A robust month of sales in March capped a strong first quarter in the New Hampshire residential housing market. Unit sales saw a 6 percent increase for the month this year, compared to March 2014, while median price was ahead by nearly 8 percent. The $226,000 median price for residential sales was the highest in any March since 2008. The March gains completed a first quarter that had unit sales ahead of the 2014 pace by just over 2 percent, and the first quarter median price, at $225,000, was a better than 6 percent gain over last year. “It’s definitely heating up again,” said New Hampshire REALTORS President Maxine Goodhue, a broker with Bean Group in Bedford and an 18-year veteran of the real estate industry. “More and more, we’re hearing the stories of multiple offers, five or six showings the day after a property is listed – all those anecdotal indicators of an increasingly busy real estate market.” The one area of concern in recent months had been a lack of residential housing inventory, and March saw another decrease – by nearly 12 percent – in the number of homes for sale. The months’ supply of residential inventory – meaning the number of months it would take to sell off the current inventory at the average pace of sales for the previous year – in March reached 7.5 months’ supply, nearly a 13 percent drop from March 2014. Condominiums are even more scarce, at 6.4 months’ supply in March, a 16 percent decline from a year ago. But Goodhue said she doesn’t expect that trend to continue. “Even after a normal winter, this is typically the time of year when the inventory starts to replenish,” Goodhue said. “I’d expect that to be even more so this spring, considering the winter we just had and also what’s happening with prices. I think prospective sellers probably see opportunity in the market right now.” Locally, seven of 10 New Hampshire counties saw residential unit sales increases in the first quarter of 2015 compared to 2014, while eight of 10 saw an increased median sales price. Source: Press Release, Dave Cummings NHAR Director of Communications
The housing market seems to reflect what hardy stock we New Englanders are! Despite all the snow and freezing weather, home sales are up from last year. In the 9 area towns from 1/1/ to 3/30/15, 53 homes sold with a median selling price of $223,000 as compared to the same time period in 2014 where 39 homes sold with a median selling price of $208,500. This follows a national trend as pending home sales showed solid gains driven by an improving labor market, mortgage rates hovering around 4%, and more renters entering the market due to increasing rents, according to Lawrence Yun, National Association of REALTORS® chief economist. Statewide, prices have also increased; mainly due to the lack of inventory. February reached a more than 10-year low, at 7 months supply. Our area also has limited supply at the moment. For example, Sunapee currently has 46 homes for sale. Given that 56 homes sold in 2014, right now there are not enough homes to fulfill buyer demand. I think we can now be optimistic about our spring market with the expectation of slightly higher increases in prices and sales! Contact me if you want to find out how the market has impacted your home value. 603-526-4116, donna@donnaforest.com, www.donnaforest.com. Figures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/15 thru 3/30/15 and 1/1/14 thru 3/30/14.
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2013 proved to be a good year for the State of NH. The number of homes sold was up 4.3% in 2013 compared to 2012 and median sales price increased 9.5% to $208,000. The days on market dropped from 116 to 102 days. These statistics are all great indicators that the downward spiral has stopped and the housing market is moving in the right direction. The expectation is for this trend to continue into 2014. The statistics for Merrimack and Sullivan County follow a similar pattern with homes sales up 19.7% in Merrimack and up 13.9% in Sullivan. The median sales price increased 13.4% in Merrimack and decreased 9.4% in Sullivan. To break it down even more, Newbury & New London sales increased by about 10% in 2013, while Sunapee was down by 5%. The average selling price was 92% of the asking price and there was a decrease in the average days it took to sell a home to 5.5 months. An article in the December 22nd Wall St. Journal described the housing outlook as “Steadier, Sturdier.” It appears that our housing market has settled into a healthy pattern of growth – I’m giving it two thumbs up! Contact me if you want to know how sales are impacting the price of your home. 603-526-4116; donna@donnaforest.com; www.donnaforest.com (Based on information from NNEREN for the period 1/1/12 thru 12/31/13)
Residential home sales in New Hampshire saw a year-over-year increase for the 20th consecutive month in July, outpacing July 2012 by 23 percent, while the price of those homes was up by 11 percent for the month as well. There were 1,637 residential sales in July, compared with 1,331 from a year ago, marking the most sales in a single month since August 2005. With a median price of $230,000 (compared with $207,900 in July 2012), it added up to a 37 percent increase in overall July sales volume, meaning the total dollars exchanged in those transactions. “I read somewhere that it won’t be long before the ‘housing recovery’ is simply referred to as ‘housing,’” said 2013 New Hampshire Association of REALTORS® President, Bill Weidacher. “We no longer have to qualify the recovery as a hypothetical or as something that we’re forecasting or dreaming about. It’s here.” Year to date numbers in 2013 continue to be on the upswing as well. For the first seven months combined, compared to 2012, closed sales are up 12 percent, median price is ahead by 10 percent, and sales volume saw a 17 percent increase. The average days on the market for sold homes, meanwhile, dropped by 18 percent in July, from 107 days in 2012 to 88 days this year. The year to date comparison is a 13 percent decline, from an average of 118 days on the market over the first seven months of 2012 to 103 in 2013. Pending sales, a forward-looking sales indicator, increased by 23 percent in July and has risen 12 percent year to date. And months’ supply, which measures the number of months it would take to sell of the current inventory of homes at the current pace of sales, dropped from nearly 15 months in July 2012 to 11 in July 2013. “We’ve been in a buyers’ market for so long, some of those relatively new to the business are seeing things lean back toward the sellers for the first time,” Weidacher said. “There’s certainly more balance in the market than we’ve seen in years.” Condominium sales in New Hampshire, meanwhile, trended similarly in July, ahead by 25 percent in closed sales, 14 percent in median price, and 35 percent in sales volume. Year to date, those numbers are 15 percent, 7 percent and 22 percent, respectively. Locally, nine of the 10 New Hampshire counties saw residential unit sales increases in July, with Sullivan County the only exception, and nine of 10 witnessed July median price increases as well, with only Coos seeing a decline. July 2013 data NHARSource: Press Release, Dave Cummings, NHAR Director of Communications, Concord, NH
We are still hearing good news about the housing market. S&P Case-Shiller home price index posted the biggest gains in 7 years. Housing prices rose in every one of the 20 cities tracked. CoreLogic (provider of real estate analytics) stated “house price growth continues to surprise to the upside with an impressive 12.1% gain year over year in April.” Lawrence Yun, the National Association of REALTORS® chief economist, said the market is solidly recovering. In the Northeast, existing home sales are 9.1% above the first quarter of 2012 and the median home price rose 2.9%.
Statewide, the New Hampshire Association of REALTORS® reports year to date through April that sales are up 9% and the median price is up 5%. At the local level, I compared sales in New London, Sunapee, & Newbury from 1/1 to 6/1 in 2012 and 2013. Surprisingly, more homes sold in 2012 than 2013 in this time period. In 2012, there were a total of 57 homes sold and in 2013, 48 homes sold. These numbers contradict both state and national trends. Keep in mind - all markets all local. I think we will see these figures change as we get into full swing with our summer selling season. Most REALTORS® seem to be super busy right now as buyers continue to take advantage of low prices and low interest rates. If you want to work with a REALTOR® with local expertise, then give me a call! 603-526-4116, donna@donnaforest.com, www.donnaforest.com
After six years year of declining home values, we are seeing light at the end of the tunnel. More and more economists & analysts are now predicting prices to gain about 7% this year. Lawrence Yun, the National Association of REALTORS® Chief Economist, raised his forecast to 7% from 4%, because he expects inventory shortages will persist. The Wall St. Journal (3/27/13) reports that home-price appreciation is accelerating in much of the US. Steady increases in sales and a drop in inventory are impacting the NH housing market as well. The median price of a NH home sold this February ($199K) was 12% higher than the median price of a house sold last February. Sellers have less competition than they’ve had in years. For example, right now there are 52 homes for sale in New London. Last year at almost any given time, there were well over 100 houses for sale. In fact, many agents are seeing multiple offer situations; something not seen since 2005. Buyers can no longer afford to sit on the fence. They should be jumping to take advantage of the still relatively low prices and interest rates. If you are thinking of buying or selling, give me a call to work with a REALTOR® who knows how the market impacts you. 603-526-4116, www.donnaforest.com“Word of Mouth” is the best advertisement, and we love it when you refer your friends and family to Coldwell Banker Milestone Real Estate.
A robust first quarter of New Hampshire home sales was followed up by the most April transactions since 2006, according to data released the end of May by the New Hampshire Association of Realtors. The report showed a 21 percent increase in sales for April 2012 (979) compared to April 2011 (811) and an 18 percent increase in year to date sales compared to the first four months of last year, signaling that the New Hampshire housing market may be in the midst of a trend toward recovery. “We’ve seen occasional flickers over the past four or five years, but this appears to be the first real flame,” said NHAR President John Rice, a 40‐year veteran of the real estate industry and an agent with Tate & Foss Sotheby’s International Realty in Rye. “For those of us who have been looking for sustained improvement, this truly feels like a time for optimism.” Median price has yet to follow suit, down 5 percent in April 2012 ($190,000) compared to April 2011 ($199,000), but Rice reiterated that as supply and demand dictates, he expects consistent unit sales increases to ultimately predict a turnaround in price as well. “I don’t want to guess in terms of a timetable,” he said, “but if we’re not at the bottom now, I believe that we’re very close.” In terms of local markets, each of the state’s 10 counties have experienced double‐digit sales increases for the first four months combined, compared to the same period last year. April‐only sales declined in just Coos and Sullivan counties, while jumping dramatically in most others, including Grafton (44 percent), Belknap (37 percent), Rockingham (29 percent), Hillsborough (28 percent) and Merrimack (23 percent). Median price for April‐only decreased in seven of 10 counties, with the exceptions being increases in Sullivan (17 percent), Strafford (5 percent) and Carroll (3 percent). April 2012 data residentialApril 2012 data condo Source: Press Release, David Cummings, New Hampshire Association of REALTORS® Director of Communications, Concord, NH
If you are even thinking about buying, then all I can say is - do it sooner rather than later. Here is why you should be buying:
- We are at historic affordability. Prices nationwide are down an average of 36% from the peak and rents are rising. It’s never been cheaper to buy a home. Mortgage rates hit an all time low of 3.87% in February.
- 2012 is projected to remain flat and then pricing is expected to appreciate 1.75% in 2013, 2.71% in 2014, 3.23% in 2015, and 3.32% in 2016.
- The Case Shiller Pricing Index for the US shows you can buy a house for the same price as in 2003. However, with the lower interest rate, the house will cost you less.
- The cover of Barron’s Magazine for March 19, 2012 – “Home Prices Ready to Rebound”
- John R. Talbott, (Bloomberg News calls him the” Prophet of Real Estate”), said in Dec. 2011, “it is now time to buy a home”.
Based on personal experience as well as hearing what other local Realtors are saying, activity levels have increased and we are actually seeing multiple offers on properties as well as quick sales for those homes that are properly priced for the market. In the words of John R. Talbott, a finance expert who predicted the housing bubble –“ run, do not walk to your neighborhood banker and finance a new home”. Whether buying or selling, if you want to work with a REALTOR® in the know, then give me a call! 603-526-4116
Donna Forest, Broker Associate
Home sales activity in the Granite State saw a February increase of 13 percent compared to February 2011, according to data released recently by the New Hampshire Association of Realtors (NHAR). The state’s Realtors reported 661 residential sales last month, compared to 585 in February 2011. It marked the third consecutive year to see a February increase and was the most February sales since 2007. The median price for statewide home sales, meanwhile, fell nearly 3 percent for the month, from $185,000 in February 2011 to 179,900 in February 2012. Year to date (January and February), unit sales were ahead of last year’s pace by 16 percent, while median price for that period was down 6 percent. “We still have more inventory than you’d find in a balanced market, and that’s continuing to keep prices down,” said NHAR President John Rice, a 40-year veteran of the real estate industry and an agent with Tate & Foss Sotheby’s International Realty in Rye. “As sales increase and inventory decreases, we’ll gradually move out of this decidedly buyer-friendly market. We’re still in the early stages of that process.” In terms of local markets, all but one of the state’s 10 counties saw unit sales increases in February compared to a year ago, including a 23 percent jump in Hillsborough, the state’s largest county. And despite the overall February decrease in median price, six of the 10 counties saw increases, including a 5 percent uptick in Hillsborough County, from $190,000 in 2011 to $200,000 in 2012. February 2012 data residentialFebruary 2012 data condoSource: Press Release, Dave Cummings, New Hampshire Association of REALTORS® Director of Communications
January residential unit sales in New Hampshire were ahead of the prior January for the third consecutive year, as 656 single family homes were sold in the Granite State last month. According to MLS data released by the New Hampshire Association of Realtors (NHAR), that number represented a 20 percent increase over the 549 homes sold in January 2011. The median price of those homes, meanwhile, continued to lag slightly behind, having dropped 4 percent, from $207,000 in January 2011 to $198,500 in January 2012. “Although it’s human nature to look for that one defining month that signals to everyone that the recovery in the housing market is afoot, that’s just not the nature of this economy,” said NHAR President John Rice, a 40‐year veteran of the real estate industry and an agent with Tate & Foss Sotheby’s International in Portsmouth. “As we continue to hear from economists, we’re probably in the early stages of a slow upward climb. Rice said he was encouraged by the fact that the 656 January sales were the most since 2007, but he pointed out that this mild winter, particularly compared to last year’s frigid and snow‐caked January, has likely played a role in the uptick. “We’re happy to report positive news in terms of the market, but we also need to be clear about the context,” Rice said, “and right now the context is that we’ve had positive conditions compared to last year.” The drop in median price continues to be influenced by the foreclosure market. The New Hampshire Housing Finance Authority reported 368 foreclosure deeds recorded in December 2011, the highest December number since NHHFA began its reporting in 2005. In terms of local markets, eight of the state’s 10 counties saw unit sales increases in January compared to a year ago, including a 108 percent jump in Sullivan County, 45 percent in Belknap County and 36 percent in both Cheshire and Rockingham counties. The state’s largest county, Hillsborough, witnessed a 14 percent sales increase. Median price, meanwhile, saw increases in four of 10 counties, the largest of those being 22 percent in Coos County. January 2012 data residentialJanuary 2012 data condo With inventory still relatively high, interest rates low and prices competitive, Rice said he would not be surprised to see an excellent spring in terms of sales. “No predictions, but the market is certainly ripe for a continued increase in activity,” he said. “Those looking to buy a home have excellent opportunities right now.” Source: Press Release NHAR, Dave Cummings, NHAR Director of Communications, Concord, NH