Candia NH Real Estate Market Activity August 2010
We are comparing homes sold data for the last four years to the last twelve months to determine where the market is headed. 2006 saw 41 homes sold with an average days on the market of 89. 2007 gave us a 9.7% decline at 37 homes sold and those homes spent 31% longer on the market at 117 days. 2008 showed us the recession was in full bloom with 27% less homes sold at 28 but conversely days on the market fell 47% to 62 days. This fact shows us that even though less homes sold in 2008, the demand was there because homes were selling rather quickly. 2009's dismal performance (even though the Federal Home Buyer Tax Credit was driving the market) had only 20 homes sold and days on the market went up to 78.
Candia NH Real Estate Average Sales Price
In our study, 2006's average sales price was the height by which we judge the rest at $330,550. 2007's average sales price dropped 8.2% to $303,197 and a 20% plunge occurred in 2008 to $241,136. With the Tax Credit in effect and trying to prop the market up, 2009 gave us an average sales price of $238,895 which was only a 1% drop.
Candia NH Real Estate Market Trend
In the last twelve months we have seen the number of homes sold crank up 90% to 38 homes sold and the days on the market exceeded expectations by jumping as well up 85% to 145 days. Could this huge increase in days on market indicate more inventory? Average Sales price dipped 7.7% to $220,286. There is no doubt the now expired Federa Home Buyer Tax Credit had an effect on the market. Unfortunately, the Tax Credit was an artificial component of the market and had its un-natural effects. The significant increase in the number of homes sold gives us the impression that buyers are still hungry. The days on market would indicate that they are being careful. Buyers understand that low interest rates, low home prices, and lots of inventory are pushing their purchase power to its peak. Investment Strategy 101: buy low, sell high. Here is the opportunity to buld equity that buyers are looking for.
Is NOW a good time to purchase Candia NH Real Estate? You bet!! That's good news for sellers, too.
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