When it comes to knowing the ins and outs of the New Hampshire luxury home market, Institute member Link Moser of New Hampshire Fine Homes, has no trouble reciting just about every relevant statistic and data point there is to know about this market. In fact, he even goes so far as to publish his own quarterly Real Estate Home Market Review, modeled after our very own ILHM National Luxury Market Report. Here’s his insider’s take on what’s happening in his unique luxury home market:
What’s the typical starting price of your market?
LM – If you’re talking about a waterfront property, the entry point is $1 million. Non-waterfront properties start at around $750,000 in more rural areas. Generally speaking, the more popular luxury home areas start in the low seven figures.
The biggest chunk of luxury homes are waterfront properties on Lake Winnipesaukee, one of the largest lakes in all of New England.
How would you describe the pulse of your market?
LM – Things are going pretty well. Activity is good and prices feel like they have bottomed. The second quarter of this year had the highest number of transactions in the past 10 quarters. However, there is a scarcity of good inventory and buyers are finding very few things coming on the market. It appears as though sellers are either holding out because they believe prices are trending upward or they have given up on trying to sell right now.
How different is your market from last year at this time?
LM – Average sales prices of waterfront properties have increased over the last four quarters and the number of days on market is down.
We’re seeing more tech people retiring and buying retirement homes which follows the trend nationally of baby boomers who are interested in buying and planning for their retirement. What’s great about this market is many of the homes have family centered activities based around the water. And there’s also a fair number of gated communities and planned developments if that’s your preference.
What’s one of the top trends are you seeing?
LM – Well, surprisingly some of the antique homes with larger acreage which New England is known for are staying on the market longer. The most likely reason for this is because oftentimes people associate older properties with more maintenance.
What do you see ahead short and long term for your market?
LM – This market will continue to rebound and be good as long as there is decent inventory. There’s a lot of buyer interest due to the investment value.
A big driver of this market is the retiring baby boomers from Boston and the New York City area. There are only so many waterfront homes available – and you can’t forget: New Hampshire doesn’t have sales tax and there’s no personal income tax.
Stay Tuned. Next week we'll get an update on the Arkansas luxury market from member Ida Fineberg.