North Hampton NH Real Estate Report August 2010
We are looking at homes sold data for the last four years verses the last twelve months to determine where the market is headed. 32 homes sold in 2006 and spent an average of 132 days on the market. 2007 saw an incredible 72% jump up to 55 homes sold and they averaged longer on the market at 168 days. Recessionary pressures were hitting most of new hampshire pretty hard in 2008 and North Hampton saw that 72% jump slide back to 35 homes sold with even longer averages at 189 days. With the Federa Home Buyer Tax Credit established to prop up a sagging market, 2009 saw the see-saw comming back up to 53 homes sold with less time on the market at 169 days.
North Hampton NH Real Estate Average Sales Price
The average sales price for 2006 was $587,903 picking up when almost twice as many homes were selling in 2007 to $679,217. Surprisingly in 2009 when less homes sold and were taking longer to sell the average sales price popped up again to $726,320. Not surprizing in 2009 was the plunge downward and North Hampton was hit hard with a 35% free fall to $469,236.
North Hampton NH Real Estate Market Trend
In the last twelve months, we see 46 homes sold down from 2009's 53 and days on market lessening at 149. Average sales price has pushed back up 23% to $580,343. There is no doubt that 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. As the market approaches normalcy again, we are seeing demand pick up and average sales price responding to that demad.
Invesment Strategy 101 buy low, sell high. Buers understand that the lowest interest rates in a lifetime, reasonable home prices, and lots of inventory is making their investment the right way wtih plenty of upward potential for equity gains in the not too distant future.
Is now a good time to buy North Hampton NH Real Estate? You bet! Good news for sellers, too.
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Your comments on this study are encouraged, thank you for your attention.
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