about 2% and about 4.9% in price. Core Logic predicts a price increase of 4.7%. The reason for this optimism is the economic environment remains favorable for housing and mortgage markets; we have moderate economic growth, solid job gains, and low interest rates. Freddie Mac forecasts these conditions to continue into next year. What are the downsides for 2018? Limited inventory will be a persistent problem. This will keep prices elevated and prevent some buyers from home ownership. Also, the proposed tax reform plan includes a limit on mortgage interest deduction when could impact home values, especially in higher priced cities with home values over $500k. In the words of Lawrence Yun, "Assuming no changes to the tax code that hurt home ownership, the gradually expending economy and continued job creation should set the stage for a more meaningful increase in home sales in 2018." Contact me if you're wondering how the market will impact you! 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com
This home is just two miles to Mt. Sunapee Resort and Lake Sunapee State Park for skiing, family fun, boating, swimming, etc. Well-maintained, sunny and bright home on 10.1 acres with beautiful views to the west of Mt. Ascutney and Croydon Park. Bult in 1983, the house has two decks off the rear of the house, plenty of parking, a large partially finished basement, which could easily be completed as a bunk room or family room. Come take a look at this great home in a super location! Offered at $239,000. For more photos and details, visit http://tour.circlepix.com/home/8HQ8HX/2265-Brook-Road-Goshen-NH-4653472
Susie Moore, Listing Agent, 603-526-4116
Spectacular, well-appointed, vacation home or primary residence with water access to Lake Sunapee and all the comforts you need on a private cul de sac, wooded setting. Open concept, light-filled great room, first floor or second floor master suites, enormous family room with pellet stove and deck, two additional bedrooms on the second floor with another full bath. Nothing left undone - air conditioning, generator, even a 3 person sauna and exercise room! Attached two car garage PLUS separate detached 3 car heated garage/barn to store all your toys - bonus room above. About 2 miles to Lake Sunapee State Beach or Mount Sunapee for year-round fun! Ten miles to I-89. It's time to live where you play! Offered at $649,000. For more photos and details, visit http://tour.circlepix.com/home/6HNGX5/24-Shadow-Lane-Sunapee-NH-4651980
Anne Marie Appel, Listing Agent, 603-526-4116
Spectacular, well-appointed vacation home or primary residence with water access to Lake Sunapee and all the comforts you need on a private, wooded setting. Open concept, light-filled great room, first floor or second floor master suites, enormous family room with pellet stove and deck, two additional bedroom on the second floor with another full bath. Nothing left undone - air conditioning, generator, even a 3 person sauna and exercise room! Attached two car garage PLUS separate detached 3 car heated garage/barn to store all your toys - bonus room above. About two miles to Mt. Sunapee State Park beach or Mount Sunapee for year-round fun! Ten miles to I-89. It's time to live where you play! Offered at $649,000. For more photos and details, visit http://tour.circlepix.com/home/6HNGX5/24-Shadow-Lane-Sunapee-NH-4651980
Anne Marie Appel, Listing Agent, 603-526-4116
Great curb appeal! This classic Gambrel has a lot to offer. Nice country setting but not far from schools and town amenities. Many improvements have been made such as extensive site work around the house, an updated driveway, new cabinets and counters, and a new boiler (2014). Great space, hardwood floors (first floor), front and back decks, screened porch, a large yard and a barn/garage too. All carpets have been removed and will be replaced prior to closing. Seller is related to listing agent. Offered at $277,000. For more photos and details, go to http://tour.circlepix.com/home/QKHDLU/212-Ryder-Corner-Road-Sunapee-NH-4647879
Jane Snow, Listing Agent, 603-526-4116
This outstanding home offered with a highly desirable Sunapee Harbor South Club Boatslip is tucked back from the road on 2.5 landscaped acres and within walking distance of Sunapee's charming Harbor. Custom built by Carey Builders with carefully chosen materials and a craftsman's incredible attention to detail, this home blends together necessary spaces with those extras which make such a lifestyle difference. Sit by the pond, read in the Elmm Room, lunch on the side deck, enjoy friends and family cooking out on the patio. 3 bedrooms, 3.5 baths, approximately 4,800 sq. ft. of living space on two levels. Location, style, quality, crafted details, access to Lake Sunapee. . . all the makings for the best of vacation or year-round living. Offered at $1,538,000. For more photos and details, visit www.LakeSunapeeNHAccess.com
Marilyn Kidder, Listing Broker, 603-526-4116
Market news from New Hampshire REALTORS:
A strong sellers' market continues after a first quarter in which New Hampshire price increased, sales decreased, and inventory dropped dramatically.
Among the highlights:
- Closed sales: The 1,083 March residential sales were just four off the sales pace of March 2016 and represented the second-most in the month in more than a decade. First quarter sales (2,747) were down by 3.4 percent from a year ago, but still a substantial uptick from first quarter 2015.
- Median sales price: At $244,900, it was the highest priced March since 2007 and a 4.2 percent increase from March 2016. The first quarter saw a 5.6 percent increase year over year, to $245,000 in 2017.
- Inventory numbers are the lowest in NHAR's recording period, dating back to 2005.
- The number of residential homes for sale at the end of March was 4,902, a 32 percent drop from a year ago. By comparison, there were roughly 12,000 for sale at the end of March 2010.
- Months supply, meaning the number of months it would take to sell off the current inventory at the current sales pace, is at 3.3 months, a 35 percent drop from just a year ago. There was nearly 17 months supply in 2009.
There's plenty more information where that came from. The New Hampshire REALTORS market report includes 10 different categories and historical data going back to 2006, as well as county-level data. Also included below is the long-term statewide data, dating back to 1998.
- For the complete March 2017 report, click here.
- For the first quarter 2017 report, click here.
- For past monthly reports, click here.
- For statewide and county level data from 1998 to 2016, click here.
If you have questions, please contact NHAR Communications Director Dave Cummings at email@example.com or 603-225-5549.
Listen to our Broker Associate, Donna Forest, and Jim Giller of Mascoma Savings Bank talk about our area's real estate market. View the beautiful home in Sunapee that Donna is representing for sale. Own a piece of Heaven on Earth! Click on the link: https://www.youtube.com/watch?v=o3rO109Ol0g&feature=em-share_video_user
New Hampshire Realtors has published the stats for NH residential and condominium properties sold in the month of January. To see the report, click here.