January is a good time for reflection on the past year.  Looking back, we can see trends which help predict what 2017 will look like.  Most of the area towns experienced about the same number of home sales in 2016 as in 2015, except for New London.  For example, Sunapee had 61 sales in 2016 compared to 59 in 2015.  Newbury had 55 sales in 2016 and in 2015.  New London saw a huge increase with 90 home sales in 2016 vs. 60 in 2015. 

Millennials and baby boomers are the driving force in the market and are expected to continue to be so for the next 10 years.  This can be seen as homes priced under $300k, (the first time home buyer), were a good portion of the sales.  Of the 61 houses sold in Sunapee, 31 were under $300k.  In Newbury, of the 55 sales, 38 were under $300k.  In New London, almost half of the solds were in the $300k-$500k price range – more indicative of the downsizing and relocation of the baby boomers. 

 What does this mean for buyers?  It’s a competitive market for move-in condition homes priced under $300k or with 1^st floor masters of medium size and located near amenities.  Given the low inventory, buyers need to be prepared to act quickly.  Sellers need to know if their home doesn’t quite fit the profile of what millennials or baby boomers want, it could take longer to sell.  Contact me if you want to know how the market impacts you.  603-526-4116; Donna@DonnaForest.com; www.DonnaForest.com

Real estate markets are local, and we have the real scoop on ours.  Better Homes & Gardens Real Estate - The Milestone Team