Holderness, NH – The luxury real estate market has improved greatly in all of New Hampshire so far this year, as the third quarter begins to wrap up.
As of Wednesday, 95 high end homes had sold in the state, a significant 23% increase over the same period last year. In New Hampshire, high end is typically described as homes that sell for more than $1 million dollars.
Andy Smith, Broker/Owner of Peabody & Smith Realty said, “We recently closed on a property on Squam Lake that was listed for $7.5 million dollars, and have several $1 million dollar plus homes under contract and scheduled to close soon in the Lakes Region and White Mountains. In terms of the luxury market, we are seeing a strong increase in buyers as they are becoming more confident in the strength of the economy, and are ready to create that long desired family retreat.”
For all homeowners, whether you own a luxury property or not, this is good news. When the luxury market begins to recover, it bodes well for the rest of the real estate market. The overall market tends to follow pace of the luxury market. That is certainly happening all over New Hampshire as indicated from July statistics from the New Hampshire Association of Realtors, which stated a 12% increase in sold properties, over the previous year to date.
Another interesting trend in the market right now is the interest rate of jumbo mortgages defined as loans over $417,000. According to the Mortgage Bankers Association, for two weeks now, that rate is lower than mortgage rates of 30 year conforming loans, those that are government backed. This is considered to be unprecedented, according to a recent report in the Wall Street Journal.
For Jerry Love, an experienced luxury Squam Lake agent at Peabody & Smith Realty/New Hampshire Colonials said, “When looking at the pending sales in the luxury market, and seeing there are currently 45 in pending status that are priced over a million dollars, those are strong numbers and good for all of New Hampshire. This is really a great time for both buyers and sellers to finally take advantage of the healthy real estate market.”
Nationwide, the luxury market has greatly improved, according to Paul Boomsma of Luxury Portfolio International. “We are seeing dramatic numbers from our members who make up some of the most powerful independent brokerage firms in the US and globally. Many of them are reporting 20% sales increases in markets such as Dallas, and in Calgary, Canada. This is a positive market trend that we expect to continue.”
Peabody & Smith Realty/New Hampshire Colonials has five offices and over 25 full time agents who specialize in all types of real estate from the Lakes Region to the White Mountains of Northern New Hampshire. They are one of only 500 firms chosen as part of The Leading Real Estate Companies of the World and are also part of Luxury Portfolio. They can be seen on the web at www.peabodysmith.com.
For more information contact:
Andy Smith, Broker/Owner - Peabody & Smith Realty/New Hampshire Colonials
603-823-5700 (phone) or 603-616-9443 (cell)
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