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 IIshows 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% |
|
|
|
|
|
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!
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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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