Data for these stats was pulled from the NNEREN MLS Database on 3/28/2008.
2007 stats run from 1/1/07 to 3/28/07
2008 stats run from 1/1/08 to 3/28/08
*Avg. DOM = average days on the market **Median L/S Ratio = median list price to sold price ratio
Conclusions / My Take:
Based on these stats, I would conclude that the condo market in Exeter, NH is recovering. Condos are selling faster, for more money and closer to asking price.
As for the single family home market in Exeter, NH... These stats suggest that it is still more of a buyers market in that the sales prices 2007 vs. 2008 have declined and homes are taking longer to sell. Also, sellers are granting higher discounts on their list prices this year than last year.
My take on this is that the more affordable properties tend to sell faster and condos are generally more affordable than single family homes. Also, a larger percentage of condo buyers are first time buyers versus those who buy single family homes.
I believe that the reason the single family market is still suffering is because single family home prices, on average, are still quite high. Many folks who buy a single family home have to sell in order to buy. This results in a domino effect when the first property takes longer to sell, or doesn't sell at all.
The key here is to make sure that if you are buying or selling that you hire a good local REALTOR that really knows the CURRENT MARKET in YOUR AREA. They can advise you as to your local market condition and counsel you on the pros and cons of buying or selling in these uncertain times.
If you have any questions, please feel free to contact me. We specialize in New Hampshire's Seacoast towns
-Katherine Anderson, Broker / Manager
Coldwell Banker Hobin Realty, LLC
Rye & Hampton, New Hampshire - USA
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