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

Manchester, NH Real Estate

64 homes sold in Manchester in August with an average sales price of $214,888, which was an average of 98% of the last asking price.

The average time on market was 95 days. There were 52 pending sales reported with an average listing price of $209,504.

There were 98 homes that came up for sale in Manchester in the month of August with an average listing price of $219,721.

Homes reported sold in Manchester, NH in August:

329 Knowlton Street Manchester NH sold for $109900
241 Silver Unit# 241 Manchester NH sold for $116500
38 Ellen Court Manchester NH sold for $124900
906 Cilley Rd Manchester NH sold for $124900
303 Arah St. Manchester NH sold for $127900
172 Beaver St Manchester NH sold for $139900
14 Watson St. Manchester NH sold for $144900
437 Laurel Manchester NH sold for $149900
863 Pine Lane Manchester NH sold for $149900
62 Norton Ave Manchester NH sold for $155000
2943 Brown Avenue Manchester NH sold for $159900
249 Ward Street Manchester NH sold for $159900
111 Cedar Hill Dr. Manchester NH sold for $159900
26 Congress St. Manchester NH sold for $169900
285 Pearl St Manchester NH sold for $169900
120 Oneida Manchester NH sold for $169900
197 Russell Manchester NH sold for $169900
336 Boynton Street Manchester NH sold for $169900
904 Hall Street Manchester NH sold for $173000
110 Sherwood Drive Manchester NH sold for $174900
860 Howe St. Manchester NH sold for $174900
74 Gantry Manchester NH sold for $175000
270 Columbia Manchester NH sold for $176000
53 Jewett St. Manchester NH sold for $179900
203 Walnut Street Manchester NH sold for $179900
170 Anthony St. Manchester NH sold for $179900
399 Ash St. Manchester NH sold for $189900
99 Huntington Ave Manchester NH sold for $189900
92 Maynard Avenue Manchester NH sold for $189900
67 Lavista Manchester NH sold for $192000
82 Tondreau Ct. Manchester NH sold for $192500
644 Grove Street Manchester NH sold for $199000
400 Cilley Manchester NH sold for $199900
325 Elgin Ave Manchester NH sold for $207900
73 Hoyt Manchester NH sold for $219700
413 Charlotte Street Manchester NH sold for $219900
40 Highland Park Ave. Manchester NH sold for $219900
127 Head St Manchester NH sold for $219900
68 Mast Rd Manchester NH sold for $224900
214 Bismark Manchester NH sold for $224900
161 Stetson St Manchester NH sold for $229000
877 Somerville Street Manchester NH sold for $229000
214 Maplehurst Ave. Manchester NH sold for $229900
130 Public Street Manchester NH sold for $230000
139 Gantry Street Manchester NH sold for $239900
135 Oak Hill Manchester NH sold for $249900
115 Donald St. Manchester NH sold for $249900
104 Hubbard Street Manchester NH sold for $249900
39 Ivywood Lane Manchester NH sold for $255000
89 Heathrow Ave. Manchester NH sold for $259900
116 Overland St. Manchester NH sold for $259900
70 Hillcroft Road Manchester NH sold for $262900
208 Arah St. Manchester NH sold for $279500
36 Constitution Lane Manchester NH sold for $279900
129 Teaberry Place Manchester NH sold for $279900
63 Larchmont Rd Manchester NH sold for $299900
15 Victoria Street Manchester NH sold for $299900
702 Walnut Street Manchester NH sold for $330000
166 Huse Manchester NH sold for $349900
281 Bryant Road Manchester NH sold for $350000
2246 Elm Street Manchester NH sold for $369900
9 Country Walk Drive Manchester NH sold for $386500
9 Country Walk Drive Manchester NH sold for $419900
199 Mclane Way Manchester NH sold for $445000

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

Manchester, NH Real Estate

71 homes sold in Manchester in July with an average sales price of $198,892, which was an average of 97% of the last asking price.

The average time on market was 74 days. There were 55 pending sales reported with an average listing price of $187,229.

There were 98 homes that came up for sale in Manchester in the month of July with an average listing price of $243,137.

Homes reported sold in Manchester, NH in July:

66 Nashua St Manchester NH sold for $63900
29 Sunset Way Manchester NH sold for $99900
244 A Porter Street Manchester NH sold for $114900
168 Laurel Street Manchester NH sold for $129900
85 Beech St. Manchester NH sold for $129900
59 Johnson Street Manchester NH sold for $129900
247 Victorian Way Manchester NH sold for $129900
96 Heritage Way Manchester NH sold for $135000
22 Watson Manchester NH sold for $139000
14 Settlers Way Manchester NH sold for $139900
117 Gilford Street Manchester NH sold for $149000
72 Wilmot Manchester NH sold for $149900
67 Whittemore Manchester NH sold for $149900
351 Belmont Manchester NH sold for $149900
1118 Page Street Manchester NH sold for $150000
32 Blodgett Manchester NH sold for $151000
137 Flint Manchester NH sold for $152900
121 Bodwell Road Manchester NH sold for $154900
32 Morgan St. Manchester NH sold for $159000
615 Beech Street Manchester NH sold for $159000
118 Wells St Manchester NH sold for $159900
160 Eddy Manchester NH sold for $160000
94 Revere Avenue Manchester NH sold for $160000
113 Lockwood Ave Manchester NH sold for $174900
78 Armand Manchester NH sold for $175000
484 Vinton St Manchester NH sold for $175000
364 Orange St Manchester NH sold for $179900
15 So. Porter Manchester NH sold for $179900
105 West Mitchell Manchester NH sold for $189900
630 Lake (Upper) Manchester NH sold for $189900
207 West Shore Avenue Manchester NH sold for $194900
75 Holly Manchester NH sold for $195000
43 Mcphail Street Manchester NH sold for $197500
88 Dunbar Manchester NH sold for $199900
323 Hoyt Street Manchester NH sold for $199900
213 Peabody Manchester NH sold for $199900
80 Mirror Manchester NH sold for $204900
256 Whitney Ave. Manchester NH sold for $209900
213 Gingras Avenue Manchester NH sold for $209900
280 Pennsylvania Ave. Manchester NH sold for $209900
48 Roysan St Manchester NH sold for $214900
39 Bailey Avenue Manchester NH sold for $214900
210 Elgin Avenue Manchester NH sold for $219500
119 Morey St Manchester NH sold for $219900
32 Gorham St Manchester NH sold for $219900
16 Mirror Street Manchester NH sold for $219900
197 Sagamore Street Manchester NH sold for $219900
151 Lamprey St. Manchester NH sold for $222900
293 Jobin Drive Manchester NH sold for $224900
19 W. Shore Ave Manchester NH sold for $228000
7 Karin Street Manchester NH sold for $229900
84 St. James Ave. Manchester NH sold for $234900
98 Forest Street Manchester NH sold for $249000
12 Sunset Dr Manchester NH sold for $249900
120 Elton Ave Manchester NH sold for $249900
157 Patricia Lane Manchester NH sold for $252900
149 Exchange Manchester NH sold for $258900
61 Justin Place Manchester NH sold for $259900
51 Lewis Manchester NH sold for $259900
99 Heathrow Avenue Manchester NH sold for $269900
1321 Chestnut St. Manchester NH sold for $272900
160 Walnut Hill Avenue Manchester NH sold for $274900
396 Laydon St Manchester NH sold for $274900
845 River Rd Manchester NH sold for $275000
2 Highview Circle Manchester NH sold for $284900
10 Trebor Drive Manchester NH sold for $289900
173 N Adams Manchester NH sold for $309900
545 Kearney Circle Manchester NH sold for $319900
40 Bruce Rd Manchester NH sold for $339900
270 Tufts Street Manchester NH sold for $339900
1060 Chestnut Street Manchester NH sold for $342800

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

The second quarter of 2009 brought hope to the Manchester condominium market with about a 50% increase in sales over first quarter figures. The average and median sale prices were also up in the second quarter. The average sale price was $146,099 with a median price of $141,000 compared to first quarter figures of $126,800 for average sale price and a median of $119,450. Average time on market dropped from 158 days to 131 days and Sellers were getting on average 99.8% of their asking price. Condo sale prices in the second quarter ranged from a low of $47,000 to a high of $395,000.

June Condominium Sales in Manchester Jumped 57% Over May Figures With 33 Sales Reported.
The average and median sale prices increased in June also but condo’s were on the market for a little over a month longer than in May. The average sale price of a condo in June was $157,818 with a median of $150,000. Average time on market was reported to be 154 days.

There are currently 180 condominiums available for sale in Manchester, ranging in price from $39,900 to $599,900. This represents about a 9.5 month supply. The average asking price is $171,598 with a median of $161,000.

As of this posting, there were 42 condominiums reported to be in contract waiting to transfer ownership.

Financing May Become Concern For The Manchester Condominium Market
There are a growing number of Manchester condominium complexes dropping off the FHA, VA and New Hampshire Housing approved list. The reason for this is due in part to many owners renting their condo’s causing the ratio of investor to owner occupied units in a complex to drop below 51%. These types of loans are the only alternative for many first time buyers since the down payment requirement is much lower than with conventional financing.

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

Contributed by Susan Crush, Associate Broker, Bean Group

78 homes sold in Manchester in June for an average sales price of $215,245, which was an average of 99% of the last asking price.

The average time on market was 83 days. There were 81 pending sales reported with an average listing price of $215,489.

There were 97 homes that came up for sale in Manchester in the month of June with an average listing price of $236,605.

Homes reported sold in Manchester, NH in June:

38 Ellen Court Manchester NH sold for $77000
24 Hampton St. Manchester NH sold for $98700
210 Lafayette Street Manchester NH sold for $127500
374 Manchester Manchester NH sold for $129900
26 Nelson Street Manchester NH sold for $135000
69 West Elmwood Ave. Manchester NH sold for $139900
39 Ann Avenue Manchester NH sold for $140000
480 Brown Avenue Manchester NH sold for $149000
205 Whipple St. Manchester NH sold for $149000
106 Exchange Manchester NH sold for $149900
27 Sterling Avenue Manchester NH sold for $149900
32 Gove St. Manchester NH sold for $156900
307 Laurel Manchester NH sold for $159900
1000 South Beech Street Manchester NH sold for $159900
50 Purchase Street Manchester NH sold for $163900
147 Rosedale Ave Manchester NH sold for $169900
23 Smyth Lane Manchester NH sold for $170000
76 N Adams Manchester NH sold for $172500
288 Kenberma Street Manchester NH sold for $173000
115 Theresa Court Manchester NH sold for $174900
75 Ruth Avenue Manchester NH sold for $174900
57 Gamache Street Manchester NH sold for $179900
224 Villa Street Manchester NH sold for $180000
133 Allen Street Manchester NH sold for $180000
203 Flint Manchester NH sold for $184900
72 West Rosemont Avenue Manchester NH sold for $184900
699 Cilley Road Manchester NH sold for $189900
55 Birchwood Road Manchester NH sold for $189900
450 Highland Street Manchester NH sold for $189900
434 Cypress St. Manchester NH sold for $192900
481 Calef Road Manchester NH sold for $194900
59 Westland Avenue Manchester NH sold for $194900
52 Overland Street Manchester NH sold for $194900
120 Huse Road Manchester NH sold for $196900
435 Bartlett Street Manchester NH sold for $199900
68 Mirror Street Manchester NH sold for $199900
46 Westwood Drive Manchester NH sold for $202900
173 Ward Manchester NH sold for $204900
474 Vinton Street Manchester NH sold for $214900
295 Trolley Manchester NH sold for $217900
853 Montgomery Street Manchester NH sold for $218500
132 Sunnyside Street Manchester NH sold for $219900
135 Fox St. Manchester NH sold for $219900
103 Arah Street Manchester NH sold for $219900
119 Wilmot Street Manchester NH sold for $219900
366 Day Street Manchester NH sold for $222500
140 Theresa Court Manchester NH sold for $224900
119 Medford St. Manchester NH sold for $224900
135 Mooresville Road Manchester NH sold for $224900
357 Mystic Street Manchester NH sold for $227500
65 Benjamin St Manchester NH sold for $229900
24 Home Ave Manchester NH sold for $230000
451 Titus Ave. Manchester NH sold for $234900
257 Oak Street Manchester NH sold for $234900
93 Ashley Drive Manchester NH sold for $234900
30 Whig Manchester NH sold for $239000
33 Jewett Street Manchester NH sold for $239900
27 Dave Street Manchester NH sold for $239900
52 Benjamin Manchester NH sold for $239900
133 Pinebrook Place Manchester NH sold for $239900
117 Aaron Drive Manchester NH sold for $244900
789 Maple Street Manchester NH sold for $249900
36 Briarcliff Way Manchester NH sold for $249900
272 Webster Street Manchester NH sold for $249900
104 Maybrook Manchester NH sold for $265000
56 Newstead Way Manchester NH sold for $268000
105 Smyth Rd Manchester NH sold for $269900
564 River Rd Manchester NH sold for $280000
415 Whittington St. Manchester NH sold for $285000
90 Hemlock Street Manchester NH sold for $289000
333 Whittington Manchester NH sold for $289000
527 River Road Manchester NH sold for $299999
125 Steinmetz Drive Manchester NH sold for $319900
1197 Union Street Manchester NH sold for $350000
251 (Lot 93) Sylvan Lane Manchester NH sold for $370600
446 Crestview Circle Manchester NH sold for $374900
62 Fleming Manchester NH sold for $419000
44 Byledge Manchester NH sold for $519900

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

The number of condominium sales reported for Manchester in May increased, but the percentage of asking price to sold price was down about 1% from April figures. Sale prices ranged from a low of $52,500 to a high of $229,000 with an average sale price of $135,789 and median of $132,950. Average time on market was reasonable at 114 days, much improved from April’s figure of 152 days. The number of condo’s sold this year compared to the same period of 2008 shows a 58% decrease.

63% Increase In Condo Sales Waiting To Close!
As of this posting there were 63 Manchester condominiums in contract waiting to close escrow. Last month, there were 40. The condo’s waiting to close range in price from $59,000 up to $399,900 with an average asking price of $153,710-median of $149,900. Time on market for these pending sales is 142 days. Second quarter sales figures will improve if many of these sales close by the end of June. (more…)

51 homes sold in Manchester in May 2009 with an average sales price of $182,549, which was a 3% discount from last asking price on average. A year ago there were 58 home sales reported with a higher average sales price of $220,369. There were 67 pending home sales contracts reported in Manchester in May with an average listing price of $191,793.

There are currently 273 homes for sale in Manchester, which represents approximately four to five months of inventory. (more…)

The City of Manchester has weathered the 1st quarter of this year and the information regarding its absorption rate is in. What is the definition of absorption rate?  In short the absorption rate for a market is the length of time it will take for the current inventory on the market to be sold. The magic number looked at by Realtors is 6 months, meaning if the market has a rate above 6 months the market is considered to be a Buyer’s Market. If the absorption rate is below the 6 month mark, then it is considered to be a Seller’s Market.

Manchester ended the 1st quarter of this year with an absorption rate of 6.76 months, (more…)

Only 14 Manchester condominium sales closed in April, a very small increase over March when there were 13 closed sales. At the end of March, there were 34 condos in contract waiting to close but less than half of them actually did close escrow.

But, it’s not all doom and gloom in the Manchester condo market!

The number of sales did not increase much but the average sale price for April, 2009 was $136,717, an increase over last month ($115,854) with a median sale price of $142,500 (March showed a median price of $115,900). Average time on market was 114 days, an improvement over the March figure of 152 average days on market. (more…)

The number of homes sold in Manchester in April improved a little over March figures with 50 sales in April compared to only 38 in March. A year ago there were 61 homes sold in April and in April of 2001, there were only 48 sales. 2004 appears to have been the peak of the market with 79 homes sold.

The average sale price for April, 2009 was $194,766 with a median sale price of $187,000. Sellers were getting a little over 95% of their asking price and average time on market was less than three months.

It is interesting to note that half of the homes were purchased in April using FHA financing, 19 used conventional financing, 12 sales were cash, followed by VA with 7 sales and New Hampshire Housing – one sale. FHA is currently a very favorable type of financing for many buyers since only a 3% down payment is required in most cases. (more…)