As we have started 2021 we are looking at the same inventory constraints which were faced in 2020, which means we are likely headed into another busy season of real estate.
The good news for those looking to sell is that of the 16 towns1 we track there was an increased median sales price with a reduction of days on the market. Long story short, homes sold quickly at record high prices.
This is part of a larger trend across New Hampshire as populations shift and people are generally leaving large urban centers in favor of suburban and rural areas. The population of New Hampshire has gradually increased in recent years and this trend does not appear to be slowing down from 2020 to 2021.
Take a look at the maps below, showing housing trends in New Hampshire2:
Coos County leads the way in New Hampshire with the greatest increase of units sold at 27.3%, Sullivan County followed closely at 25.6%. These figures reflect changes from 2019 to 2020. The only county in New Hampshire to have less units sold occurred in Strafford, which dropped 2%.
In Sullivan County the 2019 median sale price was $187,000 which jumped to $224,000 in 2020. While median prices increased throughout the state Sullivan County had the largest increase at an astounding 19.8%.
Throughout the state average days on the market reduced, with the greatest improvement in more populous counties. Merrimack led the way with a 28 day on market improvement!
Towns within the Sunapee Region Selling Quickly
Diving deeper into Merrimack County, there’s been a rapid drop in days on market from 2019 to 2020 (averaging 94 down to 62, respectively). However, this was an acceleration of a trend of the past 4 years and even better there is less variability across our area.
New London, Newbury, and Sunapee
Within the Lake Sunapee Region we are encouraged by the increasing median sales price figures and fewer days on the market as well. Waterfront properties sales on Lake Sunapee alone hit a record high of 31 sales, beating out 2012 sales of 29. For historic Lake Sunapee home sales data, read this post. Median sale prices have jumped the most in Newbury, rising $104,500 or 38% from 2019 to 2020. Second was New London rising $79,500 (20% increase) and third in Sunapee, up $48,000 (12% increase).
New London and Newbury had a decreased number of sales which may be a contributing factor to their rising prices, while Sunapee had more sales in 2020. If these trends continue it will help to shape 2021 into another strong year.
Curious to see what homes are for sale in the Lake Sunapee Region?
1-The 16 towns we track are: Andover, Bradford, Croydon, Goshen, Grantham, Lempster, New London, Newbury, Newport, Springfield, Sunapee, Sutton, Unity, Warner, Washington, and Wilmot
2-Information obtained from the New Hampshire Association of Realtors (https://www.nhar.org/association/marketdata/year_over_year)
Data is from NEREN MLS and is subject to human error. Data includes, single family home sales from full calendar years 2017-2020.