Archive for the 'Real Estate Market Trends' Category

Pending sales of previously owned homes from March of 2009 to March of 2010 rose 21.1%, showing continued strength in the housing market.

The National Association of Realtors said its Pending Home Sales Index, which is based upon contracts signed in March, increased 5.3% on a monthly basis – building on the prior month’s revised rise of 8.3%.

Keep in mind every real estate market is unique and although the NAR pending home sale index is up your market may vary. The trending theme seems to be a real bottom being established for real estate which is a breath of fresh air for everyone. Stabilization is the key to recovery and I think we’re see that in the last 3 – 6 months of  real estate data.

Property for sale in New Hampshire continues to perform well with NH homes sales increasing for the 3rd straight month according to data from the New Hampshire Association of Realtors. This is the first 3 month sales increase since mid 2004. Although the news points to recovery in New Hampshire faster than most of the country the median price from August 2009 was still down 7 percent — to $221,950 — from the $237,700 median price of July 2008. Year to date, the median price is down 11 percent, from $240,000 in 2008 to $213,000 this year.

Again better than the national average, but we are looking for an equlibrium between sales activity and sales prices…moving more houses at lower prices will not last forever. Until then continue to enjoy what is left of the buyers market, my prediction is this time next year will be neutral if not an increasing sales price market

The September 2009 NH housing market data has been released from NHAR. The real estate data is still relatively grim but with a few silver linings. The grim portion of the data is unemployment and foreclosures continue to increase and remain a drag on the housing market. On the other hand house sales are up month over month, unemployment is 3% lower than national average and New Hampshire’s economic activity index is the 4th highest in the country meaning we are poised for quicker recovery in terms of sales and selling price than most of the country.

NHAR stated:

Residential home sales statewide for June, July and August were 3 percent above last summer and year-to-date home sales were essentially the same as last year (-0.8 percent).  But median home prices kept falling, resulting in $300 million less sales volume.  The median home sale price this August statewide was $213,000, about the same as in August 2002.

Condominium sales were down 14 percent year to date, and the August median sale price of $165,000 was 12 percent below August of last year, and a bit below the 2003 median sale price.  One issue weighing on condominium sales is that their median sale price was very close (74 percent) to the residential home median selling price.  In some rural counties, it was equal to it or higher.

Most data and reports still point to an early next year recovery. So kiss the recession goodbye by the end of 2009 with a slow climb out in Spring 2010.