1. Upper Valley Housing Coalition Real Estate Market Update April 24, 2015 Presented by: Buff McLaughry & Ned Redpath

2. 1 Agenda 1. Market Trends 2. Pricing 3. Market Outlook

3. 1 2 Market Trends - Geographic Focus 1

4. 1 Market Trends - Hanover Listing Inventory (29)Closed Sales (12)Pending Sales (27) Even 0.0% Down 10% *Source: Northern New England Real Estate Network (NNREN) Jan – March 2014 vs. Jan – March 2015 Days on Market (178) Up 261.8%

5. 1 Market Trends - Lebanon Listing Inventory (57)Closed Sales (23)Pending Sales (56) Down 38.7% Down 11.1% Up 5.6% *Source: Northern New England Real Estate Network (NNREN) Days on Market (129) Up 22.0% Jan – March 2014 vs. Jan – March 2015

6. Market Trends - Hartford Listing Inventory (201)Closed Sales (23)Pending Sales (45) Down 6.9% Even 0.0% Up 15.4% *Source: Northern New England Real Estate Network (NNREN) Days on Market (101) Down 62.5% Jan – March 2014 vs. Jan – March 2015

7. 1 Market Trends – Hanover, Lebanon, Hartford Listing Inventory (293)Closed Sales (58)Pending Sales (128) Down 15.3% Down 6.5% Up 6.7% *Source: Northern New England Real Estate Network (NNREN) Days on Market (127) Up 15.5% Jan – March 2014 vs. Jan – March 2015

8. 1 Market Trends - Listing Inventory (602)Closed Sales (86)Pending Sales (155) Down 3.5% Up 2.4% Up 25.0% *Source: Northern New England Real Estate Network (NNREN) Days on Market (153) Down 17.3% Thetford, Hartland, Norwich, Pomfret, Sharon, Woodstock, Enfield, Lyme, Cornish, Grantham, Plainfield Jan – March 2014 vs. Jan – March 2015

9. Market Trends – Counties: Orange, Windsor, Grafton, Sullivan Listing Inventory (3266)Closed Sales (462)Pending Sales (727) Down 3.7% Up 4.5% Up 11.5% *Source: Northern New England Real Estate Network (NNREN) Days on Market (145) Down 2.9% Jan – March 2014 vs. Jan – March 2015

10. Agenda 1. Market Trends 2. Pricing 3. Market Outlook

11. Pricing- Price Is Still King!

12. Average Sale Price- Up 11.3% *Source: Northern New England Real Estate Network (NNREN) Under $300K Jan – March 2015Jan – March 2014 $160,000$178,000 *14 Upper Valley towns: Fairlee, Thetford, Hartford, Hartland, Norwich, Sharon, Woodstock, Enfield, Hanover, Lebanon, Lyme, Orford, Grantham, Plainfield Closed Sales (83)Closed Sales (78)

13. Average Sale Price- Down 3.6% *Source: Northern New England Real Estate Network (NNREN) $300K - $600K $422,000$407,000 *14 Upper Valley towns: Fairlee, Thetford, Hartford, Hartland, Norwich, Sharon, Woodstock, Enfield, Hanover, Lebanon, Lyme, Orford, Grantham, Plainfield Closed Sales (23)Closed Sales (33) Jan – March 2015Jan – March 2014

14. Average Sale Price- Down 2.1% *Source: Northern New England Real Estate Network (NNREN) $600K - $1M $756,000$741,000 *14 Upper Valley towns: Fairlee, Thetford, Hartford, Hartland, Norwich, Sharon, Woodstock, Enfield, Hanover, Lebanon, Lyme, Orford, Grantham, Plainfield Closed Sales (7)Closed Sales (8) Jan – March 2015Jan – March 2014

15. Average Sale Price- Down 12.0% *Source: Northern New England Real Estate Network (NNREN) Over $1M $1,710,000$1,505,000 *14 Upper Valley towns: Fairlee, Thetford, Hartford, Hartland, Norwich, Sharon, Woodstock, Enfield, Hanover, Lebanon, Lyme, Orford, Grantham, Plainfield Closed Sales (8)Closed Sales (2) Jan – March 2015Jan – March 2014

16. Agenda 1. Market Trends 2. Pricing 3. Market Outlook

17. Market Outlook – The good…. Area Unemployment Rate Feb 2015 United States5.5% New England5.3% Vermont3.9% New Hampshire3.9% 1. Employment is High 2. Interest Rates are Low

18. Market Outlook – The bad… 1. Lagging Inventory 2. Stagnant Wages

19. Market Outlook – The unknown… 1. Economic conditions in Europe 2. Contraction in Chinese economy 3. Political Instability

20. 2007 2020 *2007 Values *Inflation Adjusted Values 2015 Market Outlook

21. Questions? WWW.UVHC.ORG Presentation posted on the Upper Valley Housing Coalition website: Buff McLaughry email: buff.mclaughry@fourseasonssir.com Ned Redpath email: ned@cbredpath.com