In 2019 home sales on Lake Sunapee increased 57% when compared to 2018 home sales. During 2019, 22 lakefront homes sold in 2019 compared to 14 in 2018. Out of those 22 lakefront homes, the median sales price was $1,400,000, with the highest priced lakefront house selling at $5,700,00 and the lowest at $525,000.
When looking at lakefront home sales by town, there were 12 properties sold in Newbury, 9 in Sunapee and 1 in New London. When combining all lakefront home sales on Lake Sunapee, a grand total of 3,472 feet of waterfront (or .66 miles) was sold.
Waterfront Property Appreciation
Taking a look at historical home sale trends on Lake Sunapee, we ran the cost per foot of waterfront sold. Since 2016 the per foot cost of waterfront property on the lake has appreciated from $6,547.47 per foot to $11,429.07. 2018 did see a higher cost per foot coming in at $12,009.47, but fewer lakefront home sales.
If we go all the way back to 2003 (when we started collecting this data), and compare the median sales price per lakefront home sold, you’ll see a steady appreciation of value. In 2003, 8 lakefront homes sold, and the median sales price was $562,500. Check out the chart below to see how waterfront properties on Lake Sunapee have appreciated over the years, as well as days on market and total Lake Sunapee home sale trends by town.
From skiing and riding to festive events and family fun activities, New London and the surrounding area towns that make up the Lake Sunapee Region transform into a winter playground for all ages. If you’re looking for things to do from December through February, here are a few local event recommendations!
December 26th – 31st, 2019 Gallery of Trees Inn at Pleasant Lake 1:00 pm – 7:00 pm each day
3rd Annual Gallery of Trees! Come tour the trees and vote for your favorite. All donations will go to the New Hampshire Food Bank to help feed hungry families this holiday season. All the votes for the winning tree will participate in a raffle - the winner will get brunch for 2 at Oak & Grain!
December 28th, 2019 Ben Fuller Music The Anchorage in Sunapee Harbor 9:00 pm – 12:00 am
Visit the Ben Fuller for a night filled with acoustic originals and some country music.
Come join this progressive dinner featuring many local restaurants all in one place! This event will take place at Colby-Sawyer College inside and outside of Wheeler Hall. Tickets sell out in advance so be sure to purchase early! Tickets on sale at www.nlrec.com or call 526-6401.
Newport’s 104th Annual Winter Carnival on the town common and throughout the town. Many fun activities including the Queen’s Pageant, parade, winter activities and fireworks. Fun time for adults and kids.
It’s no surprise that the 2019 housing market is another one for the books. Following a strong 2018 where we saw a record-breaking median sales price of $282,500 in New Hampshire, 2019 is showing equally notable stats coming in with a median sales price of $300,000, year-to-date as of November. Of course, December sales will impact that number, but it prompted us to take a deeper dive into historical homes sales data. Since we’ll soon be celebrating the beginning of a new decade, we wanted to dust off the numbers going back to 2000. Here’s what we found…
Since 2000, the median sales price has increased by 63% for the State. Looking at our local market, the median sales price for the Sunapee Region* has increased by 57%. Another remarkable data point to note is the Days on Market (DOM) which have dropped from 100 in 2000 to 61 DOM in 2018 for New Hampshire, and 110 to 50 DOM for the Sunapee Region. Locally we are seeing the DOM for 2019 hover around 39 and the median sales price at $250,000**.
The number of single-family properties sold are continuing to hold steady with 2018 transactions (644 transactions from Jan 1 – Dec 10), which is higher than pre-recession sales in 2005, both locally and for New Hampshire. In 2018 there were 655 transactions compared to 573 in 2015 and 613 in 2005. In 2010 when we were in the midst of the recession, single family home sales came in at 388 for the year. Single-family home sales for the State followed a similar pattern with 17,525 transactions in 2018, 16,159 in 2015, 10,525 in 2010 and 16,264 in 2005.
The graphs below display median sales price data and DOM for both New Hampshire and our local market looking back to the year 2000. If you’re curious about data specific to a certain town, please feel free to reach out and we would be happy to send you town reports! As always, if you have questions regarding your local real estate market, we are available to provide additional information—feel free to call, text or email any of us on the O’Halloran Group Team.
* The Sunapee Region data set includes residential, single-family homes sales from the following 16 towns: Andover, Bradford, Croydon, Grantham, Goshen, Lempster, Newbury, New London, Newport, Springfield, Sunapee, Sutton, Unity, Warner, Washington, Wilmot.
** Data pulled for the following time period: January 1, 2019 - December 10, 2019.
In reviewing property sales for the past 8 months (January through August 2019) and comparing that data to the past couple of years, we are seeing shorter median days on market (39 days) and a median sales price for the region that is almost $8,000 higher than the past couple years. On the surface, this sounds great–higher prices, shorter time on the market, sign me up!
If you dig deeper, we see that pricing more aggressively is key for this last quarter of 2019. Looking at the charts below, there is a $60,000 difference in the median price between available inventory and what is currently under contract. A similar differential is reflected in the average and median days on the market for the pending inventory. This shows that accurately priced homes are selling, while properties that push the sales price boundaries are seeing a much higher days-on market average.
In the spring/early summer we were able to counsel our sellers and drive a higher listing price. Now we are seeing buyers hold back, pause and not jump right away if the price is too high. With rates still at historic lows, and inventory levels down, there is high buyer demand—however, sellers should keep in mind that the key to selling your home in today’s market is knowing the accurate value of your property and pricing it accordingly. Sellers entering the market with a smart pricing strategy, paired with an expert marketing campaign can still have an excellent experience.
Buyers, so where does this leave you? It is still a seller’s market, but as covered above, things are slowing turning in your favor. Here are a few key things to consider when buying a home or investment property:
1) Hire a buyer’s agent to help guide you through the process and structure your offer for the highest chance of success. Real Estate is highly localized, and an experienced realtor will be able to provide the data you need to make an informed decision and give you confidence in the decision you are making.
2) Put your cards on the table. Worst case the seller says, “no” best case, you get the house!
3) Remember, if you are buying a home for a “home” not a flip or investment property, the long-term value of today’s rates is remarkable. Here’s a quick example to show how rates can impact the carrying cost of purchasing a home:
On a $250,000 loan at today’s rate of 3.75% versus rates back in 2007 at 6% it equates to a $55,301 savings over the course of 10 years!
Total interest at 3.75% 10yrs on a 30yr mortgage = $84,824.37**
Total interest at 6% 10yrs in on a 30yr mortgage = $140,125.54**
**Interest rate information sourced from bankrate.com on September 20, 2019. Always consult your lender for the most up-to-date rate information.
What’s not to love about New London, Sunapee and the surrounding region during the fall season! Late September and the month of October are packed with events and things to do from cruising the back roads and taking in the bright colors of the leaves to fall festivals, pumpkin people, cultural events and 5k road races. Below is round up of events and happenings in fall 2019. Also, make sure to check out some of the local and regional farm stands and apple orchards this season!
Twilight Tasting Mt. Kearsarge Indian Museum, Warner 5:30 pm – 8:00 pm Unique event with area restaurants, cafes, caterers and others showcasing their talents. The Mt. Kearsarge Indian Museum and The Little Nature Museum will be open and available to tour and walk the grounds. https://www.indianmuseum.org/calendar
October 1 – month of October
Return of the Pumpkin People Town of New London Throughout the month of October keep an eye out as the Pumpkin People reemerge all around New London. Hosted by the New London Recreation Department, all are welcome to participate! There are categories for residential, business and organization entries. https://www.facebook.com/events/453536285004783
Claremont Fall Festival and Chili Cook-Off The Green at the Claremont Visitor Center 10:00 am – 3:00 pm This is the 22nd Annual Fall Festival & Chili Cook-Off 5K Race, with live entertainment, exhibitors and chili contest. https://www.facebook.com/events/2426571240710750/
Harvest Day Muster Field Farm, Sutton 10:00 am – 4:00 pm Enjoy the beauty of Muster Field Farm in Sutton, NH while listening to live music and watching artists demonstrate and exhibit their skills and crafts! Homemade soups will be available for purchase and the farm stand will be open. http://www.musterfieldfarm.com/events/harvest-day-weekend
Open Farm Sunday Sanctuary Dairy Farm 11:00 am – 2:00 PM Cabot is hosting a fall open house and there will be blacksmith demonstrations, pressed apple cider, warm grilled cheese sandwiches/mac-n-cheese and tours of the dairy barn.
October 11 – 13
72nd Annual Warner Fall Foliage Festival Main St., Warner Three days of family fun! Live music, parades, 5k road race, amusement rides, great food, farmer’s market and more! http://wfff.org/
Corbin Covered Bridge Festival Corbin Covered Bridge, Newport 9:00 am – 3:00 pm This is a FREE event that will include historical and cultural activities, fun, food, demonstration, hands on experiences, a heritage parade through the bridge, and photo opportunities. https://www.facebook.com/events/405657833360964/
Mount Sunapee Duck Drop Mount Sunapee Resort, Newbury 10:00 am – 3:00 pm Get ready to let the ducks fly! Enjoy live music, good food, and test out your duck tossing skills for a chance to win some great prizes. http://nhduckdrop.com/
Halloween Fun Wilmot Community Association Red Barn, Wilmot 5:00–7:00 pm The young and young-at-heart will want to join in. The decorations will be grand and the candy, cookies, cider and other goodies sinfully delicious. Kids of all ages are welcome to stop by the Red Barn for games and treats. http://wilmotwca.org/upcoming-events/
Christmas at the Fells The Fells Historic Gardens & Estate, Newbury The Fells Historic Estate & Gardens, Newbury, NH Take a tour of The Fells Main House and get inspired! Professional interior designers, floral artists, decorators and talented volunteers have sprinkled their magic throughout to create this one-of-a-kind Christmas showcase. https://thefells.org/view-by-date/christmas-at-the-fells
13th Annual Lake Sunapee Turkey Trot 5K Sunapee Harbor 9:00 am Now in its 13th year, the Lake Sunapee Turkey Trot has become a wonderful family tradition for more than 800 racers. Grab your family and friends, work off some calories, and make this great event a part of your Thanksgiving tradition. http://sunapeeturkeytrot.com/
Spring and Summer 2019 have proven to be a busy season and our team continues to grow. We are thrilled to welcome two new colleagues to the O’Halloran Group—Realtor®, Lori Meding and Brandy Waterman.
Lori began her real estate career working behind-the-scenes as a broker assistant for over six years prior to becoming a full-time Realtor in 2017. This experience has allowed Lori to be involved in every aspect of the real estate transaction from start to finish on a wide range of properties and has led to her expansive knowledge and insight of the local real estate market. Lori grew up in Newbury and has owned a home in Wilmot since 1990 where she raised her son. As a native of the Lake Sunapee Region, Lori is passionate about our community and looks forward to helping clients discover all that this area has to offer.
Brandy comes to the O’Halloran Group from Sugar River Bank where she worked in business banking and marketing. With a long background in the banking world, she understands the importance of customer needs, and wants to make sure each client is assisted with prompt service and contact. If you haven’t meet Brandy yet, you will! Her work keeps her at the forefront of all client relations and marketing projects. Born and raised in Sunapee, now residing in Newport. She adores the communities she lives and works in. You’ll find her out and about volunteering for a number of community organizations including the Newport Area Chamber of Commerce, the Orion House and Claremont Kiwanis Club.
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