In New Hampshire, second quarter market reports are a true indicator of market conditions. .  The spring market is the most active of the year as sellers can showcase their properties after the snowmelt, and time their moves for the closing of school in June. Homes closing in May and June reflect actual sales that went under contract in April and May.

Sellers that overprice their properties in the spring market are extended into the summer market which slows down rapidly in late June and early July.  New construction normally picks up in the spring as weather conditions improve and facilitate the timelines that coincide with relocation and the move-up market.  The move –up market typically times the move to the school year calendar which is the revolves around school closings in June and opening in September.

 The “x” factor in the 2009 market is the $8000 tax credit offered to first-time homebuyers through the stimulus package passed by Congress.  This incentive has motivated renters to evaluate the opportunity of affordable home prices and historically low interest rates.    Move-up buyers are considering their options as well and may create more activity during the late summer and early fall markets.

New Hampshire Real Estate -Second Quarter Market Survey (April –June)

New Hampshire market reports show single family homes sold declined 4% from the 2008 level of 2,910 and condominiums fell 11%.  The average selling price for homes dropped substantially from $292,703 to $245,909.  The entry level market is the most active and foreclosures are the major reasons for the price drops.  Condominium average sales prices in 2008 were $201,740 and declined to $178,206 in 2009 which is also due to the activity at the low end of the market.

New Hampshire Year to Date Market Activity

The single family statistics show a decline of average selling prices from $287,470 to $237,819 (-13%) with condominiums falling from $204,159 to $177,437.  The first quarter of 2009 was one of the worst real estate markets on record and will affect the overall averages in 2009.  Quarter by quarter comparisons will provide a more accurate representation of current market conditions.

Real estate is local, and each town, county and region is affected by multiple factors.    The second home market impacts specific areas and the job market is a contributing factor.  Market reports for each county will be reported in additional postings which will provide more accurate and local activity.

If you would like to monitor the value of your home visit the NH Home Search Service and to view active listings in your town and neighborhood please go to Virtual Homes MLS Map Search.