OVERVIEW : Based on the number of sales for all three communities, the year ends with a “shrug”. But – statistically speaking – a “dropping price year” of 14% ( overall ) based on Median values. Once again, the diversity between communities is significant when you dig deeper into the data made available by NNEREN ( Northern New England Real Estate Network). [click to continue…]
Amherst, NH
Overview
Remember hearing the “thud” out there last quarter ? For those who may have missed it – here is a link to that report : 2nd Quarter 2010 Executive Home Sales Report. Based on year-to-date sales information, the “thud” reverberated in the Third Quarter of 2010. Although, again, on an apparently selective basis.
Third Quarter Comparisons
Mostly because we are dealing with smaller sample sizes (i.e. – less transactions), one should always be skeptical of attaching significant conclusions to quarterly data. For the Third quarter of 2010 in Amherst, Nashua and Hollis, NH – fourteen ( 14) Executive homes were sold at a median price of $128.53 per square foot. This compares to ten (10) homes sold during the Third Quarter of 2009 at a median price of $ 144.81 per square foot. An overall Selling Price decline of 12.67 %. [click to continue…]
OVERVIEW : Utilizing NNEREN ( Northern New England Real Estate Network ) data generated since 2002 for Nashua, Amherst and Hollis, NH , there were solid indications that luxury homes bottomed-out in 2008 and then began bouncing off that bottom and moving up during 2009 ( FYE 2009 – Executive Homes Market Blog) and the first quarter of 2010 ( 1st Qtr 2010 – Executive Homes Market Blog) . “Cautiously Optimistic” became the watch word. Prices holding to rising – number of transactions ( homes sold) still lagging however. [click to continue…]
Based on actual results for the first quarter, there was a ten percent improvement ( 10%) in sold pricing from the first quarter of 2009. Combining all three towns, Median pricing of the eight homes that sold in the first quarter was $148.50 per square foot . ( Note: 4th quarter of 2009 – Sold pricing was at $159.00 per sq/ft. ). The Median sized Executive home in Amherst, Nashua and Hollis appears to be stabilizing around 4,200 – 4,300 sq/ft. [click to continue…]
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 :
- 2002 53 $150.16 80
- 2003 80 $147.53 76
- 2004 79 $152.09 64
- 2005 115 $174.81 87
- 2006 87 $162.69 102
- 2007 62 $175.97 114
- 2008 53 $147.16 122
- 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:
- Amherst - 18 sold, $599,450 / 4,137 sq/ft / $144.89 sq/ft
- Nashua - 12 sold, $568,750 / 3,475 sq/ft / $163.66 sq/ft
- 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.
