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NH Real Estate Market Update

Comments Off on NH Real Estate Market Update 27 June 2011

New Hampshire is among the 6 New England states and shares a border with Maine, Massachusetts, & Vermont. It’s got a population of around 1,316,000 people as in the 2010 census with an median income of $60,000 annually. The majority of your population and therefore the majority of the homes are situated within the southern area with the state dispersed among the cities and their suburbs. The principal cities within the state are Manchester, Nashua, Concord, Portsmouth, & Salem.

New Hampshire real-estate has adopted a somewhat close route of decline, although not quite as dramatic as the national real-estate market during the last five years. For the year in 2010 there were 16,140 real estate sales registered including residential, condo, & manufactured housing styles. The median sales price was $185,000 across all property types. The total of homes sold was down approximately 1.5% from 2009 while the median selling price was unchanged.

Additional NH real estate metrics worth referencing are generally the average days on market(DOM) and the sales price per square foot(PSF). The average days on market was about 150 for the year. This is a vital number to home sellers on account of it gives them an indication of approximately the length of time it takes them to sell their property. So it can take an average of 5 months to sell your home. Needless to say there are a good number of scenarios where it requires less time and instances where homes take more time. Additionally keep in mind that a good number of homes don’t sell at all and those homes will not be counted within the DOM figures.

Average sales price per square foot has been a technique designed to roughly idea the value of 1 home compared to another. It is relatively easy to reach the number provided the calculation is carried out consistently. There will be much debate about whether or not to use total square feet in the building(included any unfinished or below grade space) or to calculate only the finished space and above grade space. There isn’t any positively correct strategy to arrive at this number, in spite of this most commonly encountered technique has been to divide the selling price by the volume of finished above grade square feet in a property. Use this figure primarily just for a general appraisal considering numbers in many cases can be blatantly skewed by small homes that may have high grade finish work or qualities which increase the sales price and for that reason PSF.

The NH real-estate market continues to experience some decline which is quite likely going to sustain for another 12-18 months. At that point most analysts call for to experience a drawn out flattening of prices before any hope of any rise in home values.

One of the most popular resources for researching NH Real Estate and finding great deals is on www.nhhomepro.com where you can view all New Hampshire Real Estate by customizable map, save favorites and get e-mail alerts any time homes that match your criteria list.

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