Residential Sales in the Lake Sunapee Region Remain flat for 2011…But that’s Good News!
Residential sales in the Lake Sunapee Region performed better than many real estate experts predicted for 2011 but still fell short of 2010 numbers. Units sold last year were down 5% over 2010 but total sales volume remained virtually even. So how is this good news? First, one must take into account that a contributing factor driving sales in 2010 was the First Time Home Buyers Tax Credit which increased unit sales 24% in Q1 10’ and Q2 10’ over 2009 levels. This was a substantial year over year gain which more than likely would not have taken place had it not been for the tax credit. Thus for unit sales in 2011 to be off just 5% in 2010 is actually good news since there were no direct factors affecting sales. Secondly, and perhaps more importantly, the average sale price for the region increased 5% to $354,523 since sales volume remained flat year over year. The average number of days on market for these sales still remains high at 175 days. For a complete report on Lake Sunapee Region real estate sales or individual town real estate sales, e-mail Doug Peel at doug.peel@sothebysrealty.com or call him at 603-520-7753.
