The Southern NH home sale market is improving.
Here are some signs that have been noticeably absent for about the last 6 years:
- More new construction is hitting the market in the outlying towns, those towns away from Southern NH population centers like Manchester or Nashua or Concord or Keene. For instance in the town of New Boston, NH as of this post there are 62 Active or Active with contract listings and 27 of these are for new construction. Unheard of a few years ago. Builders are out in force again!
- Showings in November in NH are typically not as robust as other months. Not so this year as listings that languished in showings all year, including those in outlying towns have been showing at a steady clip despite the holiday season. This is due to increased amounts of buyers that are able to buy without home sale contingencies. As foreclosures slow prices stabilize and sellers whom will become buyers can actually get their homes under agreement and are free to view homes without the impediment of the dreaded HOME SALE CONTINGENCY.
- Fear of interest rate creep... buyers are becoming more and more certain that the housingmarket is on the mend and that rates will not stay low forever, despite a promise from Bernanke to hold steady through 2013.
- Media positive on housing. What largely started as media story originating in States like Florida or Arizona where the markets were knocked down 60% and are now only down 40% off the highs, the formula is not really ready to apply to your LOCAL real Estate market unless you live in such a similarly affected area. Still, the market rise has to start somewhere and the perception of a rising housing market on a NAtional level could bring benefits of an actual rising housing market to yoyur LOCAL area on the coat tails of this perception.
- Lower rate of foreclosures. These things are being worked out- SLOWLY. The lenders have been pacing the rate at which the backlog hits the market- let's hope they continue to do so- slow but steady on flooding the market with these. It is a new market and one inclined to be like a wobbly child on its first legs.
- More houses sold. In Hillsborough County alone YTD sales of residential, MLS listed homes were at 2864. Last year during the analogous period the number was 2345. That is roughly a 28% increase in total residential homes sales year over year 2011 to 2012!
- The expanding price range of houses sold. The number of houses selling in the 300K to 500K range year over year 2011 to 2012 has increased dramatically. YTD 01/01/2011 to 11/09/2011 v. same YTD 01/01/2012 to 11/09/2012 period, when looking at residential home sales in Hillsborough County NH we have 459 v. 545 almost a 16% increase.
- Many other signs...for info please feel free to give me a call or email me through my website at www.thepopeofrealty.com