Every month I compile data about the real estate market in the Souhegan Valley of New Hampshire and write a report for my clients. If you are living in Southern New Hampshire you have to admit that the weather has been a bit unusual. March and April snows, cold weather and most recently a mish-mash of snow, sleet and heavy rains in the middle of April. The weather has not been very welcoming to those who want to get out and look for a home. Well this months report revealed something very interesting and highlights the effects of weather on buyers.
Normally the number of properties that are put under agreement increases substantially in the month of March. Winter is a very slow time for real estate in New England. Most people are not out buying a new home when the snow is flying, the days are short and and the temperatures are near freezing. But as Spring arrives buyers start to get anxious about buying a new home and they get out and start looking. In the past the buyer demand is evidenced by a noticeable increase in the number of homes that are put under agreement and this increase has historically been in March. March tends to see an increase in the number of homes under agreement of 30% or more over the number in February. A sure sign that the spring buying season has begun.
But this year saw no increase in home buying. In fact the number of contracts was flat from the February number. (See chart below) I do not believe that this is a lack of demand for homes. It seems that when we got a string of "nice days" the number of calls and the number of homes shown to buyer would increase dramatically. Buyers I talk to are eager to take advantage of the lower prices and the low interest rates. Especially the first time buyers.
I believe the weather has a lot to do with the motivation of the buyers. No one wants to go tromping through the snow or trudging through rain to look for their new home. This year the weather seems to have delayed the "Spring" market . Like everyone else around here I am anxious for warmer days and Spring to "really" arrive.
More information about the market can be found by clicking the link below:
NH Home Sales Report March 2007
This data is based on information from the Northern New England Real Estate Network for the periods shown for the towns of Amherst NH , Bedford NH , Brookline NH , Francestown NH , Greenfield NH , Greenville NH , Hollis NH , Lyndeborough NH , Mason NH , Merrimack NH , Milford NH , Mont Vernon NH , Temple NH , and Wilton NH .
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