People and Property: Real Estate and Construction News From Around NH

Erin Hershey

Erin Hershey joins Badger Peabody & Smith Realty as sales associate

Real estate professional Erin Hershey has joined Badger Peabody & Smith Realty in the Plymouth office.

Hershey has a proven track record of success in the industry and brings a wealth of experience and expertise to the firm, all for the benefit of sellers and buyers in the Central, New Hampshire area and Lakes Region.

“We’re pleased and delighted to have Erin join our Plymouth office,” exclaimed Andy Smith, broker/owner of Badger Peabody & Smith Realty. “Her knowledge of the local market, combined with her dedication to her customers and clients, makes her a valuable asset to our team and a trusted guide for anyone navigating the real estate journey.”

Hershey has had a successful career in real estate, having worked in all aspects of the industry, first as an administrative assistant at a real estate firm, then as a successful agent. Hershey thrives on helping individuals and families achieve their real estate goals, whether it’s finding their dream home, selling their existing property, or navigating the intricacies of the market.

“I’m excited to join the team at Badger Peabody & Smith Realty,” said Hershey. “Their reputation for excellence and client and customer centric approach perfectly aligns with my values. I’m eager to leverage my experience and passion to help our clients and customers achieve their goals and make their real estate goals a reality.”

The new owner of One Way Bakery Lacey Lawson, formerly Uptown Bakery, gives change to a customer buying her famous doughnuts. (Photo by Viriginia Drye, Eagle Times)

One Way Bakery is the new (old) kid on the block

Uptown Bakery has a new owner and a new name. Now One-Way Bakery, the bakery’s name aptly matches the street direction it resides on.

Claremont native Lacey Lawson bought the quaint shop on Glidden Street on Monday, Jan. 1, and is keeping up the bakery’s stellar reputation.

Lawson used to work for the previous owner, Tami Joslin, for about a year decorating cakes. Wanting some life changes, Joslin decided to sell the bakery and Lawson knew that she was ready to take it over.

Lawson has some plans in the future for the place, but says she is keeping it the same. “Definitely some redecorating and painting and stuff like that, but that can wait. We’ve been pretty busy, so we’ll get to it when we can,” said Lawson.

The bakery makes custom cakes, baked goods such as muffins, cupcakes and doughnuts, and also caters sandwiches and the like.

The bakery has many regulars, who are happy with the new owner.

“We have the same regulars from when Tami first opened,” Lawson said.

David Casciani, a regular at the bakery, particularly loves the atmosphere of the bakery. “Who doesn’t love a nice bakery? She has the best donuts. Oh, and the people of course! Four generations in the bakery at once,” Casciani said. Lawson runs the bakery with the help of her grandmother, mother, and observance of her three young children. “When we heard that Tami was going to sell the bakery, I was a little nervous because we very much enjoyed having Tami here has a cornerstone on Glidden Street. I knew after the first time I sunk my teeth into those doughnuts that Lacey was just going to be just fine.” — Virginia Drye, Eagle Times

Architecture firm Harriman names 3 senior associates

Harriman, an integrated architecture and engineering firm, recently named three associates to senior associate positions: Samuel Forgue, P.E., senior civil engineer; William Gatchell, AIA, senior architect; and Jamie Ouellette, AIA, senior architect.

“Sam, Will and Jamie are leaders in their practice areas and important contributors to Harriman’s growth,” says Harriman CEO Mark Lee. “They’re also outstanding collaborators inside and outside the company. We’re excited about the fresh perspectives they’ll bring to Harriman leadership.”

As senior associates, Forgue, Gatchell and Ouellette deepen the company’s leadership team in important strategic areas. Forgue will supervise the company’s civil engineering and landscape architecture studio; Gatchell will act as the company’s municipal market leader, focusing on local, county and state projects; and Ouellette will lead Harriman’s K-12 education studio.

Existing-home sales rose 3.1% in January

Existing-home sales grew in January, according to the National Association of Realtors. Among the four major U.S. regions, sales accelerated in the Midwest, South and West, and remained steady in the Northeast. Year-over-year, sales improved in the West, and decreased in the Northeast, Midwest and South.

Total existing-home sales— completed transactions that include single-family homes, townhomes, condominiums and co-ops – elevated 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January. Year-over-year, sales slipped 1.7% (down from 4.07 million in January 2023).

“While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand,” said NAR Chief Economist Lawrence Yun. “Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year.”

Total housing inventory registered at the end of January was 1.01 million units, up 2.0% from December and 3.1% from one year ago (980,000). Unsold inventory sits at a 3.0-month supply at the current sales pace, down from 3.1 months in December but up from 2.9 months in January 2023.

The median existing-home price for all housing types in January was $379,100, an increase of 5.1% from one year ago ($360,800). All four U.S. regions posted price increases.

“The median home price reached an all-time high for the month of January,” Yun added. “Multiple offers are common on mid-priced homes, and many homes were still sold within a month. The elevated share of cash deals – 32% – indicated a market full of multiple offers and propelled by record-high housing wealth.”

REALTORS Confidence Index

According to the monthly REALTORS Confidence Index, properties typically remained on the market for 36 days in January, up from 29 days in December and 33 days in January 2023.

First-time buyers were responsible for 28% of sales in January, down from 29% in December and 31% in January 2023. NAR’s 2023 Profile of Home Buyers and Sellers – released in November 2023 —  found that the annual share of first-time buyers was 32%.

All-cash sales accounted for 32% of transactions in January, up from 29% in both December and one year ago.

Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in January, up from 16% in December and January 2023.

Distressed sales — foreclosures and short sales —  represented 2% of sales in January, virtually unchanged from last month and the previous year.

Mortgage rates

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.77% as of February 15. That’s up from 6.64% the previous week and 6.32% one year ago.

Single-family and condo/co-op sales

Single-family home sales moved higher to a seasonally adjusted annual rate of 3.6 million in January, up 3.4% from 3.48 million in December but down 1.4% from the prior year. The median existing single-family home price was $383,500 in January, up 5.0% from January 2023.

At a seasonally adjusted annual rate of 400,000 units in January, existing condominium and co-op sales were unchanged from last month and down 4.8% from one year ago (420,000 units). The median existing condo price was $339,400 in January, up 5.7% from the previous year ($321,100).

Regional breakdown

At 480,000 units, existing-home sales in the Northeast were unchanged from December but down 5.9% from January 2023. The median price in the Northeast was $434,300, up 10.1% from the prior year.

In the Midwest, existing-home sales increased 2.2% from one month ago to an annual rate of 950,000 in January, down 3.1% from last year. The median price in the Midwest was $271,700, up 7.6% from January 2023.

Existing-home sales in the South rose 4.0% from December to an annual rate of 1.84 million in January, a decline of 1.6% from the previous year. The median price in the South was $345,100, up 4.1% from one year ago.

In the West, existing-home sales elevated 4.3% from a month ago to an annual rate of 730,000 in January and grew 2.8% from one year earlier. The median price in the West was $572,100, up 6.3% from January 2023.

“More listings will help Americans move,” said NAR President Kevin Sears, broker-partner of Sears Real Estate in Springfield, Massachusetts. “That’s why NAR has pushed for the passage of H.R. 1321 – The More Homes on the Market Act – which would lower the tax hit on home sales and bring additional inventory to the market.”

Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR benchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports. — NHAR press release