October was a strong month for Sunapee Region real estate, marking a modest increase in the sale price, a seasonal decline in the number of sales, and the days on market are holding steady as it has all year.
Last month there were 47 sales, down from 57 in September and also lagging the 56 which occurred in October of 2022. This means there have only been 363 sales year-to-date, and for comparison that figure in 2022 sat at 500. This means there have been significantly less sales this year which brings us next to prices.
In the law of supply and demand, the less supply there is the higher it can force prices. This might partly explain why the median price has been rising throughout 2023. Starting in January the median sale price was $390,000 which is now up to $475,000. In 2021 and 2022 there was a lot of talk about how real estate prices were exploding, and as the Federal Reserve started raising interest rates to combat inflation, prices were supposed to level off. The price chart below, showing 2023 sale prices makes it seem that the Federal Reserve has missed its mark. A counterargument could be made that the Federal Reserve hit its mark, but the limited supply is what's pushing prices up. The easy answer is: all of the above!
At the start of the year, a 30 year fixed rate mortgage averaged 6.27%, and has risen to 7.62% in October. Such a rise tempers some of the fast price increases we’ve seen over the past few years, and may also play a part in limiting the number of homes being listed. For a homeowner who bought in the last 10 years, selling now would mean giving up a mortgage rate lower than current inflation. This makes many would be sellers continue to be homeowners if they can stay put.
As mentioned in last month’s post, real estate pricing is very specific to each property. In these posts we often analyze trends, but as a potential buyer it pays to consider the details of a property such as location, energy efficiency, aging in place, deferred maintenance, and more. With rising prices it pays more now than ever to have a good agent who can help you find a property that will save you money in the long run. It's not always an easy road, but it is worth the hard journey to find the right fit for the long term.
Andover
383 Tucker Mountain Road - $410,000
Bradford
3031 State Route 114 - $247,500
115 Baker Hill Road - $299,000
Grantham
40 Troon Drive - $415,000
16 Butternut Road - $489,000
32 Wildwood Drive - $499,000
15 Fernwood Lane - $544,000
991 Route 10 N - $650,000
Lempster
93 Wheeler Lane - $155,000
New London
617 Sugarhouse Road – $399,900
464 Pleasant Street - $635,000
199 Barrett Road - $660,000
185 Brookside Drive - $745,000
105 Westside Drive - $850,000
45 Snow Lane - $1,100,000
Newbury
33 Pine Cliff Road - $740,000
4 Fox Hollow Road - $1,062,000
Newport
29 Paradise Road - $189,900
17 Woodland Street - $205,000
38 River Street - $216,000
186 East Mountain Road - $462,500
139 Turkey Hill Road - $599,000
98 Elm Street - $684,000
Springfield
39 Shad Hill Road - $80,000
10 Prescott Hill Road - $87,500
635 Hogg Hill Road - $445,000
273 Cemetery Road - $525,000
Sunapee
85 Bradford Road - $275,000
8 School Street - $465,000
34 Chippendale Drive - $475,000
18 Maple Street - $507,000
53 Ryder Corner Road - $820,000
253 Lake Avenue - $1,595,000
26 Turtleback Road - $2,100,000
21 Birch Point Lane - $2,700,000
Sutton
297 Hominy Pot Road - $367,500
70 East Sutton Road - $446,000
Warner
68 Denny Hill Road - $339,000
39 Waldron Hill Road - $439,000
88 W Main Street - $475,000
102 Waterloo Street - $499,000
8 E Roby District Road - $1,300,000
Washington
77 Stowell Road - $370,000
190 Old Marlow Road - $395,000
1827 Valley Road - $449,000
Wilmot
83 Jewell Road - $375,000
61 Deerwood Drive - $675,000
*There were no home sales in Croydon, Goshen, or Unity during the month of October
**Data is from NEREN MLS and is subject to human error. Sometimes information outside of our control is upload to the system late which means our numbers could be off by one or two sales
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