Conway NH Real Estate Report August 2010
We are looking at homes sold data for the last four years verses the last twelve months to determine the state of the market. In 2006, 216 homes sold with an average days on market of 104. In 2007, 24% less homes sold at 163 and days on market bumped up to 122. In 2008, with the recession in full bloom, we saw another 13% drop in homes sold to 142 and average days on market extended to 159.
With the Federal Home Buyer Tax Credit established in 2009 to prop up a sagging national market, a few more homes were sold at 154 and time on market fell back to 2006's level at 106 days.
Conway NH Real Estate Average Sales Price
In 2006, average sales price was $215,430 and edged up 1.6% to $218,947 in 2007. 2008 saw a 7.6% drop in value to $202,226 and another 8.5% plop to $185,009 in 2009.
Conway NH Real Estate Trend
In the last twelve months we have seen a 7.2% increase in homes sold at 166 and averae days on market extended to 125. Average sales price has perked up 7.8% to $199,463. While there is no question that the Federal Home Buyer Tax Credit had an effect on the market, the Tax Credit was an artificial component of the market and had it's un-natural results. As the market heads back to normalcy, we are seeing the activity rise and average sales prices going along for the ride. Compared to price levels of a few years ago, there is much upside potential for buyers who purchase today.
Buyers understand that the lowest interest rates in decades, reasonable home prices, and lots of inventory is pushing their purchase power to its peak. The market demand is strong and even though buyers are very careful (indicated by the average days on market), they know they have to act now to take advantage of today's interest rates.
Investment Strategy 101: buy low, sell high. Is now a good time to buy Conway NH real estate? You bet! That's good news for sellers, too.
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Thank you for your attention and your comments on this study are encouraged.