Shifts in the market

Across the board, year over year for the month of September, we’ve seen noticeable shifts in the market. Inventory is up, average sales prices are down, days on market have increased, and the list-to-sale price ratio has dipped. Last September, there were 31 homes available on Lake Winnipesaukee; this year, that number has grown to 53. Notably, 21 waterfront listings came on the market last month, compared to only 11 new listings in September of last year.

The average sales price last year was slightly above asking, at 100.62%, whereas last month, it dropped to 98.10%. Properties are also taking longer to sell on the lake. One unique sale last month was a boathouse in the Paugus Channel. This true boathouse, with living quarters at the back that were in need of renovation, was on the market for only 7 days and accepted an offer $200k below asking, closing at $500k. Valuing it was a challenge with no recent comps.

Interestingly, the top three highest sales last month all went for over asking, indicating that higher price points—especially properties with level lots and walk-in beaches—remain highly sought after.

As of today, October 9th, the average days on market (DOM) for active listings is 105 days, with a median of 63 days. However, it’s important to note that many properties have been relisted, resetting the DOM clock. When a property is off the market for 30 days or more, its DOM restarts at zero. For example, a property might show 150 days on market, but this doesn’t account for previous time spent listed before a strategic break.

Currently, three properties have been on the market for over 400 days. One of these is 89 Eagle Shore Rd, where, instead of repeated price reductions, the sellers are now opting for a cosmetic and staging makeover, including fresh paint, updated fixtures, and all new furniture. Another long-listed property is 1 Little Beaver, a unique island home that stands out for having mainland access.

The longest-standing listing is 20 Wyman in Wolfeboro, which is also the highest-priced property on the lake with 475 days on market. It was previously on the market for 675 days before switching brokerages and had an additional 181 days with its previous brokerage after being taken off the market for the winter.

It’s worth mentioning that if a property changes realtors, it will hit the market with zero days on market, even if it hasn’t had a 30-day reset, as long as it’s listed with a different brokerage. Understanding these nuances with DOM requires an experienced agent who can navigate the history and strategize effectively when approaching offers.