Southern NH Home Sales: 1st Quarter 2009
The results for first quarter home sales in southern New Hampshire are just in and a sampling of single family home sales in the towns of Windham NH, Salem NH, Pelham NH and Londonderry NH offer an interesting look into what is happening with the local real estate market.
SALEM NH SINGLE FAMILY HOME SALES: Closed sales were up substantially in the first quarter of 2009 vs. the first quarter of 2008. 43 single family homes sold in 2009 vs. 37 in 2008. The average sales price dropped from $324,065 in 2008 to $234,923. As discussed elsewhere, this does not mean that prices actually dropped by this amount but rather it means that first time buyers are a huge factor in the market and purchasing many homes in the lower price ranges. In fact, 67% of the homes sold in Salem during the quarter had selling prices of less than $249,900. No Homes sold over $500,000 in the quarter and only 3 sold between $400,000 and $499,900. The most activity was in $200,000 to $249,900 range. Reflecting this trend is the fact that 37% of the homes were financed through F.H.A. Average time on market for closed sales was 157 vs. 115 in 2008. In summary, sales are up in Salem, especially in the lower end of the market.
WINDHAM NH SINGLE FAMILY HOME SALES: Closed home sales were also up in Windham with 21 homes closed in 2009 vs. 19 in 2008. Average sold home prices declined form $446,053 in 2008 to $409,745. 38% of the homes sold in 2009 were in $300,000 to $500,000 price range. 6 homes sold over $500,000 with the highest priced home being in the $700,000 to $799,9000 range. Average days on market for closed sales was 167 in 2009 vs. vs. 160 in 2008. In summary, sales are up in Windham with the greatest activity in the $300,000 to $500,000 range and with good activity over $500,000.
PELHAM NH SINGLE FAMILY HOME SALES: Closed home sales remained stable in Pelham with 18 homes closed in both 2008 and 2009. The average closed sales price was $297,184 in 2009 and $354,687 in 2008. Average days on market for closed homes dropped to 142 in 2009 vs. 149 in 2008. Again, the lower end of the market dominated activity with 50% of sales being under $249,900. Five homes sold between $400,000 and $499,900.
LONDONDERRY NH SINGLE FAMILY HOME SALES: In Londonderry closed sales dropped slightly from 28 in 2008 to 26 in 2009. The average closed sales price dropped from $313,669 to $256,219. This again reflects the trend in other towns where the lower end of the real estate market is dominating sales volume. 50% of the sales in 2009 were below $249,900. 50% sold for between $300,000 and $499,900. No homes sold for over $400,000. 50% of the sales were financed with F.H.A. financing. The average days on the market for closed sales dropped from 138 in 2008 to 115 in 2009.
In other news the National Association of REALTORS reports that NAR’s Housing Affordability Index rose 0.9 percentage points to a record high 173.5 in February from January. The HAI is a measure of housing affordability that shows the relationship between home prices, mortgage interest rates and family income, and has been tracked by NAR since 1970.
Note: This representation is based in whole or in part by data supplied by the Multiple Listing Service of the Granite State South Board of REALTORS Inc. (and NNEREN) Neither the board or it’s M.L.S. guarantee or is in any way responsible for its accuracy. Data maintained by the Board or its M.L.S. may not reflect all activity in the market.