He Who Snoozes Loses…

The Reality of New Hampshire’s Housing Market

(Chart and statistics courtesy of the New Hampshire Association of REALTORS)

 
Year end market reports show that the total average units sold are down 18% compared to 2005 and the average price down 1 percent from 2005.

Looking at the average prices being down only 1% does not seem that bad but take a good look at the total sales…down a whopping 18%!    

No matter how you look at it 2006 presented us with a dramatic downward shift after many years of strong gains and growth.  It simply was not a very good year if you were a consumer looking to flip property, or a new REALTOR just starting out. Buyers on the other had had plenty of opportunity but they hesitated…waiting and watching to see if housing prices would drop some more. 

From my perspective as a real estate agent, 2006 was a difficult time for real estate.

Keeping it in perspective I know many people who took their home off the market this past fall and winter. People usually hate to be disrupted during the busy holiday season so they take their homes off the market during that time frame. Might that account for sales being down? Sure…maybe some of it but certainly not all of it. Most of it was due to unrealistic pricing.

REALTORS are now making pricing recommendations based on “on market” competition...instead of the traditionally accepted practice of using sold comparables...which means much more realistically priced homes. Jay and I have been using "on market" comps for about 8 months now but in general sellers have been slow to accept that as a solid indicator of  market value.

Now, sellers are listening to their REALTOR and pricing competitively and buyers are now shifting out of procrastination mode and enjoying the market corrections as they realize this means greater opportunities.  Maybe we’re due for an early spring market…it’s starting to get busy in Southern NH.


 

 

 

2001
2002
2003
2004
2005
2006
Total Units Sold
20,008
20,709
21,808
23,577
23,744
   19,360
Change
--
3.5%
5.3%
8.1%
0.7%
(18%)
Average Sale Price
$187,353
$211,569
$230,947
$253,879
$264,517
$266,567
Change
--
13%
9%
10%
5%
1%

 

 

 

 

 

 

 



 

Jay and Monika McGillicuddy

Prudential Verani Realty

Hampstead NH 

603-548-7728

 

 

 
This post has been included in New Hampshire Real Estate News

4 Comments on Reality of New Hampshire's Housing Market

MAR
01
2007
1,388,755 Points 255 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
Monika, I know that a 1% increase in price is not a lot, but it still shows that the Media was wrong, when it was claiming that property prices were coming down.  Again 1% might not be much but 2006 was still higher than 2005.  Good job going back and putting all those years together.
9:02pm • #1
315,754 Points 39 Featured Posts Outside Blog
Thanks George my state association really has a handle on all of it. The word needs to get out that the market is normalizing and that it is a good time to buy. 
9:09pm • #2
MAR
29
2007

Just joined AR recently Monika, and have been a "quiet observer" during my 1st few visits. Aside from 1 other local Realtor (Susan Chenard, who, I'd noticed you had passed a message or two with previously), I am the only other practitioner here from Lincoln (Loon Mtn. area). Oops ... scratch that. Just got to my home/office and realized my broker accepted yesterday's invitation to become one of our "extended family" members. Anyway...

My wholehearted thanks for for being yet another within our industry who probably doesn't realize the positive impact they've made on me. With your being the 1st I've made contact with from my own home state, I sincerely appreciate your post. I am constantly researching sites (realtor.org, in particular) and quoting the various facts and figures to my customers/clients. In fact, I've now gotten to the point where I feel I could probably complete the thoughts of David Lereah for him! I'm afraid that absorbing all these statistics has only proven to be to my own detriment however, since my sales aren't exactly stellar. Regardless...

I look forward to my continued growth within our industry, future posts to/from you, and expanding our statewide membership so as to increase our networking opportunities.

Scott

 
Scott Mosher
8:28pm • #3
SEP
18
2007
315,754 Points 39 Featured Posts Outside Blog
Scott...I can't believe I just saw this message!!! So sorry for my lack of response!
6:59pm • #4


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Monika McGillicuddy~NH Real Estate Broker

Atkinson, NH

More about me…

Prudential Verani Realty

Address: 2 Main Street , Hampstead, NH, 03841

Office Phone: (603) 329-6625

Email Me

This Blog is all about real world real estate, no pie in the sky, just the information needed to help you make informed decisions. Looking for information on a career in real estate? Buying or selling? Looking for market data and trends? No crystal ball here but 22 years of solid real estate experience at your disposal. Humor me as we travel around a bit and discuss everything from family to business.


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