The October Lake Winnipesaukee Report
Supply & Demand
Change is in the air, the leaves are falling and that's not all. October 2018 compared to October 2019, paint two very different pictures. Last year we saw a rush in August, the Fall rush came early back then and that is when the properties went under contract, therefore closing 23 homes in September last year. This year it is back to the activity we are used to seeing for august so Sept. 2019 saw 12 closed properties on the Lake.
We see this change happening to what we are used to for the Fall market now, with 18 new waterfronts on the market last month versus only 9 new listings in Sept 2018. Days on market remains lower than this time last year at 60 days versus 96 days in 2018, but list to sale price dropped to 93.24% this year versus 95.48% last year.
Always take a closer look...
Wondering why a lower list to sale price ratio yet days on market is still low? We have to take a deeper look at the comps and ask the right questions. If you look at the closed sales last month, 73 Cottage Rd in Moultonborough was listed for $1,899,000, was under contract in just TWO days yet sold for $750,000!!!
So what happened? This was in the process of being built, the home had a foundation and a shell of a home. The asking price was reflecting the price of it completed but the buyer bought it as is at the time resulting in the price of mostly just the land. This is a 39% list to sale price ratio affecting the average list to sale price ratio.
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