The 2009 New Hampshire Real Estate Market Report - Homes, Condos SoldTopic: Home buying
The 2009 NH Real Estate market was one of the worst on record as the recession deepened with rising unemployment and an increase in foreclosures. The only bright spot was the low end of the market where first time home buyers took advantage of the $8000 tax credit. Additional incentives included historically low interest rates and housing prices that have fallen as much as 40% from their peak values (2006-2007). Bank owned property was discounted to facilitate sales and investors purchased the distressed properties, made and improvements and resold them for healthy profits..
Major segments of the market were stagnant which included the relocation, move-up and downsizing buyer. Declining values, appraisal issues and buy/sell logistics forced potential buyers to the sidelines. The new construction market is almost non-existent in most areas as builders can't compete with the lower values in the resale market. The NH real estate market will not turn around until these segments of the market improve. So, the question is - Has New Hampshire seen a bottom in the market statewide? Real estate is local and each community must be analyzed separately for the market values. In some towns, the market has already turned as fourth quarter statistics confirm that property values have stabilized.
NH Single Family Homes
The number of NH homes sold in 2009 increased 6% over 2008 from 10208 homes sold to 10831; however the average selling price declined further to $244,658 from $278,818. The 135 days-on-market and 95% sales price to list ratios were consistent with 2008 numbers.
NH Condo values dropped from $202,873 to $181,992 in 2009 (-10.3%) which was primarily due the number of foreclosures and the availability of financing options. Most buyers that bought homes in 2009 utilized FHA, USDA and VA which offers more options for low down payments and qualifying. Many condominium developments do not qualify for these loans due to the investor/ownership ratios, undercapitalized condo associations and the lack of pre-approvals. When financing is limited, there are fewer qualified buyers which bring values down.
Go to NH Homes For Sale to view all properties currently available for sale and Virtual Homes Real Estate for all your real estate needs. To view bank owned and foreclosed property visit NH Foreclosures . Information reported in the NH Real Estate market report was obtained from the NH MLS system (NNEREN) and is not guaranteed to be accurate.
by Fred Doleac
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