Lake Winnipesaukee Real Estate has strong year in 2015

Lake Winnipesaukee Waterfront Sales up 36% year over year

2015 was a surprisingly strong year for Lake Winnipesaukee waterfront home sales. In total, there were 176 owned waterfront sales on Lake Winnipesaukee compared with 129 sales in 2014 – that’s an increase of 36% year over year.  Lake Winnipesaukee waterfront homes also spent less time on the market before finding a buyer. Average days on market decreased from 259 days in 2014 to 220 days in 2015 – a decrease of 15%.

The average sales price on Lake Winnipesaukee was $1,100,728, which was up just over 2% from the prior year. The median price (the midpoint of all waterfront transactions on Lake Winnipesaukee) increased 5% from $775,000 to $817,000.  While that’s certainly encouraging, it’s important to note that average and median sales statistics are not necessarily indicative of individual property values. There are many factors which contribute to the value of waterfront property on Lake Winnipesaukee including exposure, quality of the shorefront, and location among others.  Whether you are pricing your home for sale or are about to make an offer on a Lake Winnipesaukee home, it’s important to ask your REALTOR for a market analysis that is mindful of current market conditions, economic data, and recent comparable sales activity.

Lake Winnipesaukee Real Estate – Luxury Sales

2014 saw the largest Lake Winnipesaukee waterfront sale ever, a stunning estate property at 144 Springfield Point Road in Wolfeboro which sold for $8,975,000 after spending 440 days on the market. That record sale wasn’t eclipsed in 2015 as the largest sale on Lake Winnipesaukee was at 24 Tranquility Lane in Alton which sold for $5,850,000. The home features a wonderful double-bay boathouse and western exposure with expansive waterfront views. Nothing depicts old-time Winnipesaukee convenience and luxury quite like a boathouse at the water’s edge! 24 Tranquility Lane was originally listed at $6,380,000 and spent time on and off the market since 2012 before finding the right buyer last year.

Although we didn’t break the record for largest sale, the overall strength of the luxury market on Lake Winnipesaukee was impressive last year. In a primarily a second home market the strength of the luxury segment is important to the overall health of our local real estate market. There were 66 Lake Winnipesaukee waterfront sales over 1 million dollars in 2015 compared with 48 sales in 2014 – that’s an increase of 37%. There were 24 sales over 2 million dollars in 2015 compared with 16 sales in 2014 – that’s a 50% increase. It’s important to note that although the luxury market was strong in 2015, as has historically been the case given the level of inventory and the limited pool of qualified buyers, sales over 4 million dollars remained few and far between. In 2015, there were only 3 sales over 4 million dollars.  Accurate market pricing is always critical to a timely and successful real estate sale. But if you’re trying to sell a home in the upper-end of the Lake Winnipesaukee waterfront market, where comparable sales can be difficult, it’s especially important that you come to market priced properly at the time of listing in order to attract a qualified buyer.

Interest Rates and Forecast

I often observe that many of our waterfront buyers on Lake Winnipesaukee are all cash buyers who are not dependent on financing for their purchase. Even still, it’s important to note that in December of 2015, the Federal Reserve raised interest rates for the first time in almost a decade. The rise in rates was both expected and extremely modest (only a quarter point). But the move marked the end (for now) of an unprecedented run where the Fed Funds rate was at zero (known as the “zero rate era”). According to many sources, including Bloomberg, the Fed has signaled that it intends to make up to (4) similar rate increases in 2016 (depending on how it sees economic conditions). Some analysts have been spooked about a rise in interest rates because inflation remains low. I’m not an economist, so I’ll leave the merits of the rate increase to the prognosticators. But it’s important to remember that raising interest rates have historically been a sign of a healthy economy.  And while slightly higher interest rates may mean slightly higher mortgage rates 2016, mortgage rates are still near their all-time lows.

As I tell all of our clients, we cannot predict where prices or levels of activity will be in the future – but they aren’t making anymore Lake Winnipesaukee waterfront! Interest rates remain low and inquiries to our offices from qualified buyers looking to own waterfront homes on Lake Winnipesaukee remains steady.

If you’re considering the purchase or sale of real estate on Lake Winnipesaukee and would like more information on the specific towns or segments of the waterfront market, please contact us.  You many also want to check out our easy-to-use category searches on www.LakesRegionRealEstate.com where you can search for homes by Lake, Town, Neighborhood/Sub-division or feature (such as homes with boathouses, sand beaches, or privacy).

Cheers,

Jim Mardis

If you are considering the sale of your Lake Winnipesaukee or Squam Lake waterfront home, contact Jim Mardis ~ waterfront sales expert in the Lakes Region since 1980 ~ for a no obligation analysis of your home’s value in today’s market

*Data provided by  Northern New England Real Estate Network (NNEREN) for the period of 1/1/2015 to 12/31/2015. Statistics include all closed Lake Winnipesaukee owned waterfront sales and include the sale of 88-90 cattle landing road which was a non-MLS sale.          Statistics are deemed accurate but are subject to errors and omissions and are not guaranteed or verified. If your home is currently  listed   with a broker, this is not meant as a solicitation
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