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
Another year has flown quickly by, and it’s time to share with you the Summary of New London Sales for 2011. Note, that in order to include non-MLS transactions, we draw statistics from The Registry Review, as well as MLS. There is some good news in the market’s performance of 2011: condominium sales began a nice recovery, including 4 sales at The Seasons; the number of waterfront/access property sales increased; and total transaction numbers actually eked up about 4.5%. MLS stats for condo and residential sales show an increase from 60 to 73, and an increase in the listing to selling ratio from 90% to 92%. The average days on the market increased from 178 to 206, however, I believe this is a function of older inventory selling. Conversely, more homes sold for <$300,000 in 2011 (26), than in 2010 (16), creating a drop in average price; and total dollar volume inched further downward, despite the increase in number of sales. While this marks the 5th straight year of the decline of total dollar volume since the highs of 2006, it is telling to note that, after the first big drops of 2007-2008, the subsequent decreases have not been dramatic. A couple more sales in the over $300,000+ range, and these decreases could have been washed out. It is also the case that one or two large sales can skew the market. Therefore, I have not included the sale of a single family home for $2,450,000 or the $15,000,000+ commercial sale of the New London Shopping Center. My optimism that 2011 would be the year of change didn’t prove true. There were signs, but just not enough momentum. I do believe 2011 will be the last year of the downward trend. Many forecasting services are predicting constant or rising home prices in 2012. Nationally, buyer and seller traffic was up in late November and December (we were really busy!), which is also a very good sign. The commitment to keeping interest rates low seems to be there. I do believe that, if the news continues to be good, and buyers have reason to feel more confident, many of them, who have been sitting on the sidelines waiting for the “right” moment, will chose to buy a home in 2012. Coldwell Banker Milestone had a very successful and productive year in 2011, proving that our consistent performance continues to yield good results for our buyers and sellers. As always, your referrals are gratefully received, and you can be assured that “The Best Team in Town” will deliver extraordinary service and results. 2011 New London Stats Summary. Marilyn Kidder is Broker/Owner of Coldwell Banker Milestone Real Estate. Feel free to give her a call for professional advice on any of your real estate needs - 603-526-4116.
New Hampshire was home to a 2 percent increase in residential unit sales in 2011, while the median price of those homes fell by 6 percent, according to data released by the New Hampshire Association of REALTORS.
There were 10,714 residential unit sales in 2011, following 10,529 sales in 2010. The year‐over‐year increase was, in part, fueled by an 8 percent jump in December 2011 (923 sales), compared to 2010 (855). The median price of New Hampshire residential home sales, meanwhile, dropped from $215,000 in 2010 to 201,700 in 2011.
“We’re certainly seeing stabilization in terms of the number of sales,” 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. “On the price side, we have a continued inventory issue. With so many homes available in most New Hampshire markets, buyers are still able to be very selective, and many are reluctant to buy if the price isn’t just right.”
The standard for evaluating inventory is “months supply,” meaning the length of time it would take to sell off the current inventory based on the number of sales in the prior month. Typically, six to eight months is considered a balanced market, while less than that constitutes a sellers’ market and more is indicative of a buyers’ market.
There is currently an 11‐month supply of housing inventory in New Hampshire. “It’s been as high as 21 months supply within the last two years,” Rice said. “We’re generally trending in the right direction, but we still have a gap between where we are and a balanced market.”
In local markets, December unit sales increased in eight of the state’s 10 counties, including an 8.5 percent jump in Hillsborough County, the state’s largest. Median price fell in all but three counties, Cheshire (22 percent increase), Belknap (22 percent) and Coos (4 percent).
December 2011 data residential
As for condominium sales in New Hampshire, there was a 3 percent drop in unit sales from 2010 (2,635) to 2011 (2,549), while the price of those sales fell 6 percent, from $165,000 in 2010 to $155,000 in 2011.
Source: Dave Cummings, New Hampshire Association of REALTORS® Director of Communications
After four consecutive months of steady residential sales gains in New Hampshire, November unit sales saw a slight decline compared to the same month a year ago, according to data released this week by the New Hampshire Association of REALTORS (NHAR). The median price of those homes, meanwhile, decreased by 4 percent in November. There were 822 homes sold in November 2011, 2.5 percent behind the 843 sold in November 2010. That came following jumps of 29 percent, 14 percent, 13 percent and 14 percent in the four months prior. Year to date sales for this year, meanwhile, were 1.2 percent above those through the first 11 months of 2010: 9,790 compared to 9,674. “We would expect to end 2011 a shade ahead of 2010 in terms of the number of residential homes sold,” said NHAR President Tom Riley, a 35-year veteran of the real estate industry and president of Riley Enterprises in Bedford. “This supports our contention that while we are not making huge gains, there seems to be a stabilization underway that we hope speaks to the early stages of a slow recovery, both in the New Hampshire housing market and the broader economy.” The state’s November residential median price dropped from $202,000 in 2010 to $193,450 in 2011. Year to date, the $203,000 median sale price in 2011 is 6 percent below the $215,000 through November of 2010. In local markets, November unit sales increased in five of the state’s 10 counties: 30 percent in Cheshire, 15 percent in Carroll, 14 percent in Belknap, 10 percent in Sullivan and 3 percent in Rockingham. New Hampshire’s largest county, Hillsborough, saw just a 0.5 percent November vs. November decline. Median price fell in all counties other than Rockingham, which saw a dramatic increase in November compared to a year ago: a 52 percent jump, from $159,900 in November 2010 to $242,500 in November 2011. November 2011 data residential As for the number of November condominium sales in New Hampshire, there was a slight increase from 2010 (187) to 2011 (189), while the median price of those sales increased 4 percent, from $160,000 to $166,000. November 2011 data condoSource: Dave Cummings, NHAR Director of Communications
New Hampshire REALTORS sold 14 percent more homes in October 2011 than in the same period a year ago, marking the fourth consecutive month that unit sales were ahead over the previous year, according to data released by the New Hampshire Association of REALTORS (NHAR). The median price of those homes, meanwhile, decreased by 7 percent in October and are behind year‐to‐date prices of 2010 by 5 percent.
There were 934 residential homes sold in October 2011, a 14 percent increase over the 820 sold in October 2010. That came following jumps of 29 percent, 14 percent and 13 percent in the three months prior. Year to date sales for this year, meanwhile, were 1.5 percent above those through the first 10 months of 2010: 8,960 compared to 8,830.
“There is still too much economic uncertainty to call this a recovery, but we’re certainly beginning to move in the right direction,” said NHAR President Tom Riley, a 35‐year veteran of the real estate industry and president of Riley Enterprises in Bedford. “We would characterize this as the early stages of a gradual stabilization.”
October median price homes dropped from $205,000 in 2010 to $190,000 in 2011. Year to date, the $205,000 median sale price in 2011 is 5 percent below the $215,950 through October of 2010. In local markets, October unit sales increased in seven of 10 counties, while Carroll, Coos and Sullivan counties saw median price increases. October 2011 data residential
As for October condominium sales, there was an almost identical number of statewide sales in 2010 (206) and 2011 (207), while at $169,000 the 2011 median price was 5.7 percent ahead of the$159,900 median price of October 2010. October 2011 data condo
Home sales activity and median price in New Hampshire dipped in March, compared to March 2010, leaving first quarter unit sales practically even with the first quarter of last year, while median price for the first quarter dropped nearly 5 percent from the same period 2010.
Realtors in the Granite State sold 1,892 homes in the first quarter of 2011, compared with 1,891 in 2010, according to data released this week by the New Hampshire Association of Realtors (NHAR). Median price, meanwhile, dropped from $207,000 in the first quarter 2010 to $197,000 in the first quarter 2011, NHAR reported.
“We still have yet to find any clear trend line,” said NHAR President Tom Riley, a 35‐year veteran of the real estate industry and president of Riley Enterprises in Bedford. “Overall, it still appears to be a market that is stabilizing, but we’re certainly in no position to make any bold predictions about a timetable for the recovery.”
Riley noted that the March sales decrease followed two consecutive months of increases, and he said the data is still reflective of a particularly difficult winter selling season in New Hampshire.
“Eventually, we expect to find a clear pattern to the market,” Riley said, “but we haven’t found it yet.” In terms of local markets, six of the state’s 10 counties saw unit sales increases in the first quarter compared to the same period a year ago, including upticks in New Hampshire’s three largest – Hillsborough, Rockingham and Merrimack.
Meanwhile, only Sullivan County and Carroll County showed median price increases.
Click here for March 2011 data residential.
Click here for March 2011 data condo.
Riley continued to assert that the unprecedented buyers’ market – low interest rates, low prices and high inventory – remains ripe for increased activity in the coming months. “The bright spot in this challenging economic picture is the chance for those who in the past have been priced out of the market to now get in,” he said. “I don’t remember a better opportunity for buyers.”
Press Release: NH Association of REALTORS®, Dave Cummings, NHAR Director of Communications
Sales of existing-home sales rose in March, continuing an uneven recovery that began after sales bottomed last July, according to the National Association of Realtors®. Existing home sales which do include condominiums and co-ops, increased 3.7 percent to a seasonally adjusted annual rate of 5.10 million in March from an upwardly revised 4.92 million in February, but are 6.3 percent below the 5.44 million pace in March 2010. Sales were at elevated levels from March through June of 2010 in response to the home buyer tax credit. Lawrence Yun, NAR chief economist, expects the improving sales pattern to continue. “Existing-home sales have risen in six of the past eight months, so we’re clearly on a recovery path,” he said. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.” NAR’s housing affordability index shows the typical monthly mortgage principal and interest payment for the purchase of a median-priced existing home is only 13 percent of gross household income, the lowest since records began in 1970. “Although home sales are coming back without a federal stimulus, sales would be notably stronger if mortgage lending would return to the normal, safe standards that were in place a decade ago – before the loose lending practices that created the unprecedented boom and bust cycle,” Yun explained. “Given that FHA and VA government-backed loan programs turned a modest profit over to the U.S. Treasury last year, and have never required a taxpayer bailout, we believe low down-payment loans should continue to be available for those consumers who have demonstrated financial responsibility and are willing to stay well within their budget. Raising the downpayment requirement would unnecessarily deny credit to many worthy middle-class families and veterans,” Yun said. The national median existing-home price for all housing types was $159,600 in March, down 5.9 percent from March 2010. Distressed homes – typically sold at discounts in the vicinity of 20 percent – accounted for a 40 percent market share in March, up from 39 percent in February and 35 percent in March 2010. NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said some renters are looking to home ownership as a hedge against inflation. “The typical buyer today plans to stay in a home for 10 years, while rents are projected to rise at faster rates over the next few years,” he said. “As buyers gain more financial security, the advantages of home ownership become more obvious. Rents will continue to trend up, especially in comparison with a fixed-rate loan which provides financial stability and gradual accumulation of equity over time.” Total housing inventory at the end of March rose 1.5 percent to 3.55 million existing homes available for sale, which represents an 8.4-month supply at the current sales pace, compared with a 8.5-month supply in February. Single-family home sales rose 4.0 percent to a seasonally adjusted annual rate of 4.45 million in March from 4.28 million in February, but are 6.5 percent below the 4.76 million level in March 2010. The median existing single-family home price was $160,500 in March, down 5.3 percent from a year ago. Regionally, existing-home sales in the Northeast rose 3.9 percent to an annual level of 800,000 in March but are 12.1 percent below March 2010. The median price in the Northeast was $232,900, down 3.0 percent from a year ago. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries. Source: The National Association of Realtors, Washington, DC, April 20, 2011