Inventory is not growing

it is only continuing to diminish. With 9 sales in December and just 5 new listings, the inventory is shrinking. Of those 5 listed properties last month, one has already closed for $120k over asking, another is under contract and three remain active on the market. Of the 9 properties that sold last month 5 sold in a week or less! The highest sale last month was one of those 5 that was under contract in less than a week and sold for full asking price at $3,990,000 located on North Keewaydin Shore in Wolfeboro. The other 4 that were under contract in less than a week closed for an average of $70k over asking! 

The highest over asking was another Wolfeboro property, 153 Nary  Shores Rd. They closed this for $171k OVER ASKING! The Total volume of the nine that sold in December was $17,055,900. Surprisingly the town of Moultonborough, which usually sees the most closed units in any given month given it has the most shoreline on the lake, only had one property close last month and it was the lowest price point at $650k, asking price was $625k. This was on Sunrise Drive in Balmoral on the channel. It had a dock that could accommodate up to a 36' foot (parallel with the shore type).  Another surprise was the other towns that saw properties close last month were just Meredith and Wolfeboro! No other towns saw Winnipesaukee waterfronts close. 

2020 overall

was a year for the books. 186 properties were listed and 171 closed! Leaving just 15 left over of which people may have changed their minds, expired etc off the market. The year saw an average closing price of $1,560,182 and a median of $1,275,000 which yielded an average days on market of 98 and the median at 31 days. The average list to sale price ratio was 95.57%. There is no change of this inventory shortage in sight. We did see many properties that had been sitting on the market for years and years finally get sold. Now there is little left that has been sitting! 

Moultonborough still had the most sales on the water overall with 37 closings but Meredith was not far behind with 34 sales. Next was Alton with 30, Gilford with 28, Tuftonboro with 17, Wolfeboro with only 13, Laconia with 11 and lastly Center Harbor with 1. 

Many records were broken and more multiple offer, over ask situations than we have seen in a very long time if ever! As of writing this blog, only 16 properties are active on the market, 1 an island home and 3 to be built properties. The two highest priced are 20 Wyman Trail in Wolfeboro at a cool $19.5M asking price and 20 Wyman Trail at $10M