2020, a historic year. Everyone can agree that 2020 was one for the record books, a difficult time in many ways, and we are all glad to see the hard times behind us. From a real estate perspective, it was a very surprising year. As the pandemic increased in March, the market slowed to a crawl, buyers held back, and sellers were hesitant to show property or even list their homes. It did not look good. However, as the summer wore on, and people got used to working from home, they began to reemerge and re-evaluate where they wanted to live, and New Hampshire met the criteria many city dwellers are looking for — more open space, and a safe environment. (New Hampshire has the lowest rate of violent and property crime in the country).
Defying the pandemic crisis, the real estate market in New Hampshire ended the year with all-time highs in single-family home sales, median price, and sales volume.
LandVest New Hampshire had a great year as well, garnering the highest sale in the state at $7,505,000, bringing the buyer for Jobs Creek Rd in Sunapee, and significant sales on Squam Lake and Lake Winnipesaukee. Several off-the-water sales boosted 2020 with the sale of a 202-acre farm in Nelson, as well as significant sales in Newbury, Hanover, Warner, Stoddard, and Amherst. 2021 has started off on a high note with the sale of Lakeview Landing in Center Harbor for $3,800,000 and a contemporary on 127 acres in Peterborough.
We are also pleased to announce the addition of two new brokers to the NH team who will specialize in the Seacoast area, continuing to highlight our waterfront expertise.
What does all this success mean for the spring market in 2021? The downside to last year’s success is that sales outpaced new listings, resulting in the lowest inventory since 2005. The number of homes on the market at the end of February was 1,062, as compared with 3,215 last February, a 67 percent drop but a long way from 11,000 homes for sale in 2010. Although buyers are finding an extremely tight market, sellers may have the best opportunity in a decade to list their home.
As the COVID vaccinations continue, businesses open up to more people, and mortgage rates remain low, we are hearing from sellers and buyers alike that they are ready to make a move. But, we are in a highly competitive real estate market that requires patience, expertise and experienced negotiators in your corner. Spring is a time of rejuvenation, optimism, and growth. We at LandVest New Hampshire are looking forward to a productive spring market. Let our experienced team guide you through your next move.
(Excerpts and data from USnews.com and NH Real Estate, a collaboration of the New Hampshire Association of Realtors and NEREN MLS)