It is spring in the Granite State and the housing market is in full bloom. While we are still experiencing low inventory, buyers are out buying and multiple offers are not uncommon. Like last year, the lack of homes to sell is impacting prices. Statewide in the 1st quarter, the median sales price grew from $260,000 in 2018 to $280,000 in 2019, up 7.7%. The average days on market was 80 days. Sales statewide are down by 2.8%; again due to low inventory.
In the combined towns of Newbury, New London, and Sunapee, 1st quarter sales are about the same. 26 homes sold in 2019; 25 sold in 2018. The average days on market dropped to 145 days vs. 201 days in 2018. The median sales price was $350,250 in 2019 compared to $392,000 in 2018. The higher median sales price in 2018 can be attributed to having 3 sales over $1 million close in the 1st quarter vs. the highest sales price this year was $750,000.
The good news for home buyers is no further rate hikes are expected and the 30 yr. fixed rate mortgage is under 4.5%. Additionally it is still a tight job market which is pushing up income. Bottom line, it’s still a good time to be a buyer or seller so contact me to get your jump on the spring market! 603-526-4116, www.DonnaForest.com, donna@donnaforest.com
Figures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/18 – 3/31/18 and 1/1/19 – 3/31/19.
I recently attended the National Association of Realtors (NAR) conference in Boston. Lawrence Yun, chief economist for NAR, presented his 2019 housing forecast at this convention. Below are some of the key points.
- 2017 had the highest home sales activity in 10 years. While many realtors feel they are currently experiencing a “slow down”, the reality is total sales in 2018 are only down 1.5% YTD compared to 2017.
- Typically, rising interest rates would impact home sales, however, as we are in a period of job growth and low unemployment, this cancels out the impact of higher rates. 2019 is predicted to be similar to 2018, with sales forecasted for a 1% increase.
- The national median home price is expected to rise 3.1% to $266,800 in 2019.
- Low supply could continue to suppress sales, especially for first time buyers.
- The US is experiencing historically normal levels of affordability but buyers may be staying out of the market because of perceived problems with affordability.
Bottom line, Dr. Yun forecasts 2019 home sales to be stable and similar to 2018, with continued growth in sales prices. Contact me if you want to work with a realtor who stays on top of trends and issues facing buyer and sellers today! 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com
As we approach the end of 2017, there are a number of articles out with predictions on what the 2018 housing market will bring, based on the opinions of economists and housing experts. While no one can say for sure, it sounds like it could be similar to what we experienced this year. Below are some of the highlights.
- Interest rates are expected to gradually rise from around 4% to 4.5% by end of year.
- Low inventory will continue to be a challenge for buyers.
- Millennials could be the most active home buyers in 2018 and they will be looking in higher density, amenity-rich neighborhoods.
- Baby boomers haven’t downsized as much as anticipated. Some speculate this is due to the fact they are working longer and also desire to age in place and not move.
- Home values are expected to grow – some predict 3.2% and others are at 4.7%.
Whether buying or selling, contact me if you’d like to know how the market could impact you. Donna@DonnaForest.com; www.DonnaForest.com; 603-526-4116.
Lately this is a sentiment many of us have about the real estate market as it seems to have come alive these last few months! This opitmism is backed up by figures just released by the NH REALTORS® as NH home sales saw its most February sales since February 2002, up 27%. Cumulative sales for this January and February increased 25% compared to January and February 2015. While only a 2 month comparison, it certainly is positive news. The median sales price statewide saw no change from last year, however prices may start creeping up if our low inventory persists. Right now it seems we may have more buyers than we have houses to sell! For example, currently New London has 40 homes for sale and last year there were a total of 60 homes sold. This may change as sellers usually start entering the market in April and May, the beginning of our "true" selling season. However, all things considered, there is good cause to be optimistic about the real estate market being alive in 2016! If you've been on the fence about selling, this may be the right time to list. Contact me for realistic and professional advice on getting your house sold. 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com
New Hampshire residential home sales and prices showed increases again in November, according to data released recently by the New Hampshire Association of Realtors (NHAR). The 1,137 closed sales in the month marked a 10.5 percent increase from November 2014, while the median price of those sales was $233,975, a 3 percent hike from the median price of November 2014. It was the ninth consecutive month in which both the number of residential sales and median price were ahead of the same month prior year. And sales volume, meaning the total dollars exchanged in those residential transactions, was 16 percent ahead of last November. “We’ve had a very consistent message for the last couple of years, and that’s been a steadily improving housing market, reflective of a steadily improving economy,” said NHAR President Maxine Goodhue, an 18-year veteran of the real estate industry and a broker associate with Four Seasons Sotheby’s International Realty. “That’s no different this month.” Year to date, the numbers are similarly on the rise. Through the end of November, 14,493 residential homes have been sold (an 11.3 percent increase from last year) in 2015, at a median price of $240,000 (5.3 percent increase), and a sales volume increase of 16 percent. And although the total supply of the state’s available residential housing inventory was down by 11 percent at the end of November, compared to 2014, the new listings for the month increased by 9 percent, meaning prospective sellers seem to be optimistic about their market conditions. Another indicator of inventory levels – months’ supply – dropped to 7.7 months, the lowest November number in more than 10 years. Months’ supply represents the number of months it would take to sell off the current inventory at the average pace of sales for the previous year. And while the trend indicates momentum toward leverage on the sellers’ side, 7.7 months is considered a balanced market. More than nine months’ supply is traditionally thought of as a buyers’ market, and anything less than that a sellers’ market. “This is a healthy market for both buyers and sellers,” Goodhue said. The condominium market is also experiencing increases in 2015, with closed sales up by better than 8 percent in September and nearly 15 percent year to date. The median price on those sales was up by 6 percent in November and 2.4 percent year to date. Locally, nine of 10 New Hampshire counties saw residential unit sales increases in November 2015 compared to 2014, and all 10 counties are ahead of 2014 year to date. Seven of 10 saw an increased median sales price in November, while year to date all but Merrimack County (down 1.4 percent) have seen a median price increase. See Market Report November 2015 market dataSource: Press Release, 12/17/15, Dave Cummings, NHAR Director of Communications
As we near the end of 2015, I thought it would be helpful to know how our local market has fared. Looking at the past 11 months, we continue to move in a positive direction. In the 10 area towns, the total number of sales are up 14% from last year. Prices are about the same with the average price of all home sales only being down by 1%. These figures vary from town to town, but the combined data shows forward momentum. For example, in home sales under $1 million - Newbury sales are up 41% from 2014 with the average selling price about equal. Sunapee sales are 3 ahead of last year with the average sales price down 13%. New London’s volume is down 34% but prices are up almost 7%. Nationally, home sales are up 3.9% through October compared to the same time period in 2014. Lawrence Yun, National Association of REALTORS® Chief Economist stated, “As long as solid job creation continues, a gradual easing of credit standards even with moderately higher mortgage rates should support steady demand and sales continuing to rise above a year ago." What does all this mean? Properly priced and prepared homes will continue to sell and waiting to buy will only cost you more money. Contact me if you would like to know the specific sales data for your town! 603-526-4116, www.DonnaForest.com, Donna@donnaforest.com Figures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/15 through 11/30/15 and 1/1/14 through 11/30/14.
Known for service, trusted for results – Coldwell Banker Milestone Real Estate.
Statistics released near the end of September by the National Association of REALTORS® show that US home sales are up 6.2% and the median sales price is up 4.7% to $228,700 from a year ago (for the period 1/1/15 to 8/31/15). We are seeing a similar trend in NH as the New Hampshire Association of REALTORS® reports closed sales through August up 10% and the median sales price up 5.3% to $241,115 from 2014. Of course not every market area is identical, so I looked at the combined data for our 12 area towns through September and found home sales up 6% (331 homes sold vs. 312 in 2014) and the average sales price almost the same as last year’s at $352,158. Most of the towns saw an uptick in sales compared to 2014 with a handful behind (New London and Springfield for example). Currently there are over 500 homes for sale with the average days on market running about 178 days. Whew, lots of numbers, right? Bottom line, the housing market remains steady with the expectation for home sales and pricing to rise. Continued gains in employment, wage growth, and low mortgage rates will likely support a price appreciation of 4.3% in 2016 according to CoreLogic’s October release. Whether buying or selling, contact me to find out how the market impacts you! 603-526-4116, www.donnaforest.com, donna@donnaforest.com Figures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/14 thru 9/30/14 and 1/1/15 thru 9/30/15.
Good news – homes sales January through June in the 10 area towns combined are up 9.2% from last year for the same time period (170 homes sold in 2015 vs. 156 homes in 2014). The average selling price inched up about 1% and the average days on market increased from 143 days in 2014 to 169 days in 2015. Not all towns are seeing sale increases at this point, however overall, the market is moving in the right direction. For example, Newbury has 20 home sales this year as compared to 11 in 2014, Sunapee has 20 home sales as compared to 18 last year, while New London has seen a decrease with 25 home sales this year compared to 42 in 2014. The most recent report from New Hampshire REALTORS® show statewide sales are up 4.5% January-May and the median price up 6.2%. At that time, all but Merrimack County saw median price increases. So what does this mean? Essentially, our area is still in a buyers' market with more homes to sell than there are buyers. Homes properly priced and prepared for the market will have a better chance of selling this year compared to previous years. With low interest rates and prices holding steady at this point, buyers still have great buying opportunities. It is a unique market with pluses for both buyers and sellers. Contact me if you want to take advantage of being a buyer or seller! 603-526-4116, donna@donnaforest.com, www.donnaforest.comFigures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/14 through 6/30/14 and 1/1/15 through 6/30/15.
Despite our tough winter, home sales are up 28% in the 10 local towns in the first 5 months as compared to the same time in 2014. The average days on market is 169 days and statewide, the median price is up 7% from last year. While our data shows a 5% increase, I believe some of that can be attributed to the higher number of lake sales with 2 sales at $2M+. Nonetheless, it’s encouraging to finally see upward movement in our market. Newbury – 64 Currently for Sale 1/1 -6/1/14 6 Solds 140 Days on Market (DOM) 1/1-6/1/15 17 Solds 230 DOM New London – 81 Currently for Sale 1/1 -6/1/14 26 Solds 169 DOM 1/1-6/1/15 20 Solds 109 DOM Sunapee – 68 Currently for Sale 1/1 -6/1/14 13 Solds 182 DOM 1/1-6/1/15 13 Solds 88 DOM A recent Pulsenomics survey of housing experts predicts US home values to level off in the next few years with a 4.3% rise in 2015 and an average annual growth rate through 2019 of 3.6%. In other words, buyers, it’s time to get off the fence if you are thinking about buying as home prices and interest rates are predicted to only go up. If you are looking to buy or sell, contact me to work with a local expert! 603-526-4116, donna@donnaforest.com, www.donnaforest.comFigures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/14 thru 6/1/14 and 1/1/15 thru 6/1/15.
Known for service, trusted for results – Coldwell Banker Milestone Real Estate.