We have closed out the first quarter of the year and are going to take a look back at the month of March, and try to identify the trends which are developing so far this year.
In March there were 36 closings in the Sunapee Region, which is up from 28 in February and 31 in January. This reflects the usual seasonal trend of less sales during the winter and as we move to spring we hope for more listings, and more closings to follow.
The median days on market has increased to 14 days versus 12 in February. While not a significant increase this is up from a year ago. Interestingly the median sale price was $377,500 below the median listing price $382,000. The last month this occurred was October 2021 and will be an inflection to watch in the coming months.
In real estate circles last month there was much discussion about rising interest rates and what this means for our clients. At the time of this writing, mortgage rates are moving around 5% for a 30 year fixed rate, up from about 3.3% at the beginning of this calendar year. This is having an influence on affordability. When you factor in the rate difference on a Sunapee Region median price of $377,500, a 3.3% rate has a principal and interest (P&I) of $1,323 versus $1,621 at 5%. In order to keep a P&I of $1,323 at a 5% rate, the purchase price drops from $377,500 to about $308,000.
There’s a multitude of factors not mentioned here, but it illustrates how rising rates and monthly payments can drastically change the journey of a home buyer, and particularly a first-time home buyer. We have been keeping a close eye on interest rates and federal reserve policy to help our clients in their journey, and we will continue to do so. If you’d like to learn more please connect with one of our agents.
22 Kearsarge Mountain Road - $235,000
766 Franklin Highway - $240,000
444 Bradley Lake Road - $606,000
48 Brick House Road - $685,000
361 Rowe Mountain Road - $226,000
219 Cressy Road - $335,000
11 Water Street - $422,270
2623 State Route 114 - $495,300
95 Mill Village Road - $280,000
19 Wedgewood Drive - $463,000
10 Barn Owl Overlook - $501,000
15 Loon Drive - $875,000
491 U.S. Route 10 - $269,900
390 Hurd Road - $330,000
34 Dogwood Lane - $322,875
39 South Cove Road - $925,000
228 Davis Hill Road - $1,080,000
6 Frost Top Hill - $315,000
29 Allwood Drive - $447,500
34 Hilltop Drive - $475,000
10 Fowler Mill Road - $565,000
50 Wildwood Road - $1,600,000
16 Old County North Road - $2,390,000
628 John Stark Highway - $95,000
3 Breakneck Road - $220,000
45 Springfield Road - $230,000
185 Cheney Street - $322,000
95 Elm Street - $355,000
43 Summit Road - $400,000
2997 Main Street - $234,000
13 Winding Wood Road - $635,000
4 Cross Road - $253,770
345 Bay Point Road - $722,000
490 Route 114 - $280,000
466 Kearsarge Valley Road - $452,432
72 Cold Pond Road - $139,995
*There were no home sales in Croydon, Warner, Washington, or Wilmot during the month of March.
**Data is from NEREN MLS and is subject to human error. Sometimes information outside of our control is uploaded to the system late which means our numbers could be off by one or two sales.