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New Hampshire Poised for Recovery

By
Real Estate Agent with BHG The Masiello Group

New Hampshire - recovery 

        The New Hampshire Association of Realtors® released an enews letter today with good news for New Hampshire. According to economists at Moody’s Analytics, what is now being referred to as the Great Recession is technically over!

     New Hampshire demographer and consumer markets expert, Peter Francese points out that until employment figures rise, it won’t feel so good. However, New Hampshire is in better shape than many states. The unemployment rate is now 7.2 percent (well below the national average of 10.2 percent). The good news is that it is not expected to rise above 7.8 percent before starting to fall sometime next year. The jobs report bodes well for the recovery of New Hampshire’s residential real estate values.

     Median home prices in New Hampshire were still about 7 percent below October of 2008, but the difference is narrowing from monthly numbers that earlier this year ranged between 10 and 20 percent below 2008.

Francese opines that home prices in New Hampshire are stabilizing and will likely begin to increase in 2010.

     New Hampshire has been considerably more fortunate with regard to home prices than many other states. Median home prices are expected to bottom out in 2010 at between 20 and 25 percent below their peak in 2005. Table I shows that residential home sales are likely to be about the same as last year, just above 10,000 units, and at a median sale price that will be within 10 percent of 2008. Table I shows residential home sales and median sale prices for first 10 months of 2009.

        Table I shows residential home sales and median sale prices for first 10 months of 2009.

2009

Units sold

% change 2008-09

Median sale price

% change 2008-09

Jan

453

-15%

$200,000

-17%

Feb

505

-13%

$184,900

-20%

Mar

703

9%

$200,000

-14%

Apr

739

-11%

$204,900

-15%

May

881

-6%

$210,000

-13%

Jun

1,151

1%

$225,000

-12%

Jul

1,169

6%

$220,000

-10%

Aug

1,096

4%

$222,000

-7%

Sep

979

-3%

$214,900

-8%

Oct

1,083

8%

$210,000

-7%

YTD

8,857

0.3%

$210,000

-7%


                                  

 

 

 

Source: NNEREN


        Table II
shows that in October, residential unit sales rose above last year's for seven of the state's 10 counties, and median sale price increased 9 percent in Belknap County, where nearly one-third of dwelling units are second homes.  Condominium sales were also strong in October, when unit sales jumped 23 percent above October of last year at a median sale price just $100 below last year's $170,000.

 

Units sold

% change 2008-09

Median sale price

% change 2008-09

Belknap

66

6%

$192,875

9%

Carroll

79

-2%

$190,000

-12%

Cheshire

52

-2%

$160,450

-4%

Coos

41

8%

$89,000

-11%

Grafton

76

19%

$174,950

-6%

Hillsborough

283

10%

$224,000

-9%

Merrimack

125

18%

$189,000

-12%

Rockingham

230

9%

$255,000

-4%

Strafford

105

22%

$194,900

-10%

Sullivan

26

-40%

$150,000

-3%

Statewide

1,083

8%

$210,000

-7%

 

 

 

 

 
Source: NNEREN

 Now may be a great time to buy a home in New Hampshire. 

Visit New Hampshire .... New Hampshire was chosen as the Most Livable State in America! and the Third Healthiest State in America!

_______________________________________

Portions of this post are included with permission from Peter Francese and the New Hampshire Association of Realtor®s.  Statistics ~  "Copyright 2009 Northern New England Real Estate Network, Inc. The reproduction of these statistics is done with the permission of NNEREN. The statistics referenced herein are based solely upon listings submitted to the multiple listing service database of NNEREN and do not include all properties sold and marketed for sale. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED. Any analysis or commentary related to these statistics is that of the commentator, and not that of NNEREN."

 Information herein may come from various sources, some of which may not be reliable and may change without any notice.  Joan Whitebook does not guarantee or is any way responsible for the accuracy of the information in this blog and information provided is without warranties of any kind, either express or implied.  Information on this blog represents the opinions and ideas of the author; comments by others may not express the views of the author.
Copyright © 2009 By Joan Whitebook, all rights reserved.*Copyrights- "New Hampshire Poised for Recovery".  (c) Photos by Joan Whitebook, all rights reserved.

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Comments (11)

Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Joan,

Glad to hear the great recession is coming to a bottom in New Hampshire; hope it continues to bottom everywhere else as well.

Nov 16, 2009 11:35 AM
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

Joan, WOO HOO, it sounds like good news for New Hampshire buyers. 

Nov 16, 2009 02:11 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Tom ~  This is great news.  However, our manufacturing sector is almost non-existant at this point in time.  However, it is good to know that things are looking more positive than they did a year ago1

Marchel ~  I hope the word gets out to New Hampshire Buyers and Sellers.  Unfortunately, most only are aware of the national trends.  There are good reasons to buy in New Hampshire.

Nov 16, 2009 02:56 PM
Maggie Dokic /Indialantic | 321-252-8696
Magdalena Dokic - Indialantic, FL
Selling the beach in Florida's space coast

Joan, that's some good news for new Hampshire.  Let's keep it going!

Nov 16, 2009 03:16 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Mggie -- We're spreading the news and hoping that soon all the states will be starting to head in the direction of recovery.

Nov 16, 2009 11:04 PM
Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock,com

Hi Joan:

What a wonderful state you live in!

I love the state motto also.

Nov 16, 2009 11:36 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Hi Toula -- You are not far away -- you will have to drop by and visit New Hampshire.  I'd love to show you around.

Nov 16, 2009 11:49 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Joan, hope that the forecast for New Hampshire continues to be bright and that the rest of the Country follows.

Nov 17, 2009 09:57 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

That is some bueno news for New Hampshire!!  I didn't realize that your median prices losses were in the double digits.  I would have thought NH was immune in some way!

Nov 17, 2009 12:46 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

George ~  I'm sending some of this "karma" to your state.  Hope things continue to improve on the East Coast and spread across to the west.

Renee~  New Hampshire has not been immune..  We have lost a lot of manufacturing jobs here in the state.  I hope things continue in a positive direction.

Nov 17, 2009 02:37 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Joan it is great to see the trend is going in the right direction.  Here is hoping this will spread to other states that are lagging behind.

Nov 20, 2009 03:32 PM