New Hampshire 2009 Annual Report Homes and Condos Sold
The New Hampshire real estate activity was dominated by buyers purchasing at the low end of the market. First time home buyers took advantage of the $8000 tax credit, historically low interest rates and housing prices that have fallen as much as 40% from their peak values (2006-2007). Investors are buying deeply discounted foreclosures and bank owned property and often re-sell (flip) them after improvements.
The relocation, move-up and downsizing buyers remain on the sidelines as declining values have had a major impact. New construction is flat in most areas as builders can’t compete with the lower values in the resale market. The overall market will not improve until these segments of the market become active. The big question is – have we seen the bottom on a statewide level? It is important to remember that real estate is local and each community must be analyzed separately for the market values.
NH Single Family Homes
The number of NH homes sold in 2009 increased 6% over 2008 however the average selling price declined further to $244,658. The 135 days-on-market and 95% sales price to list ratios were consistent with 2008 numbers.
4 Year Price Trends
Number of Homes Sold 2006-2009
NH Condominiums
NH Condo values declined sharply in 2009 (-10.3%) which was primarily due the availability of mortgage options. Most buyers that bought homes in 2009 purchased with low down payments (high ratio loans). The FHA, USDA and VA are the primary sources for these mortgages. There are many condominiums that do not qualify for these loans due to investor/ownership ratios, under capitalized condo associations and lack of pre-approval. Values decline when financing is restricted.
Four Year Trend
Condos Sold - 2006-2009
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Information reported was obtained from the NH MLS system (NNEREN) and is not guaranteed to be accurate.
