I'm often asked the question "How's the market?" at house parties, when meeting new people or when getting together with family. My answer always reflects my own personal experiences, which doesn't necessarily represent the broader view of the market.
My own niche (the first time buyer) did quite well this year, despite the lower income I earned based on lower selling prices:) I have had more first time buyers this year then in the past 8 years of my business selling real estate. Very few of them purchased homes that had an actual seller residing in the home ready to move up and make another purchase.
Some Stats:
The Cheshire County (Keene, NH are surrounding towns) region has seen a dramatic change in average listing and selling prices of homes sold during the 08 and 09 months of September.
September 2009 Cheshire County had 67 closed residential sales (as listed in the MLS) with an average days on the market of 153. The average listing price at time of an accepted offer is $214,231 and average accepted and closed price of $204,315.
September 2008 Cheshire County had 74 closed residential sales (as listed in the MLS) with an average days on the market of 106. The average listing price at time of an acepted offer was $250,616 and average accepted and closed price was $238,906.
Wow, what a downward shift in prices we saw this year and so many of them reflect the foreclosures and short sale prices bringing apparent values of "normally selling" inventory down with it. I'm hopeful the first time buyers will continue to experience incentives towards their purchase in the upcoming year as they are purchasing in price ranges which seriously need fixing up. The boost in our local economy is helpful as contractors receive work and new furniture and home appliances are purchased. I wish I were a first time buyer this year!!
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