Condominium sales down by 15% in September with 24 sales reported. The average sale price was $143,108 with a median of $141,500. Time needed to sell a Manchester condo also increased slightly from 96 days to 117 days which is currently considered to be a reasonable time frame in which to sell. Sellers got about 98% of their asking price in September. This may indicate that Sellers have adjusted their prices to attract buyers.

There are 60 Manchester Condominiums in contract waiting to close escrow with an average asking price of $159,163 and a median of $149,900. These figures do not indicate that the average sale price will increase much, if any in October, however the number of sales may increase, reducing the inventory available for sale.

There are 156 Condominiums of all types available for sale in Manchester. The average asking price is $170,923 with a median price of $159,900. Average time to sell so far is at 151 days.

Third quarter condominium sales are beginning to show potential for price stability. There were 66 sales reported in the third quarter compared to 68 in the second quarter and 34 in the first quarter of 2009. The average sale price for the third quarter was $143,530 with a median price of $140,500. Average time to sell decreased to 114 days, down from 158 days and 130 days in the first and second quarters. The average sale price was about the same for the second and third quarter and increased 12% over first quarter sales.

A little good news about FHA Condominium financing! FHA has delayed implementing the new guidelines for condominium approvals again until sometime in December. These new guidelines would likely slow down condominium financing and negatively impact first time home buyers who are considering buying condo’s.  FHA mortgages have been the most favorable way for first-time buyers and those buyers with limited funds available for down payments to finance real estate purchases.  Under the revised guidelines, which were to be effective in November, there would be no more “Spot Approvals”. The new approval process would be called “Direct Endorsement Lender Review and Approval Process” (DELRA) which is supposed to be more uniform and streamlined than spot loan approvals. Full project approvals will expire every two years requiring condominiums to re-certify for FHA approval. More information about the new guidelines can be found at susancrush.com.

Manchester Condominium Closed Sales For September, 2009

Based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2009 through September 30, 2009.

Contributed by Susan Crush, Associate Broker, REALTOR, Bean Group

OVERVIEW: ” Windham – Bouncing Around the Bottom ??? “. Based on available data ,  overall Homes Sale prices in the Windham market appear to be stabilizing in 2009 . The overall number of transactions are off 12% from a year ago  ( 94 sold in 2009 versus 107 sold in 2008).   AND -  although overall median sold prices are also down  ( around 7% ) compared to a year ago - per sq/ft sell prices has steadily improved each quarter in 2009.     First quarter at $141.06 per sq/ft,  Second quarter at $143.75 per sq/ft  and Third quarter at $148.62 per sq/ft.    As always , only time will tell , but it is encouraging to see some signs of a possible “bottoming out “.  The length of time spent bouncing around the bottom will hopefully be the next widespread topic of debate and discussion.  In many peoples minds ( and pockets), that type of press coverage would be a positive sign in of itself .

Obviously – however – still a good Buyers market.  Perhaps the most favorable in 75 years -  BUT  remember  –  “Don’t get Trapped by – “It’s the Same Old Song ” Mentality”. ( my Windham blog from the second quarter 2009 ).  Eventually – all pricing does stabilize.  The signs are starting to consistently appear.  One of the only certainties in life is change and , in reality , only the lucky pick the absolute bottom ( and the absolute top).  Starting to feel lucky ??

Third Quarter Comparisons -  2009 /  2008. During the Third Quarter of 2009 , forty ( 40 )  homes were sold in Windham.  With a Median Sales Price of $416,000 and square footage of 2,799 this translates to $148.62 per sq/ft.  Days on Market (DOM) was 118 days.    During the third Quarter of 2008 forty-two (42) homes  were sold.  With a Median Sales Price of $463,250 and square footage of 2,932 this translates to $157.99 per sq/ft. DOM was 91 days.   Overall – a 6% drop in median sales price with fairly equal sales volume activity levels.

Looking Forward.  During the fourth quarter of 2008 35 homes were sold in Windham and the median sales price dropped dramatically to $385,000.  A median size of 2,901 sq/ft  per home resulted in equally dramatic drop-off to a median price per sq/ft of  $132.71 !!    Will there be another end of year clearance sale mentality in 2009 ??  Doubtful – in my opinion – last year appears to have been “clean-out ” time in this community.    Right now sales are on track at 35 units “pending” or “contingent” in Windham.  It appears that the sales activity should easily the comparable quarter of 2008.  There are 128 active listing on the Windham market as of 9/30/09.  At current (2009) absorption rates of 10.5 units per month this translates to a twelve (12) month supply of unsold homes – twice as much supply as what is considered “healthy” in a good market.

Savvy market watchers ask – “What could go wrong ???” One Answer:  a flood of foreclosed homes released onto the market . That would alter the current momentum we seem to be enjoying – in southern New Hampshire.   I keep hearing this “background music”  from undocumented sources.  Hopefully the really smart “movers and shakers” have figured out how to avoid this event. .   Keep your eyes and ears open !!

Next blog report will be after December – but please call or e-mail if any specific questions.  I always enjoy conversation and factual debate.  Thank-You and Take Care.

Based on information from the Northern New England Real Estate Network, Inc for the period January 1, 2008 to September 30, 2009.

Contributed by :  Bill Spinelli, Associate Broker, Bean Group.  For further specific inquiries or questions please e-mail @ bill.spinelli@beangroup.com

Spring comes, then the Summer residents, and then before you know it, the foliage is turning , and visitors are flocking out of our area – sellers may wonder where those “perfect selling time moments” went.

Any of us looking for a slam dunk this summer or even this fall, may have been disappointed, however the glass is not necessarily half-empty.  On the bright side, activity has held rather steady between 5 and 6 sales over the last three months.  Yes, we’d like to see more and who wouldn’t want to see the luxury homes sell?  After all, this picturesque town of New London has those to show as well, but for now sales are in the territory of buyers looking below the $300,000 mark.  Yes, that’s correct!  The median sales price for the properties that closed in September, ranging between $210,000 and $434,000 was $290,000.

Also staying steady are the 87 properties for sale in September with 17 of them under contract.    This is the point in time where we cross our fingers until we get to close!

The median list price for those presently on the market is $438,000.

The following properties sold in New London during the month of September:

268 County Road  ($210,000)
295 Andover Road  ($245,000)
46 Wallula ($275,000)
37 Job Seamans Acres ($305,000)
645 County Road ($306,000)
1038 Main Street ($434,000)

Based on information from the Northern New England Real Estate Network, Inc for Month of September 2009.

Contributed by Bethany L. Brenner, GRI, SRES, Realtor, Notary Public

Don’t be mislead with the number of sales the Concord condominium market has seen over the last few months because properties are moving and they are moving quicker than before.  With less than ten sales per month for the last four months, September, like July experienced 7 sales.

Consumers are buying and better yet, there are plenty of multiple offer scenarios in the condo market.  The old approach of “start low and negotiate up” may find many buyers quickly out of play when multiple offers are present.  Buyers hoping to “get a great deal” on an already very reduced (by market comparative) property do not often have the luxury of starting “low” as private sellers, third party players and lender-owned properties are choosing higher offers right off the bat.

Buyers hoping to purchase in this market should understand the environment they are playing in.  Before submitting an offer, determine whether other offers are present, truly assess the asking price to determine whether or not it is substantially reduced, and finally determine personal value to you as the buyer.  If the answer is “yes and a lot”, buyers should be prepared to enter the arena with a strong offer.  It has been said that a seller has three choices when presented with an offer:  they can accept, reject with a counter, or walk away.  Unfortunately, many buyers bank on the “reject with a counter offer” response.  Low offers will more than likely result in a walk away response for the seller.

Competitive prices brought on by foreclosures, short sales or even reduced market prices are making condos sell quickly.   On average the number of days a condo remained on the market for the month of September was down steadily to 123 from 145 days.   Sales prices ranged from a minimum of $78,000 to $189,000 leaving us with a median sales price of $135,000, and only one of those sales last month was a forelcosed property.  Of the properties that sold, buyers paid on average 99% of the last listed sales price, perhaps another indication that sales prices are leveling off.

Condominimum Transactions for September:

37 Alice Drive     $78,000

16 Piscataqua      $109,900

39 Millstream     $128,000

4 Vinton               $135,000

60 Modena         $144,000

60 Mulberry     $180,000

84 Branch Turnpike   $189,500

There are currently 103 condos for sales in Concord with a median listing price of $156,750.  Sellers on average have had their properties on the market for 192 days.  There are currently 19 properties under contract.

Based on information from the Northern New England Real Estate Network, Inc for Month of September 2009.

Contributed by Bethany L. Brenner, GRI, SRES, Realtor, Notary Public

By all accounts, sellers must have been excited about the activity seen in August; median sales prices were up and the  number of properties sold had increased 41%.  What 30-days can do!

Similar to July, September saw a decrease in sales activities and a 14% decrease in median sales prices. In September there were 20 home sales with a median  sales price of $194,600 ranging from $110,900 to $450,000.  Of those 20 sales, one was a foreclosure (344 N. State Street) and one was a short-sale (an arrangement between the seller and the lender to allow the property to be sold for less than what is owed on it.  This arrangement requires the lender’s participation in the acceptance of any offers presented.)  Buyers paid on average 94% of the properties listed sales prices.  Of the properties that sold in Concord, 30% sold from the South End, 20% from the Penacook area, 20% from East Concord, 15% from Concord Heights, 30% from West Concord, and 5% from other areas.

In the month of September, buyers paid on average 94% of a seller’s listed asking price.

There are currently 189 properties for sale with 45 of them under contract.  The listed median price is $247,500 and on average these properties have been on the  market for 300 days.  To put that into perspective, that is two months shy of entire year.  Over time, it is possible to become to numb steadily increasing days.  Number of properties for sale, number of contracts pending, median list price and average number of days on the market for the month of September are almost identical to last month’s landscape.

With a nearing November 30th deadline for the First-Time Home Buyer’s Tax Credit, and the program’s continuation unknown, it is possible that October and November will bring increased sale numbers to the single family market.  Already the months of August and September saw inventories decreasing and number of contracts pending increasing – a possible sign of properties “going home” to qualified individuals by late November.

Based on information from the Northern New England Real Estate Network, Inc for Month of September 2009.

Contributed by Bethany L. Brenner, GRI, SRES, Realtor, Notary Public

There was one condo sale reported which is consistent with the first and second quarter of the year with one sale each quarter. A Windchimes condo at 6 Fiddlehead Circle, Unit #21 sold for $283,900, 98% of the asking price. So far, there have been two sales in Windchimes this year and one at White Rock Cottages. There are two sales in contract waiting to close escrow. One sale again in Windchimes and one at White Rock Cottages.

Currently there are 39 condominiums available for sale in Bow. There are 16 in The Pines of Bow, 6 at Stonesled Farm, 7  in White Rock Cottages, 2 in The Cottages at Windchimes and 8 at The Highlands at Bow. The Highlands at Bow is the only condominium complex in Bow for all ages.

Why are there so few condominium sales in Bow? None of the condo complexes in Bow are on the current FHA approved list which means buyers will need to come up with at least a 10% down payment plus closing costs in order to purchase one of them. This would mean a minimum of $22,000 depending upon the mortgage program. The majority of the condominiums in Bow are age restricted and those people who would consider purchasing may not be able to sell their existing home and so therefore can not downsize to a condo. The condo market it usually the last to recover from a decline in the market so when you see the sale of single family homes increasing, condominium sales may pick up.

Contributed by Susan Crush, Associate Broker & REALTOR, Bean Group

Based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2009 through September 30, 2009.

Bow Sale Prices On The Rise In Third Quarter! Third quarter figures for Bow single family home sales are encouraging with the average sale price of $327,855 showing an impressive 16.25% increase over the second quarter and 6.6% increase over first quarter sales figures. In addition, Sellers got 97% of their asking price in the third quarter, a modest increase over first and second quarter percentages.

September Sales Figures Disappoint. The number of sales in September was down by one sale over August and the average sale price was also down 4.35% at $382,900. The median sale price in September was $397,500 and average time on market was reported to be 131 days, a reasonable time frame in the current market.

As of this posting there are 89 homes for sale in Bow ranging in price from $80,000 to $1.1 million. The average asking price is $410,529 with a median price of $359,000. At the current pace, it would take 18 months to deplete the inventory of homes available for sale. This absorption rate indicates that Bow is still experiencing a  “Buyers Market” with over 7 months of inventory available for sale.

September, 2009 Bow Sales

18 Grandview Road sold for $267,000

7 Wilson Meadow Road sold for $425,000

1 Alexander Lane sold for $395,000

2 Fieldstone Drive sold for $397,500

17 Heidi Lane sold for $430,000

Contributed by Susan Crush, Associate Broker, REALTOR, Bean Group

Based on information from the Northern New England Real Estate Network, Inc. for the period July 1, 2009 to September 30, 2009.

The Real Estate Market in Hooksett is showing steady improvement. There were 33 homes sold in the Third Quarter of 2009 with an average sale price of $248,742 and a median of $257,000. Average time on market was 107 days and Sellers got about 97% of their asking price.

To compare, in the Third Quarter of 2008, the average sale price was $272,428 with a median of $265,500. Average time on market was 143 days and percentage of asking price was the same at 97%. Sale prices were down about 9% in the Third Quarter of 2009 compared to Third Quarter, 2008.

In the First Quarter of 2009 there were 14 sales reported with an average sale price of $215,500 and a median of $192,450. Average time on market was 99 days.

The Second Quarter, 2009 there were 27 sales reported with an average sale price of $250,879 and a median of $250,000. Average time on market was 121 days.

The Hooksett real estate market is showing small but steady improvement since the beginning of the year. Percentage of asking price is very good at 97% and time on market on average at under 110 days is very reasonable.

As of this post there were 111 homes available for sale in Hooksett which represents about a years supply of homes. This is the absorption rate.

It is generally considered that “Normal Market” conditions exist when the Absorption Rate is between 5 and 6 months. “Buyers Market” conditions exist when the Absorption Rate is higher.  (7+ months) and  “Sellers Market” conditions exist when the Absorption Rate is lower.  (1-4 months).

Contributed by Susan Crush, Associate Broker, REALTOR, Bean Group

Based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2009 to September 30, 2009 and July 1, 2008 to September 30, 2008.

Where’s The Bottom??? It is encouraging to see that the number of home sales in Bedford for the third quarter of 2009 rose 15% over second quarter figures with 79 sales reported. But sale prices were down a little over 3% with an average sale price of $405,422. Average time on market during the quarter was a reasonable 87 days and Sellers were getting about 97% of their asking price. Home sales during the third quarter ranged from a high of $989,900 to a low of $191,000 with a  median sale price of $370,000.

2009 Quarterly Recap

First Quarter – Average sale price $416,896 with 38 sales reported.

Second Quarter – Average sale price $419,664 with 67 sales reported.

Third Quarter – Average sale price $405,422 with 79 sales reported.

2008 Third Quarter Comparison. There were 99 homes reported sold in the third quarter of 2008 with an average sale price of $448,620 and Sellers received a little over 96% of their asking price.

Fourth Quarter figures could prove favorable since first-time home buyers are now rushing to meet the November 30th deadline and this could boost sales figures in October and November. However, the status of the tax credit is in question and there is fear that home sales could drop sharply in December and throughout the winter months if it is allowed to expire. There are several efforts in Congress to extend the credit and even to expand it to all home buyers, not just first-timers and that could turbo-charge home sales considerably if it goes through.

Contributed by Susan Crush, Associate Broker, REALTOR, Bean Group

Based on information from the Northern New England Real Estate Network, Inc. for the period July 1, 2009 to September 30, 2009.

As we head into the final stretch of the 2009 I thought that it would be a good idea to look at the real estate absorption rate for Windham in three categories: first, Windham’s overall absorption rate (for an explanation of absorption rates go to www.chris-bonta.com), second the rate for residential properties, and third Windham’s absorption rate for condominium properties.

Although news regarding real estate has been more positive lately, the Windham real estate market has not picked up the sales pace, a good indicator of this is the fact that appraisers still consider Rockingham County to be in a declining value state. In calculating the absorption rate for Windham I analyzed properties between $50,000 to $1,300,000, and what I found is that Windham’s residential real estate market is continuing to exhibit very low activity resulting in an overall absorption rate of 14.5 months, with an average time on market for residential properties of 110 days and condominiums weighing in at 153 days. The break down of the absorption rate between residential and condominium properties does show that the condo market is not faring as well as the residential market, with an overall condo absorption rate of 18.27 months compared to the residential market rate of 12.65 months.

Windham property owners that are thinking of selling their home or should take a careful look at these figures, particularly the average days on the market.

Based on information from the Northern New England Real Estate Network, Inc. for the period 10/01/2008 to 9/30/2009

Contributed by : Christopher Bonta, Sales Associate, Bean Group