Stratham NH Real Estate Market Activity Report August 2010
We are looking at homes sold data for the last four years verses the last twelve months to determine where the market is headed. In 2006, 144 homes were sold with an average days on market of 127. Upon news of the recession , 2007 saw 7% less homes sold and they took 20% longer to sell at 153 days. With the recession firmly entrenched, 2008 saw the number of homes sold plunge 32% to 91 units with days on the market falling slightly 5% to 145 days. Wtih the Federal Home Buyer Tax Credit established to help prop a sagging market, 2009's home sales were even at 91 and sold a little quicker at 122 days.
Stratham NH Real Estate Average Sales Price
Average sales price for 2006 was $395,541 and fell 4.4% to $378,165 in 2007. Continuing the expected, 2008's average sales price dipped 4.4% again to $361,569. Considering the Tax Credit was in place, one would not expect the average sales price to drop again in 2009 but it did so by an even larger margin of 7.6% to $333,972.
Stratham NH Real Estate Market Trend
In the last twelve months, we have seen an increase of almost 32% for the number of homes sold at 120 units and days on market nudged up almost 10% to 134. The average sales price played coy and gave up 1.4% of its value again to $329,334. There is no doubt the now expired Tax Credit had an effect on the market. Unfortunately, the Tax Credit was an artificial component of the market and had its un-natural results. With the market approaching normalcy, we see more homes are selling although it is taking a little longer in average for those to sell and the plunge in values seems to be leveling off. These factors are an indication that demand is strong although buyers are being careful. There is tremendous upside potential for today's buyers to build equity when compared to average prices from 2006.
Buyers understand "Investment Strategy 101: buy low, sell high" and realize that the lowest interest rates in decades, reasonable home prices, and lots of inventory pushes their purchase power to its peak.
Is now a good time to buy Stratham NH Real Estate? You bet! That's good news for sellers, too.
For more insight and real estate resources, Click Here => visit my website.
Your comments on this study are encouraged, thank you for your attention.
Comments(0)