It's an old real estate maxim that location directly impacts real estate sales. This is true whether discussing region vs. region, state vs. state, county vs. county, town vs. town, or, yes, even neighborhood vs. neighborhood. Market activity in two towns located next to each other yet in two different states will often yield different results.
Hanover, NH
At this time last year, the discussion revolved around the lack of listings. Twelve months ago, there were just 7 listings on the market, compared to 17 at the end of June—a 142.8% increase. With buyer demand still relatively high, homes went under contract in 6 days last year. At the end of June, they were going under contract in 5 days, essentially no change given the lack of depth in the data.
However, despite the increase in inventory, the market remains seller-friendly, as evidenced by the current month's supply of 2.83. If no new listings came to market, it would take 2.83 months to sell all listings at the current level of sales. Last year, at this time, the Month's Supply was 3, again illustrating that there was no real change year over year.
Overall, these real estate metrics paint a picture of a stable market. Buyers have more opportunities due to the decrease in median selling price and increase in inventory, but demand continues to drive the market under the $1m level.
Norwich, VT
On the other hand, the market in Norwich is trending toward a buyer's market. The Months' Supply of Inventory now stands at 7.6, a 252.6% year-over-year change. Current inventory levels match Hanover's, with 20 listings on the market. The Median Days on Market for current listings is 50, an increase of 53.8% over the previous month, while in Hanover, the number is 67 days, a rise of 24.1% Month Over Month.
The median number of days for homes sold in June was 5. The issue is that only 2 homes went pending in Norwich in June, compared with 5 last year. These are small numbers, for sure, but they still point to a softening trend in the market. The Median Sold Price in June was $837,000, up slightly from last year's median of $735,000.
To sum up, Sellers should be prepared for their home to take longer to sell in Norwich's current market. Accurate pricing, therefore, is key.
Lyme, NH
Given the lack of transactions, it's never easy to pinpoint where the market is heading in Lyme. What can be determined is that the Months of Supply Inventory has remained remarkably consistent at 2.5 over the past 12 months. The number of active listings has varied between 3 and 7 during the previous 12-month period, which is typical for Lyme. However, the Median Days on Market has risen 22.6% Yearly.
Lebanon, NH
The rate of sales has slowed since last year. The current Month's Supply of Inventory is 2.97, and while this continues to reflect a seller's market, at this time last year, it was 1.2, representing a 262.2% increase Year over Year and a 76.8% increase over the previous month. There were 25 active listings last month, representing a 66.7% increase Month over Month. The Median Days on Market are also 88.2% higher than the previous month. Therefore, while the market data in Lebanon indicates a softening trend, it remains an active seller's market.
So, to sum up, location does make a difference here in the epicenter of the Upper Valley. For a more in-depth discussion, please don't hesitate to reach out. I'll be happy to help you determine how best to approach the market, whether you are buying or thinking of selling. I can be reached at 603.359.1068.
