We haven’t reached the end of the first quarter of 2013 yet, but with the Dow Jones Industrial average reaching all time highs this week it seems appropriate to check in on the market a little closer to home – the Lake Winnipesaukee Waterfront Market.

So far in 2013 the largest closed waterfront sale on Lake Winnipesaukee was at 34 Boathouse Road in Moultonborough .  This 5,500 square foot Adirondack home was built by Scott C. Fuller Development and features 4 large bedrooms (including a master suite), 6 bathrooms, a great room with an elegant fieldstone fireplace, gourmet kitchen, a finished media room and bar area. The property features a sugar sand beach with 180 feet of clear Lake Winnipesaukee water frontage. The home was originally listed at $2,500,000 and sold 94% of its listed price at $2,350,000.  Lakes Region Realty Group was pleased to have provided all brokerage services in this transaction.

The least expensive sale so far this year took place at 11 Craig Way in Tuftonboro (Melvin Village). This property features a charming main cottage home, as well as two additional smaller cottages. The property has 95 feet of frontage on Lake Winnipesaukee with expansive southerly views which stretch across the lake all the way to Gunstock.  11 Craig Way was originally listed at $625,000 and sold for 86% of its listed price at $535,000.00

Lake Winnipesaukee Waterfront: By the Numbers:  Those who have followed our blog and market reports found on the homepage of LakesRegionRealEstate.com  know that in 2012, overall unit sales on Lake Winnipesaukee were up 17.5% and total dollar volume sales increased by nearly 20% over 2011.  2013 however, has gotten off to a slower start. From 1/1/13 to 3/6/13 there were only 7 closed waterfront sales on Lake Winnipesaukee. During the same period last year, there had been 15 closed waterfront sales – this represents a decrease of about 54% in unit sales. We believe some demand may have been pulled forward as sellers looked to negotiate the sale of their property in 2012 in order to avoid an increase in the capitals gains tax which took effect this year. In fact, the above referenced sale at 11 Craig Way was one of only two sales to occur on Lake Winnipesaukee in the month of January. Despite the slow start to 2013, there are signs of strength in the market. Although the sample size is small, the 7 transactions that have occurred year to date have yielded an average sales price on Lake Winnipesaukee   $909,285.71  –  that’s an increase of 8.4% over the same time period last year. In addition, there are currently 10 waterfront sales which are pending on Lake Winnipesaukee. Of the 10 sales that are pending, 6 of those sales have a list price of over $1 million dollars and there is one sale pending which is listed at over $4 million dollars.

We cannot predict future prices or activity levels, but there are several factors which lead us to be optimistic.  First, we are beginning to see increased buyer inquires to our offices. We invest significant resources to ensure buyers of Lakes Region Real Estate find Lakes Region Realty Group and our firm’s web site, LakesRegionRealEstate.com at the top of search returns.  But, perhaps more importantly, we believe increased buyer interest is being driven by a slowly but steadily improving employment picture as well as interest rates which remain near record lows.  In addition, our neighbors to the south in Massachusetts are seeing a very strong housing market in many parts on the state. This becomes important to our local market as many of our Lake Winnipesauke buyers come from MA and CT. As their primary home markets continue to recover, these buyers will be in a better position and more inclined to invest in a second home in our market on Lake Winnipesaukee.   

If you would like more information about specific sales in your neighbourhood or if you would like an opinion of value for your Lakes Region home in today’s market, please contact one of our offices: Meredith: 603-279-6000 or Moultonborough: 603-253-7766

Cheers,

Jim

James W. Mardis

President – Lakes Region Realty Group

An affiliate of Luxury Portfolio International