New Hampshire Real Estate Report August 2010
We are looking at homes sold data for the last four years verses the last twelve months to determine the state of the market. In 2006, 18,254 homes were sold and spent an average of 98 days on the market. For 2007, 16,182 homes were sold and were on the market for 119 days on market. 2008 saw 12,969 homes sold with 126 days on market. While the Federal Home Buyer Tax Credit was established to prop up a sagging national market in 2009, 13,595 homes were exchanged and they were on the market an average of 123 days.
New Hampshire Real Estate Average Sales Price
The average sales price in 2006 was $288,073 and dipped 2.3% in 2007 to $281,443. 2008's average sales price fell again 6.6% to $262,729 and 2009's average price plunged 11.7% to $232,000. There is no doubt the now expired Federal Home Buyer Tax Credit had an effect on our markets. Unfortunately, the Tax Creidt was an artificial component of the market and had its un-natural results.
New Hampshire Real Estate Market Trend
In the last twelve months we have seen 13,595 homes sold up 4.6%. Those homes took 122 days to sell and average sales price is up 2.6% to $238,062. New Hampshire's real estate market hasn't suffered the effects of the recession as much as other states around the nation. With average prices looking like they have bottomed and are turning the corner, New Hampshire Real Estate presents a solid opportunity to gain equity quickly in the near future.
15,940 homes and condos are on the market as of 9-9-2010. Buyers understand they have to act now to take advantage of the lowest interest rates in decades, reasonable home prices, and lots of inventory. Buyers have good reason to beleive that buying now is a good investment, Expect activity to continue to grow and values will fall in step for the ride.
Is now a good time to buy New Hamphire Real Estate? You bet! That's good news for sellers, too.
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Thank you for your attention and your comments on this study are encouraged