NH Market Report - 1/1/08-12/31/08
The New Hampshire real estate market continued it's decline of number of units sold and average selling prices which fell in most markets throughout the state. Real estate is local, so selling prices and activity will fluctuate by community from statewide averages.
The current market conditions indicate that this is an exceptional opportunity to buy a home with historically low interest rates (4.75% fixed rates), affordable prices and a great selection of homes and condominiums. Take advantage of the FHA programs available today.
Single Family Homes
The number of homes sold in 2008 dropped 15% from 2007 and 48% since the market peak in 2005 (16,256). The average sales prices fell 9% from the 2007 values ($305,437) to $278,877 in 2008. In the peak year of activity (2005) the average sales price was $310,506. The 2008 value decline from the peak was 10.2% which means most of the loss was realized in the past year.
Condominiums
Condominium sales for 2008 were down sharply with a 35% reduction in the number of units closed as compared to 2007. The average selling prices remained stable as they declined 1% in 2008 from 2007 values. The peak of the market for condo sales was in 2005 with 5875 units sold. The days on market (DOM) increased dramatically from 2007 to 164 days. This is a reflection of the financing constraints on condominiums due to the foreclosure markets. Higher down payments and better credit histories are required in many condominium projects. It is easier to obtain a mortgage on a single family home.
Visit www.nh-virtualhomes.com for community information about towns in New Hampshire. Go to NH Foreclosures to obtain listings on other New Hampshire bank owned homes.
Information is provided by Virtual Homes and real estate services provide by RE/MAX Country Properties, Amherst, NH. Visit www.ma-virtualhomes.com to obtain relocation and school information in MA towns. Preview communities in Maine at www.me-virtualhomes.com.
Housing and condo data was obtained from the NNEREN (Northern New England Real Estate Network), the NH statewide MLS. This information may not be accurate and does not represent all properties sold in NH.
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