1. Upper Valley Housing Coalition The Power of Spring May 6, 2016 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 Orford Enfield Norwich Thetford Hartland = Core Upper Valley markets = Surrounding Upper Valley towns

4. 1 Market Trends – Hanover Listing Inventory (45)Closed Sales (14)Pending Sales (32) Up 55% Up 17% Up 23% *Source: Northern New England Real Estate Network (NNREN) Days on Market (178) Down 52% Jan – March 2015 vs. Jan – March 2016

5. 1 Listing Inventory (59)Closed Sales (19)Pending Sales (55) Up 4% Down 17% Up 4% *Source: Northern New England Real Estate Network (NNREN) Days on Market (90) Down 30% Market Trends – Lebanon Jan – March 2015 vs. Jan – March 2016

6. Listing Inventory (153)Closed Sales (34)Pending Sales (59) Down 19% Up 42% Up 34% *Source: Northern New England Real Estate Network (NNREN) Days on Market (139) Up 42% Market Trends – Hartford Jan – March 2015 vs. Jan – March 2016

7. Listing Inventory (256)Closed Sales (67)Pending Sales (146) Down 7% Up 14% Up 19% *Source: Northern New England Real Estate Network (NNREN) Days on Market (126) Down 9% Market Trends – Hanover, Lebanon, Hartford Jan – March 2015 vs. Jan – March 2016

8. Listing Inventory (259)Closed Sales (49)Pending Sales (70) Down 7% Down 13% Down 16% *Source: Northern New England Real Estate Network (NNREN) Days on Market (149) Down 6% Market Trends – Jan – March 2015 vs. Jan – March 2016 Thetford, Hartland, Norwich, Pomfret, Sharon, Woodstock, Enfield, Lyme, Cornish, Plainfield

9. Listing Inventory (2925)Closed Sales (545)Pending Sales (816) Down 9% Up 17% *Source: Northern New England Real Estate Network (NNREN) Days on Market (150) Down 8% Market Trends – Counties: Orange, Windsor, Grafton, Sullivan Jan – March 2015 vs. Jan – March 2016

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

11. Pricing Price is Still King, but, condition of the property is right up there as well!

12. Average Sale Price- Down 4% *Source: Northern New England Real Estate Network (NNREN) Under $300K Jan – March 2016Jan – March 2015 $178,000$171,000 Closed Sales (80)Closed Sales (96) *16 Upper Valley towns: Fairlee, Thetford, Hartford, Hartland, Norwich, Pomfret, Sharon, Woodstock, Enfield, Hanover, Lebanon, Lyme, Orford, Grantham, Plainfield, Cornish

13. Average Sale Price- *Source: Northern New England Real Estate Network (NNREN) $300K - $600K $407,000$400,000 Closed Sales (34)Closed Sales (37) Jan – March 2016Jan – March 2015Down 2% *16 Upper Valley towns: Fairlee, Thetford, Hartford, Hartland, Norwich, Pomfret, Sharon, Woodstock, Enfield, Hanover, Lebanon, Lyme, Orford, Grantham, Plainfield, Cornish

14. Average Sale Price- *Source: Northern New England Real Estate Network (NNREN) $600K - $1M $741,000$767,000 Closed Sales (8)Closed Sales (7) Jan – March 2016Jan – March 2015Up 4% *Statistically small sample *16 Upper Valley towns: Fairlee, Thetford, Hartford, Hartland, Norwich, Pomfret, Sharon, Woodstock, Enfield, Hanover, Lebanon, Lyme, Orford, Grantham, Plainfield, Cornish

15. Average Sale Price- Up 43% *Source: Northern New England Real Estate Network (NNREN) Over $1M $1,505,000$2,150,000 Closed Sales (2)Closed Sales (1) *Statistically small sample Jan – March 2016Jan – March 2015 *16 Upper Valley towns: Fairlee, Thetford, Hartford, Hartland, Norwich, Pomfret, Sharon, Woodstock, Enfield, Hanover, Lebanon, Lyme, Orford, Grantham, Plainfield, Cornish

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

17. Market Outlook – The good…. Area Unemployment Rate March 2016 United States5.0% New England4.6% Vermont3.3% New Hampshire2.6% 1.Employment is High 2. Interest Rates are Low *Source: Bureau of Labor Statistics Some concern locally. Under 4% for 30 year.

18. Market Outlook – More good… 1.Millennials – 35 and younger. Largest generational group of home buyers: Median age 30 First time home buyers made up 32% of all homes sold. Single detached made up 83% of all homes sold. Hurdles - debt, savings and wages 2. Housing sales strong: Housing prices nationally up 2.4% in Q1 2016. Household income growth 2.5% to 3.0%. *Source: National Association of Realtors

19. Market Outlook – The unknown… 1. The Presidential election is a huge unknown and will be even after the election. 2. How are other industries doing in the 4 th quarter and after the election? 3. What is the general attitude of the Country in the 4 th quarter and after the election? 4. If rates stay low, oil stabilizes and reasonable GDP growth, we are a go!

20. 2007 2020 *2007 Values *Inflation Adjusted Values 2016 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