Somersworth NH Real Estate Market Report August 2010
We are looking at homes sold data for the last four years verses the last twelve months to determine where the Somersworth NH Real Estate Market is headed. In 2006, 133 homes were sold and spent an average of 79 days on market. 2007 gave us only 102 homes sold and days on market went up to 111. While the recession was in full bloom in 2008, only 77 homes closed with a whopping 128 days on market. With the Federal Home Buyer Tax Credit established to prop up a sagging market in 2009, 106 homes sold with 110 days on market.
Somersworth NH Real Estate Average Sales Price
The average sales price for 2006 was $256,937 and dipped slightly in 2007 to $253,342 with 23% less homes sold than 2006. Recession wracked 2008 saw average price fall 9% to $229,918. How about another plunge of 17% in 2009 to $189,832 while the Tax Credit was supposed to be cradling the market from a fall.
Somersworth NH Real Estate Market Trend
In the last 12 months we have seen the number of homes sold hold fairly steady at 104 homes with an average days on market of 101 and average sales price of $182,944. There is no doubt the now expired Federal 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 results. With the number of homes and days on market holding steady, the average sales price seems to be leveling off and that makes Somersworth NH Real Estate a good investment when compared to the prices of 2006. Buyers understand that the lowest interest rates in decades, reasonable home prices, and lots of inventory is pushing their purchase power to its peak. There is tremendous upside potential for equity gains in the near future not eons down the road.
Is now a good time to buy Somersworth NH Real Estate? You bet! With demand up and stabilizing prices, that's good news for sellers, too.
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Your comments on this study are welcome, thank you for your attention.
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