The end of the year has come and the beginning of a new one has begun, how did the Real Estate Market end for the Town of Londonderry in 2008? The answer to this question lies in the absorption rate for the Town. As I have stated in previous posts, the absorption rate is a reflection of the amount of time it will take for the market to"absorb" the current inventory of property that is on the market. In general, most experts agree that an absorption rate of over 6 months means that you are in a Buyers Market.
During the past year, Londonderry saw varying absorption rates from 6 months to 6.6 months, which meant that the Town was balancing itself between a Buyers Market and a Sellers Market. The Town compared well when it was measured against other Towns in the area and the County's overall absorption rate. The end of the year rate has seen the Town slip further into a Buyers Market. The Town's absorption rate ended at 7.19, which is a significant spike up from where it was during the year. This spike up should be noted very seriously by Sellers in the Town since Rockingham County's overall rate dropped from approximately 11 to 9 months. The drop in the County's rate and the increase in Londonderry's rate indicates that Buyers may be beginning to look at Towns outside of Londonderry.
When marketing your property it is always important to be aware of current market trends, any changes and how it may effect you. I have over 10 years of experience in Real Estate and I consider myself someone who can bring my experiences to assist any Seller in Marketing their property. If you are considering selling your home, you need to have someone with the expertise and experience to help you navigate the ever changing waters of the Real Estate Market, so call me so that I can assist you with your largest financial dealing.