Salem 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, 298 homes sold and spent an average of 84 days on market indicating a very brisk market. In 2007, 50 less homes sold at 248 and the days on market went up to 103 as a result of a recession looming. For 2008, 29 less homes sold at 219 and days went up again to 119. While the Federal Home Buyer Tax Credit was established to prop up a sagging national market in 2009, 50 more homes sold and days edged up to 124. In the last twelve months, 253 homes sold and spent less time on the market at 103 days.
Salem NH Real Estate Average Sales Price
The average sales price in 2006 was $309,207 and dipped 2% to $303,551 in 2007. 2008's average price fell 5% to $288,075 and dove 18.5% to $234,762 in 2009. In the last twelve months, average price has risen to $247,693 up 5.5%
Salem NH Real Estate Trend
There is no doubt the now expired Federal Home Buyer Tax Credit had an effect on our market. Unfortunately, the Tax Credit was an artificial component of the market and had it's un-natural resluts. As we see the market headed back to normal, we see the average days on market at a reasonable 103 days and average price has bottomed and is headed in a good direction.
With 199 homes and condos on the market as of 9-10-2010, buyers understand that they have to act now to take advantage of the lowest interest rates in 60 years, reasonable home prices, and lots of inventory. Based on todays average price verses that of only four years ago, the Salem NH Real Estate market gives buyers tremendous upside potential for equity gains in the near future. Expect activity to continue to rise and home prices will go along for the ride.
Is now a good time to buy Salem 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.
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