Exeter NH Real Estate Market Report November 2011 All Roses?

By
Real Estate Agent with The Bean Group

Exeter NH Homes Sell Faster

We are looking at Exeter NH homes and condos sold data from January to October for the last four years to determine Exeter NH Real Estate market health.  In our first graph is the number homes and condos sold.  From the high of 2009 at 151, the number of homes sold this year is down 10% to 136.  What's interesting here is that on average those 136 homes have been selling four weeks faster than in 2009.

  

Exeter NH Homes and Condos Sales Prices

In this study, average sales prices were $302,305 in 2008 and have fallen almost 12% to $268,663 today.  Median price is the price at which 50% of the sales data is above this price and 50% of the sales data is below this price.  Median price is said to be a better indicator of home prices than average price because median price is less effected by an extreme high or low price which can skew the average sales price.  So far in 2011, the lowest priced sale was $33,000 and the largest sale was $962,000.  Exeter NH homes median sales price was $276,000 in 2008 and is 16% lower this year at $231,767.

  

Exeter NH Homes Market Trends

There is no doubt that first time buyers are driving this market.  They understand that interest rates are at extremely low levels, home prices are low, and the inventory is great.  Move up buyers are seeing some great opportunities as well.  They have to come to grips with the fact that their homes won't sell for as much as they would like as home prices are down 16% but if they are selling their $230,000 home with a 16% discount to a first time buyer, they are also buying that $350,000 home at a 16% discount too.  They are saving more on the move up buy than what they gave up selling their home.

Here is the list of the current 130+ Exeter NH homes and condos on the market =>  Exeter Homes For Sale

The Down Side Of Interest Rates

Interest rates will go up, we just can't say when.  If interest rates were to go up 1/2 of 1%, purchase power falls by about $16,000.  Buyers should take advantage of the best opportunity in real estate and sellers should realize that buyers have some great programs for financing which will make it easier for sellers to find buyers.

Is now a good time to buy Exeter NH homes?  You bet!  That's good news for sellers, too.

 About the Author:

Marty Patrizi is a full service New Hampshire Realtor at Virtual Homes, Inc. and his emphasis is on "service".  Marty works as a Buyer's Agent and a Listing Agent.  Marty is also a building and renovation Contractor since 1988.  As a buyer's agent, Marty's extensive construction experience puts him ahead of other buyer agents because he has the ability to determine value and costs related to repairs and updates needed.  As a seller's agent, he knows that buyers come from searching on line and how to generate more qualified buyers through maximum exposure of his client's properties on the internet.  Marty can be reached direct at 603-781-4099 or by email marty.patrizi@virtualhomes.com.

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Comments (1)

Anonymous
Paul Royal

Great post Marty and nice legwork on the data!

Feb 09, 2012 02:13 AM
#1