Spring is in the air, and the local economy is abuzz with positive changes. New and returning residents with a fresh outlook on our beautiful region are bringing interesting ideas for revitalization of our local properties and economic base. The “reopening” surge is clearly in evidence in our midst.
In the local real estate market, we often see competitive sales of desirable properties at appreciated values. In a recent article on the subject, a broker in southeastern New Hampshire remarked that more people are interested in coming to New Hampshire than want to sell, and very few want to leave the state. That certainly matches with our recent experience locally.
The interest in our region is not hard to understand. Pricing is still quite attractive in comparison to regions nearby that are equally or less desirable to many. Our quality of life is unique in the Monadnock Region, where we enjoy low crime, a superb natural environment, many nearby recreational amenities, a strong local economy with many employment opportunities and access to services, including high speed internet. Additionally, we offer a low total tax burden and a cooperative “live and let live” approach which affords us great personal freedom.
Statistically, in New Hampshire between 2008 and 2016 the average listed and sold price in New Hampshire lagged far behind New England, with a $246,002 average listing price and an average selling price of $235,527. During that recessive period, average selling time statewide for properties sold was 113 days on the market, but many others were left unsold and taken off the market during that period. Since January of 2021, average selling price statewide has risen to $417,826 (above the average listing price of $409,484 ) with time on the market reduced to 27 days on average. This includes statistics from the red-hot markets in central and southeastern New Hampshire, where homes over the last year regularly went above asking price with few contingencies and rapid closings.
The statistics in our Contoocook Valley board also indicate value growth, where regional homes during this most-recent period were on average listed for $343,897 and sold for $330,012, with an average time on the market of 61 days. However, despite recent increases affecting the cost of housing across the board, the Monadnock Region remains an attractive value proposition in comparison with its peers in New Hampshire and across New England.
After a record sales year for our company locally and throughout New Hampshire and Vermont, we are excited to have a good number of interesting properties coming on the market for spring. It is traditional to see a fresh group of newly listed properties as the weather improves and we gear up for what is expected to be a most interesting and busy year ahead.
The opportunities for our region to see positive developments which will serve our future well are likely to be available in 2022, but preserving a friendly and cooperative attitude in changing times will be of paramount importance. Promoting flexible codes which allow for modern housing for working families to be constructed, such as have been adopted in Peterborough, are one key to preserving the vitality of the region. Another is supporting living town centers and local businesses, including our restaurants and entertainment venues.
It is estimated that over 5,500 businesses migrated out of Manhattan last year, fleeing high taxes and overregulation. Although many of those entrepreneurs and young families migrated to southern states, our region of New Hampshire also offers an attractive climate for seeding new businesses and pursuing personal dreams.
We are fortunate to live and do business in such a place and look forward to an exciting year ahead.
Andrew R. Peterson is a broker associate at Four Seasons Sotheby’s International Realty in Peterborough.