Epping NH Real Estate Report September 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 Epping NH. There were 97 homes sold in 2006 with average time on the market of 134 days. In 2007, 113 homes sold with average time a lengthy 186 days. In this study, 2007 had seen the highest number of homes sold with the longest market time. Recessionary pressures were seated firmly in 2008 where we see only 84 homes sold and days on market decreased about a month to 151 days. While the Federal Home Buyer Tax Credit was established to prop up a sagging market in 2009, 92 homes sold with another 30 days less at 121 days. In the last twelve months, we have seen 98 homes sold with 97 days on market.
Epping NH Real Estate Average Sales Price
The average sales price was $299,535 in 2006 and fell 11% to $265,702 in 2007. 2008 gave us a dip of 7% to $246,455 and look how the Tax Credit helped average price in 2009 by dragging it down another 13% to $214,916. From 2006 to 2009 average price lost $84,619 or 29% of its value. In the last twelve months average price has improved 5% to $225,585. Comparing Epping's ASP chart on the left to the State's ASP chart on the right, from 2006 to 2009 average price in the entire state lost $47,342 or only 17% and is up 2.8% in the last twelve months.
Epping NH Market Trend
There is no doubt the now expired Federal Home Buyer Tax Credit had an effect on our markets. Unfortunately, the Tax Credit was an artificial component of the market and had it's un-natural results. Epping's market was impacted in a way that outperformed the State's market in terms of lost values and Epping is again outperforming the State in terms of average prices on the rise. Does that mean "what goes down must come up"? As the market approaches normalcy, we are seeing activity up and average prices will be along for the ride.
As of 9-19-2010, there are 85 homes and condos on the market in Epping with 7 sales pending. Buyers have to understand that their purchase power is at its peak with the lowest interest rates in decades, reasonable home pirces, and lots of inventory.
Is now a good time to buy Epping NH Real Estate? You bet! That's good news for sellers, too.
About The Author: This blog is provided by Marty Patrizi a Realtor with Virtual Homes Real Estate. Marty can be reached at 603-781-4099 or via email: marty.patrizi@virtualhomes.com.
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