In October there were a total of 56 closings with a median sale price of $367,500 and a total volume of $39,363,060. While this volume is nice and high, it is a confirmation of the 2022 trends (and recent years) of higher median prices on fewer sales. A big change occurred where the median days on market has been steady around 6-8 days since April of this year, but has jumped to 19 in October. With 56 closings in the month, this change is not likely to be a statistical anomaly.
What’s also interesting is how the median prices are shifting. In September the median sale price was $407,000 which dropped to $367,500 in October. Additionally, the median list price of the October sales was $382,500. It’s interesting that the median home sale in the Lake Sunapee Region is now closing under the list price. Here's a breakdown of home list price versus sold price for October 2022:
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30 homes sold at, or more than $1,000 under the list price
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2 homes sold within $1,000 under the list price
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5 homes sold at the list price
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4 homes sold within $1,000 over the list price
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15 homes sold at, or more than $1,000 over the list price
This scale is quite varied, and the median shows us it should tip toward homes selling under list price, but the number of homes selling far below list makes it quite lopsided. It’s hard to pinpoint a cause and is likely a combination of factors but it seems the increased days on market is working in tandem with the number of price adjustments (as we reported in last month’s post).
While there’s been much talk about how the market is changing, and it is, with rising interest rates, high prices, limited inventory, etc... it can seem confusing to navigate. The good news is all these indicators have occurred before, historically interest rates haven’t been in the 3%-4% range like they have been over the past few years. Median prices haven’t been this high, but they are retreating within ranges we saw just last year. The median days on market took a jump, but is now closer to its historical norm than where it has been.
The last couple of years seem to be an aberration in time, but even though we’ve seen these indicators before; we haven’t always seen them together. We can take solace in knowing that nobody can accurately predict the future, but if you need help navigating the now we are here for you.
Andover
48 Cole Pond Road - $158,000
181 Putney Road - $220,000
83 Agony Hill Road - $305,000
11 Applecrest Lane - $370,000
159 Plains Road - $470,000
18 Last Street - $475,000
7 Winter Hill Lane - $675,000
Bradford
114 Breezy Hill Road - $265,000
56 Davis Road - $484,500
Goshen
80 Four Corners Road - $310,000
941 Brook Road - $330,000
Grantham
194 Tall Timber Drive - $149,900
15 Wedgewood Drive - $365,000
8 Whip Poor Will Walk - $397,000
29 Clearwater Drive - $517,500
Lempster
170 Sand Pond Road- $493,500
New London
72 Hominy Pot Road - $250,000
21 Quail Run - $465,000
67 Hayfield Lane - $639,900
52 Bog Road - $660,000
42 Hillcrest Drive - $925,000
63 Old Coach Road - $1,550,000
112 Herrick Cove Lane - $3,025,000
67 Moyahs Lane - $3,625,000
Newbury
45 Pine Street - $299,000
198 Bay Point Road - $450,000
35 Blye Hill Landing - $1,700,000
131 Grace Hill Road - $8,500,000
Newport
475 John Stark Highway - $215,000
56 Summer Street - $218,000
10 Hale Street - $225,000
14 Fairway Avenue - $235,000
162 N Main Street - $260,000
49 Karlene Street - $285,000
22 Elaine Street - $305,000
Springfield
1983 Main Street - $400,000
3877 Main Street - $420,000
87 Cemetery Road - $435,000
Sunapee
13 Wendell Overlook Road - $180,000
35 Maurer Lane - $245,000
55 Penacook Path - $306,000
39 Dowd Lane - $607,000
50 Pine Ridge Road - $850,000
Sutton
96 Baker Road - $1,300,000
Unity
331 Cold Pond Road - $120,000
8 Skyline Road - $305,000
Warner
3 Kelly Hill Road - $228,000
203 Schoodac Road - $310,000
16 West Main Street - $338,000
64 Kearsarge Mtn Road - $398,000
18 Kirtland Street - $541,260
Washington
139 Jackson Drive - $267,500
2372 East Washington Road - $300,000
377 Ashuelot Drive - $635,000
Wilmot
402 Cross Hill Road - $340,000
276 Kearsarge Mountain Road - $1,020,000
*There were no home sales in Croydon in the month of October
**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
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