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.

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

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.

Bedford NH Condominium Market

Condo sales in Bedford still stagnant with only 2 sales reported in September. Sale prices were up slightly from August figures at $264,950 on average. There are three condo’s in contract waiting to close escrow and 7 in contract with contingencies for a total of 10 potential sales for next month. The average asking price of the condo’s waiting to close is $262,535 with a median asking price of $239,950. The number of sales that are in contract is encouraging since these could close soon, improving October figures. The two sales reported for September are:  65 Hawthorne Drive, #112 which sold for $219,900 and 1 Pebble Beach which sold for $310,000.

As of this posting there are 25 condominiums for sale in Bedford and of the twenty-five, a little over half are designated as “active adult” or for those 55 and over. The average asking price is $273,144 with a median of $255,000. Average time on market is very lengthy at 390 days. The new construction condo’s in River Walk have been on the market for over two years, raising the average considerably. Average time on market of condo’s that are not in River Walk is a more reasonable 117 days.

Fannie Mae, Freddie Mac and private mortgage insurer AIG United Guaranty have recently mandated new requirements for condominium mortgages. These new and more stringent requirements can create difficulty for those trying to buy or sell their condos.

A few of these new guidelines include:

No more than 15% of a condo project units can be more than 30 days delinquent on condo fees.

Borrowers must now obtain a condo unit owners insurance policy unless the master policy provides interior unit coverage; coverage may not be less than 20% of the assessed value. A condo-owners policy, known as an HO-6 policy, covers personal property, personal liability, and the physical unit from the studs and in. Many policies also include special assessment coverage or the option to include a special assessment coverage rider.

The homeowners association must have at least 10% of its budgeted income designated for replacement reserves and adequate funds budgeted for the insurance deductible.

The revised guidelines could negatively affect buyers’ ability to obtain conventional loans for either a new or established condominiums if the project does not conform.

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

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

The number of sales reported in Bedford for September was down a little compared to August. But there is reason for optimism since average sale prices rose significantly from $411,220 to $448,786 with median sale price of $429,900. Average time to sell a home in Bedford remained unchanged at 98 days.

As of this posting there are 129 single family homes available for sale in Bedford ranging in price from $109,900 to $2,450,000. The average asking price is $614,471 with a median of $494,450. These figures represent about a five month inventory of homes currently available, about the same as reported in August.

There are 29 homes in contract waiting to close escrow with an average asking price of $378,119. A little over half of these are “contingent” sales which may take a little longer to close depending upon what the contingencies are.

September Bedford Single Family Home Sales

134 King Road was listed at $200,862 and sold for $190,000
5 Southgate Drive was listed at $248,000 and sold for $249,900
19 Brookview Terrace was listed at $214,000 and sold for $259,900
14 Colonel Daniels Drive was listed at $320,000 and sold for $319,900
50 Oriole Drive was listed at $343,000 and sold for $350,000
12 Cottage Walk was listed at $323,000 and sold for $359,000
4 Joppa Hill Road was listed at $359,900 and sold for $359,900
13 Tamarack Trail was listed at $372,000 and sold for $399,900
55 John Goffe Drive was listed at $429,900 and sold for $449,900
16 Sentry Road was listed at $455,000 and sold for $454,999
11 Pinecrest Circle was listed at $445,000 and sold for  $459,900
6 Dam Lane was listed at $540,000 and sold for $549,900
74 Perry Road was listed at $547,700 and sold for $550,000
36 Darby Lane was listed at $633,000 and sold for  $649,000
126 Powder Hill Road was listed at $650,000 and sold for $699,900
31 Buckingham Way was listed at $758,000 and sold for $758,000
21 Esther Drive was listed at $790,000 and sold for  $799,000

Contributed by Susan Crush, Associate Broker, Bean Group

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

There were no condo sales reported in Bow for the month of August and only two are in contract with contingencies. Both are in the Windchimes 55+ community with an average asking price of $318,000.

There are 39 condominiums for sale in Bow ranging in price from $106,900 (a foreclosure in Windchimes) to a high of $384,000 in The Pines of Bow. The average asking price is $295,010 with a median of $299,000. Bow has only one condominium complex that is not designated for those people who are 55 and over…The Highlands At Bow. Asking prices here range from $179,900 up to $247,900 and there are 8 available for sale. The Pines of Bow offers 12 homes ranging in price from $249,900 to $364,900. There are 8 homes available in White Rock Cottages ranging from $250,000 to $306,000 and 6 in Stone Sled Farm from $279,000 to $345,000.

Sales figures for the Third Quarter of 2009 will be available around the first week of October.

Contributed by Susan Crush, Associate Broker, Bean Group

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

There were eight closed single family home sales in Hooksett in August compared to 17 in July. The average sale price however, increased about 1.5%. Number of days needed to sell was also up from July figures at 122 days but still reasonable. Sellers received about 97% of their asking price both in July and August. Single family home sale prices ranged from a low of $148,000 to a high of $352,500.

September Sales Could Show Improvement

There are currently 20 homes in contract awaiting closing. The average list price of these home is $245,021 with a median of $244,900. Many of these homes may close escrow in September improving monthly sales statistics.

As of this posting there are 115 homes for sale in Hooksett with an average price of $334,394 and a median price of $299,900. Median time on market so far is 127 days.

Hooksett Single Family Home Sales For August

152 Hackett Hill Road sold for $148,000
385 Hackett Hill Road sold for $185,000
1 Forest Hills Drive sold for $244,500
1 Rockforest Drive sold for $275,000
30 Virginia Court sold for $291,096
7 Dove Road sold for $272,000
45 Virginia Court sold for $285,000
10 Thompson sold for $352,500

Contributed by Susan Crush, Associate Broker, Bean Group

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