2007 Real Estate Market Update in Seacoast NH & Southern Maine Final Report

Welcome to 2008! The end of 2007 has come and gone so I decided to only focus on the numbers for this blog. Has our housing market caved in? has the reputed bubble done burst? or not? That is the big question I am asked every day. The final numbers are in for what really happened in our local real estate market in 2007. Remember all real estate happens locally - so if the market somewhere else is in trouble don't focus on it - look at what is going on in your home town.

Rockingham County, NH-Single Family Homes

2007 Sold 2,675 homes in an average days on market of 134 for a median selling price of $314,514.

2006 Sold 2,648 homes in an average days on market of 106.3 for a median selling price of $330,044

So for all the media hoopla we saw 27 fewer homes sold in 2007 or less than a 1% change. Yes, it took 27.7 days longer to sell. But for all the doom and gloom reports we only saw the median selling price lowered by 4.71%.

Strafford County, NH-Single Family Homes

2007 Sold 1,128 homes in an average days on market of 103 for a median selling price of $245,883.

2006 Sold 1,269 homes in an average days on market of 88.9 for a median selling price of $249,270.

Breaks down to 141 fewer homes sold in 2007 or a 11.12% change. The biggest shift in our report. Average time on market increased by 14.1 days. But value held strongly with only 1.36% reduction in median selling price!

York County, Maine-Residential Properties

2007 Sold 2,535 single family homes/condos/mobile homes in an average days on market of 121 for an average selling price of $303,770.

2006 Sold 2,859 single family homes/condos/mobile homes in an average days on market of  99 for an average selling price of $288,218.

York County saw a whopping 5.2% increase in average selling price in 2007 over 2006! True there were 11.4% fewer properties sold and it did take 22 days longer. But far ahead of other parts of the country.

So you decide for yourself-the numbers are pretty clear to me. Over all marketing time has increased but it takes less than 1 month more to sell when you are priced correctly. We have not lost more than 5% overall value and homes are still selling every day no matter what you have heard on the nightly news.

For Buyers now is a great time to buy because interest rates are still historically low and there is more inventory on the market to choose from.

For Sellers now is a great time to sell because there are still Buyers out there and we are living in one of the best locations in the country for holding value.

In the Seacoast of New Hampshire and Southern Maine, Real Estate is a strong and healthy investment for everyone!

Click here for the Seacoast Sold Town by Town Report

Shannon Aldrich, Keller Williams Coastal Realty

"Your Second Home and Vacation Home Specialist"

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