The Lyme, New Hampshire real estate market saw three (3) sales of single-family homes during the first quarter of 2018, up slightly from 2017, which saw just one (1) sale. As of April 1st there were three (3) properties active under contract or pending, which will likely close in the coming months – during the second quarter.
Historically, first quarter sales in Lyme have not been a very good predictor of the number of transactions to come during the remainder of the year. Taking that into consideration, it is still too early to predict how the rest of the year will shake out. But optimistic statistics for the towns of Norwich and Hanover – both of which had a good first quarter in terms of sales and many properties that are active with contract as of this writing – demonstrate that there is plenty of ongoing buying activity in the area. We believe the Lyme NH real estate market will have a good year in terms of sales, most likely ending up similar to 2017 (barring any national or worldwide economic crises).
In general, Lyme is not known as a market with substantial inventory nor yearly transactions. Post-2008 recession there has been an average of just fifteen (15) properties sold per year. However, properties in Lyme tend to be higher in value. Thus far in 2018 there has already been one property to close over $1 million, and one that is active with contract that is just shy of $1 million. In terms of inventory, there are fourteen (14) properties active as of April 1st, with an average and median price of $999,000 and $822,000, respectively.
The first of the following charts shows historical first quarter sales in Lyme from 2004 through 2017. The second shows first quarter sales and full year historical sales on the same chart, and the final pie chart shows the average percentage of sales that occurred during each quarter from 2004 through 2017.
A list of all 3 properties that sold/closed in Lyme during 1Q2018 is below.
668 River Road, Lyme, NH
75 River Road, Lyme, NH
420 Dorchester Road, Lyme, NH