NH Real Estate Market Report - Hillsborough County- November 2008
The sales of single family homes dropped dramatically in Novemberas compared to 2007. The number of transactions decreased by 21% with 183 homes sold in 2008 and 231 in 2007. The sales of condominiums in Hillsborough County also showed a dramatic drop from 93 in 2007 to 47 in 2008.
The average sales price of single family homes sold also dropped 5% in the November time frame with the average in 2008 being $269,853 as compared to $284,574 in 2007. Condominiums sold at lower values as well with a 20% drop in values.
The days on market, which reflects the average market times, for single family homes, remained statistically the same with 109 days (DOM) in 2008 and 113 days in 2007. For condominiums, it took much longer to sell a property in 2008 with DOM being 148 as compared to 98 in 2007.
The two major cities in Hillsborough County reported the following:
Manchester - There were 34 single family homes sold in November of 2008 as compared to 47 in 2007. This is a 28% reduction in sales activity. Condominiums also dropped dramatically from 33 in 2007 to 17 in 2008, a 50% reduction. The average selling price for single family homes remained at $213,500 and condominiums declined 5% from $158,049 to $149,312. Manchester New Hampshire Real Estate - MLS search, school, relocation, home buying and selling information.
Nashua - The number of single family homes sold in 2008 as compared to 2007 fell 15% with the average selling prices falling 9% down to $252,256. Homes sold more quickly as DOM dropped from 102 to 90. There was a dramatic drop in condominium sales from 20 down to 8. The average selling price fell 28% from $268,665 to $192,813. Condos did sell quickly with the DOM being 66 as compared to 90 in 2007. Nashua New Hampshire Real Estate - MLS search, school, relocation, home buying and selling information.
The trend for falling prices and the number of sales continuesin Hillsborough County. Single family homes are not declining in value as quickly as condominiums. This is due to financing restrictions and the number of foreclosed condominiums being sold. There continues to be an ample supply of housing even though interest rates remain low and homes and condominiums have become more affordable. Entry level and affordable homes are selling provided that they are priced for the market.