Manchester NH Real Estate Market REPORT Nov. 21, 2022

By
Real Estate Broker/Owner with Godzyk Real Estate Services NH License 033394
As we approach Thanksgiving, we first would like to thank all our faith full readers who look forward to our weekly updates each Monday. We are happy to report that Interest rates actually came down last week. The amount of new single family home listings coming on the market doubled last week. The amount of new condo listings fell last week. The amount of homes placed under contract fell last week.
 
I wanted to comment on something i am seeing. I make it a point to read as many articles about real estate as i can find. To my dismay, so many are wrong. Different people, different companies and even different media like to label what is happening in Real Estate. The market is not changing, it has already changed. While similar it is also different than anything we have seen before. Media likes to mention 2008. Well, this is not 2008. Banks are still giving mortgages quite freely. Interest rates are coming down a little as the sheer amount of sales has dropped and there are virtually no re-finances. In 2008, Banks stopped over night giving mortgages, stopping sales in their tracks. That is not happening.
 
In addition over all we still have a shortage of homes for sale. There is many more houses for sale now than over the last year, but still way under what anyone can say is normal. The amount of bank owned homes is very low, however defaults have increased slightly.
 
The next factor is that when potential buyers look at the cost of renting vs buying, rents can be 1.5 to 2 times or more than a mortgage payment and taxes. Add on a shortage of rentals, it can be said it is easier to find a home to buy then to rent.
 
There are two trends that we are watching. The first is many would be sellers who are over pricing their home thinking this is the Spring 2022. That market has sailed. However, there are still buyers. That is where hiring a local and well experienced listing agent can be a huge advantage. Pricing your home correctly. Assisting you with what you may need to getting your home ready to sell. Setting realistic expectations. Being there with constant communication and advise through out each step of the selling process. The second trend is those homes not selling. We like to look as to why. Most often they are over priced. Second most is no one knows they are for sale. Some reasons can be -Little to know marketing. Out of town/state agents. Part time or in-experience with market changes and what it takes to service and sell in this atmosphere. Experience matters....
 
 
You as a consumer have a choice and before rushing into hiring just anyone. You should know that not all agents are created the same. Experience matters more than ever as the market changes. Knowing what to expect next. Knowing how to approach these changes. Knowing how to better guide you as a buyer or seller through these changes matters and comes with experience. Hiring an experienced agent like me who can navigate the market changes with you should be a must. There are so many agents. SO many new agents and so many who have not ever experienced a market change in the last 10 years. Listing with a well experienced agent matters and it should matter in your choice of who you hire.
 
 
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Welcome to our WEEKLY wrap up from Monday to Sunday of last week
MARKET REPORT FOR Nov 21, 2022
 
There are 54 SINGLE FAMILY HOMES FOR SALE: The average Listed priced home is $465,208. 483,815. The lowest priced home is $245,000. The highest priced home is $899,000. The average DAYS ON MARKET is 38
There were 13 New Listings this week.
There are 79 SINGLE FAMILY HOMES UNDER CONTRACT
There are 14 SINGLE FAMILY HOMES CLOSED this week.
There are 713 SINGLE FAMILY HOMES SOLD 1/1/22 TO 11/21/2022. The average SALE PRICE is $407,579 The average DAYS ON MARKET is 11.
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There are 25 CONDOMINIUM STYLE HOMES FOR SALE: The average priced home is $289,930. The lowest priced home is $144,900. The highest priced home is $750,000. The average DAYS ON MARKET is 29
There were 3 New Listings this week.
There are 36 CONDOMINIUM STYLE HOMES UNDER CONTRACT:
There are 8 CONDOMINIUM STYLE HOMES CLOSED this week.
There are 380 CONDOMINIUM STYLE HOMES SOLD 1/1/22 TO 11/21/2022 - The average SALE PRICE is $267,204. The average DAYS ON MARKET is 12
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There are 16 MULTI FAMILY HOMES FOR SALE: The average priced home is $624,670. The lowest priced home is $315,900. The highest priced home is $3,589,000.
There are 30 MULTI FAMILY UNDER CONTRACT:
There are 4 MULTI FAMILY HOMES CLOSED this week.
There are 257 MULTI FAMILY HOMES SOLD 01/01/22 to 11/14/2022 The average SALE PRICE is $502,001. The average DAYS ON MARKET is 17.
 
* Data from NNEREN, subject to change, error or omission
 
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DOES IT MATTER WHICH REALTOR I USE? The short answer is YES. It matters. There is great difference from one agent to agent another though. All agents are not created equally. Bigger is not better. Experience matters. Choose the Best agent not the biggest. Choose experience over not experienced. Choose Local over National. Please support locally owned businesses and chose us, your home town Realtor for 37 years who offers some of the most personal and professional service there can be. We stand by you through each step of the buying or selling process. Let me show you there is a difference from one agent to another.
 
The amount of homes in Foreclosure has risen. If you are behind in your mortgage you have choices right now. We can explain what options may be available to you if you are behind in your mortgage. We also have an increase in divorce listings and Estate sales.
 
The SECRET to success and the key to having a successful purchase of sale, can increase simply by choosing a better agent. The secret is, that All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. I leave you with now infamous philosophy, which is simple, to provide more personal and professional service to guide my clients through each step of the buying or selling process.
 
PLEASE CALL US FOR A FREE MARKET ANALYSIS TO SEE WHAT YOUR HOME IS WORTH.
 
To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com .
About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. Proud to be locally owned and operated with 37 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area. We are Full Time Agents ready to serve all of your Real Estate needs. Servicing Hillsborough, Rockingham, Merrimack and Belknap counties.
You can search for Manchester area Homes For Sale by going to www.ScottSellsNH.com
 

Comments (2)

Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Manchester home buyers and sellers are sure to value your real estate market report, Scott.

Nov 21, 2022 08:12 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

thanks for the info!

Nov 21, 2022 09:55 AM