Here's a snapshot of New Hampshire real estate activity for April.
Condominiums:
The following is data regarding NH condo sales activity:
NashuaNumber New condos - 48
Number Sold condos - 26
Average Days on Market - 71
Average Listing Price - $199,846
Average Price Sold - $193,436
Manchester
Number New condos - 73
Number Sold condos - 53
Average Days on Market -87
Average Listing Price - $175,932
Average Price Sold - $174,221
Portsmouth
Number New condos - 17
Number Sold condos - 17
Average Days on Market - 165
Average Listing Price - $317,718
Average Price Sold - $308,876
Concord
Number New condos - 29
Number Sold condos - 21
Average Days on Market - 62
Average Listing Price - $167,995
Average Sales Price - $167,013
Single-Family Homes:
The following is data regarding NH single-family home sales activity:
NashuaNumber New homes - 101
Number Sold homes - 43
Average Days on Market - 88
Average Listing Price - $294,778
Average Price Sold - $286,723
ManchesterNumber New homes - 122
Number Sold homes - 63
Average Days on Market - 76
Average Listing Price - $262,117
Average Price Sold - $257,479
PortsmouthNumber New homes - 19
Number Sold homes - 8
Average Days on Market - 147
Average Listing Price - $291,438
Average Price Sold - $283,614
ConcordNumber New homes - 48
Number Sold homes - 23
Average Days on Market - 109
Average Listing Price - $263,863
Average Sales Price - $258,385
Labels: new hampshire, new hampshire real estate, real estate market
posted by B. Samii @ 8:06 AM
We are in a very opportune buying environment that could be prove to be a great time to find some great deals for the savvy real estate investor.
With the drop in property prices and longer days on the market, homes have become much more affordable than they have been in recent years.
Throw in the sub-prime problem and the rising foreclosures and you have a dream market for a real estate investor looking to pick up a good deal.
Here is a synopsis of what is shaping the market and why this is might be a great time to buy real estate:
Mortgage industry tightening up (sub-prime meltdown)The golden days of creative financing are over and a lot of Americans are finally getting slapped with a cold backhand of reality… or what is turning into the
sub-prime turmoil.
In the heat of the real estate market that was booming in 2004-2005 lenders gave mortgages out like candy, even to people that were taking on debt that they shouldn’t have -- high-risk borrowers with less-than-perfect credit with little or no money for down payments.
These are the people that were getting into sub-prime mortgages and most probably didn’t even fully understand what they were getting themselves into.
In fact, according to bankrate.com, 3 out of every 10 U.S. homeowners have no idea what type of loan they own…
scary.
And guess what?
All that predatory lending from a few years ago is finally catching up to the thousands of homeowners that locked into all those sub-prime and adjustable mortgages that are now maturing.
Lots of foreclosuresThe slow down in the market in conjunction with the sub-prime meltdown (and other factors) has resulted in rising mortgage delinquency and more and more foreclosures that are expected to continue to rise nationwide throughout the year.
In Massachusetts there were
111 foreclosure filings every business day or an increase of
81.97% when comparing the past 12 months to the same period a year earlier (21,644 v. 11,894), according to
ForeclosuresMass.com.
In
New Hampshire, foreclosures are expected to double from last year.
And this is just the beginning. The Center for Responsible Lending, a nonprofit based in
Washington, recently estimated that the approximately 2.2 million subprime loans that were made in the past eight years will end in foreclosure…
scary.
Homes staying on the market longer
The cool down in the market is made the most apparent by the stagnant inventory that is taking longer to sell than previous years.
As properties are spending more Days On the Market there is, generally, further downward pressure placed on home prices.
My prediction: We are surely in a buyer’s market (or I should say a buyer’s market for qualified buyers) and there are lots of great opportunities out there but it won’t last forever.
All else being equal, if interest rates increase as many experts predict, we will soon move into a very neutral environment that will level the playing field, neither in favor of buyers nor sellers. The upside from the Buy will be best realized in the next several months while enough 'deals' still exist.
In addition, although there a lot of deals out there, ‘flipping homes’ and increases in property values will require longer holding periods before most home buyers realize a healthy profit. So don't watch too much tv and get disilllusioned by the idea of quick a sale.
Labels: massachusetts real estate, new hampshire real estate market, real estate market
posted by B. Samii @ 8:51 AM
The March numbers show that the market seems to be improving across NH and may indicate a healthy spring market coming before us...
Condominiums:
The following is data regarding NH condomium sales activity:
NashuaNumber New condos - 63
Number Sold condos - 22
Average Days on Market - 92
Average Listing Price - $220,077
Average Price Sold - $218,909
Manchester
Number New condos - 86
Number Sold condos - 65
Average Days on Market -78
Average Listing Price - $169,755
Average Price Sold - $168,516
Portsmouth
Number New condos - 20
Number Sold condos - 9
Average Days on Market - 94
Average Listing Price - $382,133
Average Price Sold - $382,20
Concord
Number New condos - 33
Number Sold condos - 12
Average Days on Market - 118
Average Listing Price - $169,910
Average Sales Price - $169,979
Single-Family Homes:
The following is data regarding NH single-family home sales activity:
NashuaNumber New homes - 109
Number Sold homes - 42
Average Days on Market - 109
Average Listing Price - $269,449
Average Price Sold - $261,186
ManchesterNumber New homes - 103
Number Sold homes - 51
Average Days on Market - 101
Average Listing Price - $251,412
Average Price Sold - $247,406
PortsmouthNumber New homes - 28
Number Sold homes - 8
Average Days on Market - 212
Average Listing Price - $413,288
Average Price Sold - $391,562
ConcordNumber New homes - 45
Number Sold homes - 19
Average Days on Market - 144
Average Listing Price - $287,197
Average Sales Price - $280,109
Labels: new hampshire real estate, real estate market
posted by B. Samii @ 10:47 AM
Hot or not? There are lots of indications that the market is beginning to stabilize and is on a steady path to recovery. The overvaluation of the red hot market in 2005 has been offset with price corrections throughout most of last year (2006), resulting in a much healthier market where homes have become more affordable and priced to sell, as we are seeing now. In addition, after a quiet holiday season, there has been quite a significant buzz of active buyers in the past two months (and continuing) fueled by a rather mild winter.
What does the Spring have in store? Things are looking relatively optimistic as long as interest rates maintain (we'll have to keep a close eye on the
implications of the recent stock market meltdown and what Bernake does at the next Fed meeting).
Condominiums:
The following is data regarding NH condomium sales activity:
NashuaNumber New condos - 48
Number Sold condos - 36
Average Days on Market - 94
Average Listing Price - $195,650
Average Price Sold - $192,308
Manchester
Number New condos - 77
Number Sold condos - 38
Average Days on Market -56
Average Listing Price - $156,867
Average Price Sold - $154,602
Portsmouth
Number New condos - 11
Number Sold condos - 6
Average Days on Market - 62
Average Listing Price - $389,767
Average Price Sold - $379,800
Concord
Number New condos - 20
Number Sold condos - 8
Average Days on Market - 81
Average Listing Price - $111,288
Average Sales Price - $103,938
Single-Family Homes:
The following is data regarding NH single-family home sales activity:
NashuaNumber New homes - 66
Number Sold homes - 27
Average Days on Market - 91
Average Listing Price - $312,811
Average Price Sold - $302,363
ManchesterNumber New homes - 82
Number Sold homes - 50
Average Days on Market - 85
Average Listing Price - $262,038
Average Price Sold - $258,890
PortsmouthNumber New homes - 10
Number Sold homes - 13
Average Days on Market - 94
Average Listing Price - $263,331
Average Price Sold - $255,338
ConcordNumber New homes - 23
Number Sold homes - 15
Average Days on Market - 134
Average Listing Price - $256,037
Average Sales Price - $247,151
Labels: new hampshire real estate, real estate market
posted by B. Samii @ 11:57 AM
