Dear clients, friends, and neighbors:
We are excited to share with you our “Snyder Donegan Real Estate Market Report” summarizing market activity for the first three quarters of 2024.
GREATER WOODSTOCK MARKET AREA
The real estate market in the Greater Woodstock market area (Barnard, Bridgewater, Hartland, Plymouth, Pomfret, Quechee, Reading, West Windsor, Woodstock) has settled into a more normal (post-covid) dynamic, with a typical balance between buyers and sellers. Prices in the Woodstock area have stabilized/stopped increasing and, while we are not seeing price declines, we are seeing that overpriced listings are sitting on the market longer or needing to come down in price before selling. Specifically, 125 properties sold/ closed in the first three quarters of 2024, which is similar to/slightly down from the same period in 2023 and back to what we could consider normal levels. This contrasts with the frenzied pace of 2020 and 2021 when over 175 properties were sold/closed in the first three quarters of each of those two covid years. The median price sold so far this year was $600,000 and the average was $764,000. The highest price sold/closed in the first three quarters was in the $2.5 million range, although two properties are under contract in the $3-4 million range which should close by year’s end. As buyer demand has cooled to more normal levels, the number of listings on the market has increased. At the end of the quarter, there were a total of 68 active listings on the market in the greater Woodstock area across all price ranges.
GREATER HANOVER-LEBANON MARKET AREA
In the first three quarters of 2024, the real estate market in the Greater Hanover-Lebanon area (Hanover, Hartford, Lebanon, Lyme, Norwich, Plainfield, Strafford) remained solid and was slightly higher than the same period in 2023, although lower than the pace of covid sales in 2020-2022. Specifically, 225 properties sold/closed in the greater Hanover-Lebanon market during the first three quarters of 2023, 46 of which closed at prices above $1 million. The median price sold was $550,000 and the average was $725,000. (See graphs below). The highest priced sale to close in the first three quarters of 2024 was $2,825,000, a Snyder Donegan Real Estate listing at 100 Highbridge Road, Lyme, NH. We were also pleased to have other top town sales this year such as 395 Main Street, Norwich, VT at $1,650,000 and many of the top sales in the towns of Hanover, Lebanon and Cornish, NH.
OUTLOOK
The fundamentals on the demand (buyer) side remain solid with the economy doing well, stock market near all-time highs, and mortgage rates moderating from earlier peak interest rate levels. On the supply side, more inventory is coming on to meet demand, which explains why sales in both markets remain roughly at levels comparable to those seen in 2023. The supply-demand market dynamic is more balanced although the Hanover-Lebanon market is still experiencing shorter time on market and continues to have strong offers or bidding wars for the right properties. In the greater Woodstock market area, which is more second-home/vacation home oriented, particularly in mid-upper priced properties, the dynamic is changing slightly more in favor of buyers. Sellers who are reasonable on pricing and in negotiations are moving forward. Overall, we see a goldilocks soft landing scenario creating a favorable environment for buying and selling homes in our market area, and our company in uniquely positioned as the only firm with offices both in Hanover and in downtown Woodstock.
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