The Eastman New Hampshire Real Estate market for the first half of the year (2009) was an interesting one.
Some days I thought would never end and other days I was so busy I could hardly keep up with all the phone calls, emails and showings.
I have shown a lot of property to a lot of people this year. The bad part is most people are still waiting for the “bottom” or the “perfect” house.
Over all the numbers are down from the previous year but we are seeing some encouraging signs even in the wake of interest rates rising slightly. Better than a half point move on a 30 year fixed rate mortgage might have helped spur some buying? The jump did slow down refinancing according to lenders I have spoken to.
Here are some numbers from Hanover, Eastman and New London based on January 1 through June 30, 2009 compared to 2008.
- Hanover: Homes 21 v. 30 Condos 21 v. 10
- Eastman: Homes 16 v. 28 Condos 2 v 11
- New London: Homes 17 v. 8 Condos 4 v. 9
As you can see home sales are down in Hanover and Eastman but are up significantly in New London. Condo sales more than doubled in Hanover but are way down in Eastman and New London.
What does this tell us? Last year New London home sales had a terrible year, this year’s sales are much better. Last year Hanover condo sales had an average year but this year sales are off the chart in a positive way. Eastman? This is a bad year for both home and condo sales. Only one land sale too. What will happen?
With the amount of activity and what is currently a contingent sale or pending sale I don’t think the numbers will stay this low. Look at how low the sales were in New London in 08′. They bounced back, Eastman will too. If your a buyer, don’t you want to buy now while everyone else sits on the side lines? There are great values out there and next year prices could be moving up. If the activity picks up like it did elsewhere you might find multiple buyers for the same property. When that happens the power to negotiate goes to the seller.