Concord Home Sales Doubled From February To March 2009
April 12th, 2009by Bethany Brenner
Thank the stimulus package or a case of spring fever for buyers, but home sales in Concord, NH have doubled between February and March of 2009. It appears the New Year had buyers somewhat reluctant to spring forward, but with steady increases resulting in 7, 8 and 17 closings for January through March respectively, there is optimism on the horizon.
Snapshot of first quarter 2009 compared to quarter one in 2008.
While quarter one of 2009 remains positive, it still falls short of the 43 home sales that occurred in the first quarter of 2008 (compared to 32 in 2009). Sales prices for the first quarter of 2009 resulted in a median price of $196,000 and an average price of $212,082, a 7% decrease over the median for last year’s first quarter. Closed sale prices ranged from a low of $46,400 to a high of $550,000. It is not at all surprising that closing prices were higher in 2008 than in 2009 – both at the low and high range of home sales. Prices were 34% higher on the low end and 28% higher on the high end for Q1 2008. The lowest selling property ($46,400) was a bank foreclosure located at 51 Village Street, and in need of a great deal of rehab. The highest selling property ($550,000) was built in 2007, located at 141 Snow Pond Road, having 3500 square feet and over 2 acres of land.
Market data demonstrates that homes closed at 97% of their listing prices. This is 3% higher than was seen in 2008 (94%); however the listing to closed ratio for Q1 may have other factors contributing to this percentage increase. With a rise in foreclosures, listing prices may start out lower than non-foreclosed properties therefore creating multiple and competing offers to drive closing price above 100% of listing price.
Days on the market for closed properties over the last three months were 123. The shortest length of time a property was on the market was 6 days and the maximum was 586 days. This number is not much different from Q1 2008 where the average number of days on the market was 121.
As of the publishing of this Market Watch, there are 195 active listings in Concord, The median and average listing prices are $244,900 and $289,727 respectively. The average number of days these properties have been on the market is 287. Clearly, the largest percentage (55%) of homes fall below the $250,000 price mark. The next largest percentage (26%) of properties falls within the $250,000 and $349,999 followed by 13% between $350,000 and $499,999. In Concord, only six (6%) of homes on the market are listed for over $500,000.
It is not then surprising, that of the thirty-two (32) properties that closed in Q1 of 2009, that 72% of them would fall below the $250,000 price point, and sixteen (16) percent would end up between $250,000 and $349,999. Again, the smallest percentage of sales occurred over $350,000. Nine percent (9%) fell between $350,000 and $499,999, while only 3% of closed above $500,000.
For first time homebuyers looking for affordability, now may be a great time to buy. Twenty percent (20%) of today’s properties are below $200,000. Combining low sale prices with all time low interest rates creates a perfect market place for today’s buyers. Additionally, those looking to downsize, may find incredible opportunities in lower cost smaller homes and fifteen-year mortgages. With ample inventory, low interest rates, and tax benefits in the stimulus package, it is an excellent time to buy for many people.
Based on information from the Northern New England Real Estate Network, Inc. for the period March 1, 2009 to March 31, 2009.
Contributed By Bethany Brenner, GRI, SRES, Bean Group
