November 2024
Lake Winnipesaukee Report
Lake Winnipesaukee Waterfront Market
As we move deeper into November, the Lake Winnipesaukee single-family residential market for privately owned waterfront properties offers interesting insights and trends compared to previous years. October saw some notable shifts, showcasing both consistent patterns and changing dynamics in our local market.
October Comparison Year-Over-Year:
• Listings and Sales: October 2023 saw fourteen more properties listed compared to October 2024. However, in terms of sales, this year had five more sales (14) than the 9 homes sold in Oct. last year.
• Price and Market Time Consistency: Both months across the years demonstrated nearly identical list-to-sale price ratios and Days on Market (DOM) averages, indicating a stable trend in market competitiveness and buyer activity.
• Average Sales Price: There was a notable dip in the average sales price this year, coming in at $2 million, compared to $2.4 million last October.
Standout Property Activity:
Among the properties sold, Mandalay Bay was a hot commodity. With a mere seven days on the market and multiple offers, its rapid activity highlighted strong demand. Initially, the accepted offer came from a buyer already owning a property on the lake. However, after assessing potential returns, construction costs, and other considerations, the buyer opted to sell the contract to another interested party, ultimately resulting in the property selling $750,000 above the asking price.
To provide context on land pricing, Bartlett Landing in Moultonborough, a tear-down property, sold at $2 million, signaling strong demand even for redevelopment opportunities.
Market Highlights from October Closings:
• Wolfeboro continues to be a significant hub, with five out of 14 closed sales occurring there.
• Of the 14 properties that closed, five achieved asking price or higher, reflecting buyer enthusiasm for select properties.
Current Market Conditions:
• As of today, 41 active listings are available, with an average asking price of $3,198,607 and a median price of $2.9 million. The average DOM currently stands at 140 days.
Year-to-Date (YTD) Comparison: January – October
• Ultra-Luxury Market: This year, we’ve seen a drop in ultra-luxury sales, with only five sales over $5 million, compared to 10 last year.
• Units Sold: Despite a slight increase in units sold this year (79 units in 2024 vs. 77 in 2023), the overall market volume has decreased significantly. Total volume year-to-date is $182,643,390 in 2024 versus $227,912,906 in 2023.
• Average Sales Price: This year’s average sales price is down to $2,311,941, compared to $2,959,906 for the same period last year.
• List-to-Sale Price Ratio: The ratio has slightly decreased, from 97.62% last year to 96.88% this year, reflecting a minor softening in negotiation strength.
Summary:
The Lake Winnipesaukee waterfront market shows a blend of resilience and evolving dynamics. While ultra-luxury sales have tapered off, there remains strong interest in mid- and upper-tier properties. Buyers remain active but are more selective, contributing to slight downward pressure on prices. Our local expertise and tailored marketing approaches ensure that both buyers and sellers are equipped to navigate this changing landscape effectively.
Stay tuned for further updates as we track these trends into the winter months! For questions or more detailed data, feel free to reach out.
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