Last Updated on Saturday, 31 January 2009 06:58 Written by Carl Johnson
2008 wrapped up with abysmal sales performance. Year over
year sales were down 15% for single family homes. Land and condos were hardest
hit with sales down 37% and 34% respectively.
Not surprising with all that hit us in the economy this past year. Bank failures and investment company failings shook the faith in our economy and loans were much harder to get even for those with good credit. Job losses added to the uncertainty. Between the tightening in lending and the job losses in 2008 a large number of buyers are out of the market.
2008 had a drop in total property sales of 20%. Consider
that 2006 sales in New Hampshire
dropped from 2005 by 29% and 2007 sales were down 13% from 2006.
Even with interest rates near all time lows, home prices continued to fall. Prices fell about 10% in 2008. 2007 fell 12% from the previous year. The drop in prices likely caused by the lack of qualified buyers in the market and increased motivation by sellers. Even the banks started to let properties go for low prices.
Multi family homes took the biggest loss in 2008 with prices down almost 25% from 2007.
Although the number of land sales were down the most (-37%) prices held up in 2008 with only a 1% drop in the average sold price. Lands owners continue to stand firm on pricing knowing that it is a commodity in short supply in New Hampshire.
Condo prices also held up fairly well in 2008 with only a 5% year over year drop.
Market Notables for New Hampshire
- Sales of single family homes are down 20.2% from 2007. (includes condos and mobile homes) 13,739 homes were sold in 2008.
- The average selling price of a single family in 2008 was down ~8.7% from a year ago. (does not include condos and mobile homes)
- The average price per square foot of a home sold was down ~9.7% from 2007 at $155/sf.
- The number of days to sell a home in New Hampshire in 2008 was 4.5% longer than last year at 133 days.
- Sales of multi-family properties in New Hampshire were down only ~2% from 2007. Though prices are down almost 24%.
For What It's Worth In New Hampshire
- The average sales price of a single family home in Nelson was $1,145,728! The highest of any town in New Hampshire. (only one home was sold in this town in 2008)
- The average sales price of a single family home in New Castle is $1,064,957! The second highest in New Hampshire. (15 homes were sold in this town in 2008)
- The highest priced home sold in New Hampshire in 2008 on the MLS was in Wolfeboro at $4,250,000!
This data is based on information from the Northern New England Real Estate Network for the periods shown for all towns in New Hampshire.
The
data is for the sale of all property types.
This data
does not represent all sales. Some sales are not reported through the Multiple
Listing Service.
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