OVERVIEW : High-End Homes in southern NH. Number of Homes Sold continues to decline, yet  Sell Prices are stabilizing .  Although Sales of homes over $500,000 dropped 13%  from 2008 ( 46 sold in 2009   versus 53 in 2008),  the median square foot Sell Price actually increased 9%  ( $160.62 in 2009  versus $147.16 in 2008 ). Days on Market ( DOM) remained at approximately four months for the past two years.  Reviewing  the Number of Homes Sold,  Median Sq/ft Sell Price and Days on Market ( DOM) since 2002 in these three communities we have :

1. 2002          53          $150.16          80
2. 2003           80          $147.53         76
3. 2004           79          $152.09         64
4. 2005          115          $174.81         87
5. 2006           87          $162.69        102
6. 2007           62          $175.97        114
7. 2008           53          $147.16         122
8. 2009           46          $160.62         127

Based on 56 homes currently for sale in these three communities and the absorption rate of 2009 ( less than 4 homes per month) – we are looking at almost a 15 month supply of  high-end homes on the market in  Amherst, Nashua and Hollis.

The intra-community results for Amherst, Nashua and Hollis during 2009 for Number of  Homes Sold,  Median Selling Price,  Medium sq/ft size of home  and Selling Price per sq/ft   are as follows:

1. Amherst  -  18 sold,   $599,450   / 4,137 sq/ft    / $144.89  sq/ft
2. Nashua -      12 sold,   $568,750  / 3,475 sq/ft   /  $163.66  sq/ft
3. Hollis  -        16 sold,   $666,500 /  3,685 sq/ft   /   $180.87  sq/ft

FOURTH QUARTER COMPARISONS.  During the Fourth quarter of 2009 there were fifteen(15) Executive homes sold at a Median Price of $567,500 in Amherst, Nashua and Hollis.  Based on a median square footage of 3,570 sq/ft this translates to a Sell Price of $158.91  sq/ft.  Comparatively, during the Fourth quarter of 2008  there were ten (10) Executive homes sold in these three communities at a Median Price of $575,000.  Based on a median square footage of 3,968 sq/ft this translates to a Sell Price of $144.90.  Thus the Fourth quarter of 2009 favorably accounted for almost one-third of the annual volume and also evidenced a 9% pricing improvement from the previous year’s results  ( $158.91 vs $144.90) .

LOOKING FORWARD.   During the first quarter 0f 2009 there were only seven (7) high-end homes sold in the Amherst, Nashua and Hollis marketplace .  The Median Sale Price was $570,000 for a “typical” 4,230 square foot home – thus  translating to a Selling Price of $134.75 sq/ft.   ( It should be noted that this was the lowest quarter of 2009 for both units sold and sq/ft pricing).  At the time of this writing  ( 1/6/2010)   there are already seven ( 7) high-end homes under agreement ( median price of $169.76 sq/ft).   There are another fifty-six (56) high-end homes currently for sale in the three communities.  Coupled with the above results from the fourth quarter – it appears very promising that the bottom of the  market relative to sales activity has also been touched.    However – as always – we must wait for the facts to unfold.   Keep posted.

Based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2002 to December 31, 2009.

Contributed by Bill Spinelli, Associate Broker, Bean Group. For further inquiries or questions please e-mail at bill.spinelli@beangroup.com or call direct at 603-966-8088.

OVERVIEW.  Good News – Bad News.    Based on a strong ending to 2009 , the data  continues to re-affirm the possibility of  sales activity stabilization yet  continuing price deterioration in Windham, NH on an annualized basis.  Looking at the data historically relative to  Number of Homes Sold,  Median Sell Price,  Median Home size, Median Sale Price per Sq/Ft   and  DOM ( Days on Market)  it shows :

1. 2005   -  201  homes sold,    $457,000,    2,664   sq/ft,    $171.54  sq/ft,      56 – DOM
2. 2006    - 169  homes sold,    $505,000,     2,934  sq/ft,    $172.12  sq/ft,      95 -  DOM
3. 2007   -  152  homes sold,    $487,450,     2,962  sq/ft,     $164.56  sq/ft,   105 - DOM
4. 2008    - 142  homes sold,    $450,000,    2,886  sq/ft,     $155.92  sq/ft,   108 - DOM
5. 2009    – 136  homes sold,    $400,000,    2,799  sq/ft,     $142.90  sq/ft    106 - DOM

Thus,  although the number of homes sold ( sales activity) appears to have possibly stabilized  ( 136  vs 142)   - the Sell Price dropped almost  8.5% in 2009 (  $142.90  versus $155.92 in 2008).  Naturally, deeper analyses amongst specialized price ranges will yield varying results.

FOURTH QUARTER COMPARISONS.  Comparisons during this particular quarter  reveal encouraging signs. During the Fourth quarter of 2009, 41 homes were sold at a median price of $400,000.  With a median size of 2,624 sq/ft this computes to $152.44 per sq/ft Selling Price.   Comparatively, during the Fourth quarter of 2008,  only 35 homes were sold at a median price of $385,000.  With a median size of 2,901 sq/ft this computes to $132.71 per sq/ft Selling Price.  Thus the data shows a 17% increase in homes sold and almost a 15% improvement in Sell Price from the Fourth quarter of 2008.

LOOKING FORWARD.   During the First Quarter of 2009  – 22 homes were sold at an Median price of $416,000 and 2,830 sq/ft in size.  That  computed to a Sell Price of $141.06 per sq/ft.  ( It should be noted that the First quarter was the lowest relative to homes sold and Sell Price per sq/ft during 2009. ) .  At the current time ( 1/6/2010 ) there are 101 homes for sale in Windham versus 123 at the same time last year.  Also, at the current time,  there are 23 homes under agreement  which is encouraging from a Sales Activity standpoint.  However – at a potential median Sales Price per sq/ft of $131.54 or lower – there are continuing concerns relative to Sales Pricing in Windham, NH.  Therefore, (overall) continuing  Good News – Bad News ???  Only time will tell.  Keep posted.

Based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2005 to December 31, 2009.

Contributed by Bill Spinelli, Associate Broker, Bean Group. For further information or questions please e-mail to bill.spinelli@beangroup.com or call direct at 603-966-8088.

November 2009 was a productive month for condominium  sales.  Ten closings occurred during the month resulting in a median sales price of $144,200.  Spread across a broad range, sellers saw prices between $74,350 and $340,000 at the time of closing.

For comparison purposes, there were only 8 transactions in November of 2008, and the average length of time those sold properties were on the market was considerably shorter, 75 days versus 175 one year later.

The following properties sold during the month of November:

Oak Bridge

120 Fisherville Road, #80 – $74,350

Concord Commons

129 Fisherville Road, #35 – $104,000

Riverhill Condominiums

45 Bog Road, C-1 – $118,000

Franklin Square

15 Wyman Street, #52 – $125,500

15 Wyman Street, #21 – $120,000

The Vineyards

8 Merlot, #2 – $164,900

Turtle Pond Village

6 Judith Drive – $175,000

84 Branch Turnpike, #98 – $195,500

179 Mountain Road, #1 – $350,000

49 Misty Oak, #12 – $340,000

While median sales prices and number of sales were up, there were still two properties that were foreclosures and one property that was sold short (requiring the current lien holder to agree to the final sales price.  Property is typically sold for less than what is owed on it.

There are currently 75 condos for sale in the city of Concord, with a median list price of $154,200.  Those properties have been on the market for 227 days.   The trend over the last six month reflects a consistent increase in the number of days properties have remained on the market.

Based on information from the Northern New England Real Estate Network, Inc from November 1 – 30, 2009.

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

November 2009 Market Snapshot for Waterfront Properties in Moultonborough, NH

Currently there are 53 Waterfront Properties for sale in Moultonborough, NH ranging in price from $339,900 to $9,900,000. The average price is $1,995,798 with a median price of $1,495,000. Average time on the market is 207 days.

There are 3 Waterfront Properties currently pending  with list prices ranging from $1,250,000 to $3,495,000 with an average time on market of 159 days.

There was 1 Waterfront Property sold in November in Moultonborough, NH with a selling price of $1,350,000.

Reported Moultonborough Waterfront Properties Sales In November 2009:

31 Matz Lane, Moultonborough, NH, a 3 BR Home, sold for $1,350,000.
Based on information from the Northern New England Real Estate Network, Inc. for the period November 1, 2009 to November 30, 2009.
Contributed By Glenn Smith, REALTOR, Bean Group

November 2009 Market Snapshot For Condos In Laconia, NH

53 Evergreen Drive unit 3, Laconia, NH, a 2 BR condo, sold for $134,000
11A Constitution Way unit 11A, Laconia, NH, a 2 BR condo, sold for $160,000
30 White Oaks Road unit 8, Laconia, NH, a 2 BR condo, sold for $190,100
281 Davidson Drive unit B, Laconia, NH, a 3 BR condo, sold for $355,000
30A Heron Trace unit 30A, Laconia, NH, a 3 BR condo, sold for $375,000
44A Heron Trace unit 44A, Laconia, NH, a 3 BR condo, sold for $480,000

Based on information from the Northern New England Real Estate Network, Inc. for the period November 1, 2009 to November 30, 2009.
Contributed By Glenn Smith, REALTOR, Bean Group

In a market more than likely not effected by a first time home buyer’s credit, New London’s November sales statistics remain positive for this small town.  July through October averaged about 6 sales per month with decreasing sales prices.  November changed the course.  Median sales price broke the four hundred thousand mark, coming in at $428,500, eight sales, and lower number of days on the market – 185 from 268 in October.

Sales prices ranged from $255,000 to $645,000.  Buyers paid on average 91 percent of the listed sales price.

List of properties that sold in November:

120 Birch Acres  – $255,000

788 Little Sunapee Road – $295,000

108 Job Seamans Acres – $340,000

237 Brookside – $350,000

1886 King Hill Road – $507,000

881 Morgan Hill  – $522,000

315 Forest Acres Road – $527,500

22 Quail Run – $645,000

There are currently 69 homes for sale in New London with a median list price of $479,000.  These homes have been on the market for 214 days, a 12 percent increase over last month.

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

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

With 20 home sales in September, 24 in October, and 27 in November, Concord saw steady increases this past fall.   Also on the rise was the average number of days these properties remained on the market prior to closing; 131 days in November.

Taking a less than 10 percent change over last month, the median sales price for properties sold was $190,000.  Home sales ranged from $70,000 to $542,000.

On average buyers paid 95% of the list the price for the homes they purchased.

Of the properties that sold in November:

11% were located in the South End

22% in the Penacook area

15% in East Concord

4% in Concord Heights

11% in West Concord

37% in other areas not necessarily grouped into the prior defined locations.

There are currently 175 single family homes on the market,  34 under contract having a median list price of $239,900.   The average number of days those properties have remained on the market is 314.

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

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

Sale Prices Up 9% in November. The number of sales reported in Bedford for the month of November was down just slightly from October figures but the average sale price rose about 9% at $357,318 with a median price of $350,000. Sellers received an average of 96% of their asking price which indicates that the homes sold were priced attractively. The average time on market of these sales was 69 days which is also indicative of favorable pricing.

Bedford Home Sale History. Looking at the Bedford single family home market over the past five years for November, the number of sales in 2009 is not off by much but home prices have dropped considerably.

• 11/08     17 sales     $405,024 – average sale price
• 11/07     12 sales     $414,450 – average sale price
• 11/06     24 sales     $406,721 – average sale price
• 11/05     24 sales     $533,762 – average sale price
• 11/04     28 sales     $390,168 – average sale price

As of this posting, there are 112 homes for sale in Bedford at an average asking price of $644,933. There are eleven homes price from $900,000 to $999,999 and ten homes price from $1,000,000 to $2,450,000. These 21 homes are driving up the current average asking price and many of them have been on the market between 6 months to well over a year.

There are 14 homes in contract waiting for contingencies to be cleared and 6 homes in contract awaiting closing of escrow. The average asking price is $359,945 with a median price of $326,950.

Of course it remains to be seen if the recently passed tax incentive for “move up” buyers will increase home sale activity. Buyers must have a written Purchase and Sales Agreement signed by all parties no later than April 30, 2010 and must close by June 30, 2010 in order to receive this credit. This could generate good activity over the winter months which are typically very quiet in New Hampshire.

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

Based on information from the Northern New England Real Estate Network, Inc. for the period November 1, 2009 to November 30, 2009 and November, 2004, 2005, 2006, 2007 and 2008.

October condo sales remained in line with months prior.

There were 8 sales in Concord resulting in a median priced paid of $99,000, a 27% drop from September’s median.

Here’s what sold in October:

Oak Bridge (120 Fisherville Road):

Unit #166 – $55,000
Unit #56 – $100,000

Mast Yard West (37 Alice Drive):

Unit #51 – $93,5000
Unit#76 – $98,000

Cranmore Ridge (169 Portsmouth Street)

Unit#173 – $202,500

173-175 Loudon Road #6 – $69,500

45 Bog Road B-2 – $135,000

Thinking of putting your condo on the market, and interested to learn how long on average others had to wait for their units to sell?  In October, the condos that sold had been on the market for an average of 109 days.

Wondering how much competition you might have if you list your home?  At the writing of this article there were approximately 74 units for sale in Concord and 15 of those were currently under contract waiting to close.

Last month at this time there were 103 condos for sale.   With only 8 sales from then until now, it appears that sellers have taken their units off the market.  With a median asking price of $159,000, current sellers still in the game could be optimistic in their hope to sell on the high side.  As is evidenced with the median sold price for both October and September, less is more to many buyers right now and low purchase price is what is selling.

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

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