Market Trends
How’s the Market?
I was pleasantly surprised after completing a market survey as of
July 31, 2008. The average sales price in the 20 or so Upper Valley
communities that we look at has actually gone up 6% as compared to the
same time period in 2007. Also, the median sales price, a much more
realistic number has also gone up 13%. The time it takes to sell a home
is continuing to rise resulting in an increase in inventory however that
seems to be easing as the number of single family residential homes sold
is up 7%.
This seems like really good news so why does everyone have such a
pessimistic attitude regarding the real estate market? One reason is the
public including the media tends to focus on unsold homes and the state
of the real estate market in other parts of the country.
Unsold Homes: Frankly a lot of sellers have priced their homes
far beyond what buyer’s are willing or even capable of paying. It’s very
possible that some of these homes would have never sold for there
current asking prices even if we had the same real estate market
conditions we enjoyed back in 2005. One explanation for prices being so
high was the huge number of folks who refinanced their low mortgages
over the past few years trying to capitalize on the increase in their
homes value, many financing 100 or even 125% of the appraised value.
Unfortunately, the appraisal given at the time they refinanced may have
been overly optimistic. Without an actual buyer with cash in hand, there
was no true gauge of their homes value. Home owners had no problem with
these values increasing beyond what some even thought was realistic at
the time but seem to find it impossible for their homes to go down now.
Out side Market Conditions: It’s true; there are parts of the
country that have been hit hard with over building and poor lending
practices. Florida, Nevada, California and Ohio have seen huge losses in
their homes values. Poor economic conditions combined with poor lending
practices in these areas are feeding upon themselves. People who never
should have received a mortgage in the first place are now feeling the
pressure. Adjustable or teaser rates are now increasing the monthly
payments, combined with inflation many are finding it impossible to make
their payments. Faced with feeding their families or making a house
payment some of these people are just walking away from their homes.
Creating an unprecedented number of foreclosures which sell at rock
bottom prices continuing to feed the flames of a falling market.
What does all this mean and how does this help me sell my home in the
Upper Valley?
While a 6% gain is impressive it isn't enough to counter the losses
we sustained in 2006 and 2007 combined with high inventory and
inflation. Sellers need to take the following steps if they want to sell
this year.
- Realistically price your home. Always get 3 Realtors price
opinions and toss out that appraisal you got back in 2005 its
yesterdays news. If you don't really need to move than consider
withdrawing your home from the market until there is a more
favorable selling environment.
- Location, location, location. With high inventory, homes that
have less than good locations, busy roads or address that starts
with "Sewer Treatment Lane" are going to be much harder to sell.
You'll have to be priced under value to compete, as there will
always be a similarly priced home in a better location.
- Keep your home clean and well maintained. Since there are too
many homes to choose from the ones that look there very best we'll
be perceived to show the most value.
- Finally, List your home with REMAX Upper Valley! "Yes, a self
serving plug, it is my blog after all!"
For a FREE market opinion of your home email
freecma@uvmaxre.com or give us a call at 603-298-8900.
Gerry Stark
Principal Broker
(603) 298-8900 |
 |
Twelve Months Sales Data
01/01/07 to 07/31/07 vs 01/01/08 to 07/31/08
TOWN
|
TOWN |
Units
Sold |
%
Change |
Avg. Sale
Price |
%
Change |
Med. Sale
Price |
%
Change |
DOM |
%
Change |
|
|
|
|
|
|
|
|
|
| Canaan |
|
|
|
|
|
|
|
|
| 2007 |
30 |
|
$167,423 |
|
$170,250 |
|
173 |
|
| 2008 |
23 |
-23% |
$217,849 |
30% |
$215,000 |
26% |
205 |
18% |
| Claremont |
|
|
|
|
|
|
|
|
| 2007 |
71 |
|
$177,359 |
|
$160,500 |
|
127 |
|
| 2008 |
56 |
-21% |
$134,834 |
-24% |
$130,500 |
-19% |
158 |
24% |
| Cornish |
|
|
|
|
|
|
|
|
| 2007 |
2 |
|
$234,000 |
|
$234,000 |
|
60 |
|
| 2008 |
7 |
250% |
$280,475 |
20% |
$260,250 |
11% |
109 |
82% |
| Enfield |
|
|
|
|
|
|
|
|
| 2007 |
36 |
|
$233,332 |
|
$216,550 |
|
140 |
|
| 2008 |
25 |
-31% |
$222,852 |
-4% |
$177,500 |
-18% |
130 |
-7% |
| Grantham |
|
|
|
|
|
|
|
|
| 2007 |
38 |
|
$277,467 |
|
$272,000 |
|
178 |
|
| 2008 |
37 |
-3% |
$293,941 |
6% |
$279,000 |
3% |
180 |
1% |
| Eastman |
|
|
|
|
|
|
|
|
| 2007 |
28 |
|
$262,500 |
|
$266,795 |
|
170 |
|
| 2008 |
29 |
4% |
$282,252 |
8% |
$269,500 |
1% |
205 |
21% |
| Hanover |
|
|
|
|
|
|
|
|
| 2007 |
51 |
|
$593,036 |
|
$479,000 |
|
124 |
|
| 2008 |
34 |
-27% |
$608,345 |
3% |
$563,500 |
18% |
128 |
3% |
| Lebanon |
|
|
|
|
|
|
|
|
| 2007 |
71 |
|
$284,513 |
|
$265,900 |
|
123 |
|
| 2008 |
53 |
-25% |
$257,241 |
-10% |
$244,000 |
-8% |
105 |
-15% |
| Lyme |
|
|
|
|
|
|
|
|
| 2007 |
6 |
|
$285,833 |
|
$255,000 |
|
184 |
|
| 2008 |
7 |
17% |
$539,943 |
89% |
$595,000 |
133% |
273 |
48% |
| Orford |
|
|
|
|
|
|
|
|
| 2007 |
9 |
|
$257,667 |
|
$287,000 |
|
103 |
|
| 2008 |
1 |
-89% |
$173,000 |
-33% |
$173,000 |
-40% |
281 |
173% |
| Plainfield |
|
|
|
|
|
|
|
|
| 2007 |
15 |
|
$294,373 |
|
$265,000 |
|
183 |
|
| 2008 |
7 |
-53 |
$411,429 |
40% |
$289,000 |
9% |
142 |
-22% |
| Bradford |
|
|
|
|
|
|
|
|
| 2007 |
14 |
|
$196,814 |
|
$185,750 |
|
50 |
|
| 2008 |
5 |
-64% |
$167,000 |
-15% |
$178,500 |
-4% |
212 |
324% |
| Fairlee |
|
|
|
|
|
|
|
|
| 2007 |
9 |
|
$385,056 |
|
$332,000 |
|
167 |
|
| 2008 |
6 |
-33% |
$215,833 |
-44% |
$197,500 |
-38% |
140 |
-16% |
| Hartford |
|
|
|
|
|
|
|
|
| 2007 |
54 |
|
$342,813 |
|
$264,750 |
|
181 |
|
| 2008 |
51 |
-6% |
$278,399 |
-19% |
$254,100 |
-4% |
146 |
-19% |
| Norwich |
|
|
|
|
|
|
|
|
| 2007 |
30 |
|
$557,305 |
|
$468,000 |
|
154 |
|
| 2008 |
22 |
-27% |
$564,338 |
1% |
$515,000 |
10% |
117 |
-24% |
| Hartland |
|
|
|
|
|
|
|
|
| 2007 |
8 |
|
$385,862 |
|
$245,000 |
|
110 |
|
| 2008 |
13 |
63% |
$372,492 |
-3% |
$305,000 |
24% |
358 |
225% |
| Sharon |
|
|
|
|
|
|
|
|
| 2007 |
5 |
|
$369,000 |
|
$285,000 |
|
51 |
|
| 2008 |
8 |
60% |
$266,562 |
-28% |
$264,500 |
-7% |
87 |
71% |
| Thetford |
|
|
|
|
|
|
|
|
| 2007 |
10 |
|
$214,775 |
|
$191,500 |
|
111 |
|
| 2008 |
13 |
30% |
$349,900 |
63% |
$349,900 |
83% |
135 |
22% |
| Windsor |
|
|
|
|
|
|
|
|
| 2007 |
8 |
|
$217,359 |
|
$174,750 |
|
149 |
|
| 2008 |
19 |
138% |
$203,506 |
-6% |
$190,000 |
9% |
134 |
-10% |
| Woodstock |
|
|
|
|
|
|
|
|
| 2007 |
24 |
|
$421,967 |
|
$297,500 |
|
177 |
|
| 2008 |
18 |
-25% |
$564,361 |
34% |
$468,500 |
57% |
298 |
68% |
|
|
|
|
|
|
|
|
|
| Total |
|
7% |
|
6% |
|
13% |
|
51% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
These statistics are indicative of the overall market trends. Each
property requires a market analysis to determine a more accurate value range prior to listing. Contact
RE/MAX Upper Valley
Partners for your free Market Analysis today!
*All data derived from NNEREN MLS sales data, single family residential
homes only.
Archived Market Trends:
Dec 2007 Jan 2008
Mar 2008 |
|