Are Goffstown homes really selling? I see signs everywhere!
June 19th, 2009by Will Cornwell
Statistics show the housing outlook for Goffstown, NH may be getting brighter.
Let’s take a look at what has happened in Goffstown’s real estate market by comparing June 1 2007- May 31 2008 & June 1 2008 –May 31 2009.
In 2007/2008 a total of 135 homes sold in Goffstown with an average sales price of $ 249,393. Homes were selling at a 3% discount from the last asking price on average. The marketing time to sell a home was 109 days. There were a total of 150 homes that were under contract with an average listing price of $ 250,018. The number of new homes placed on the market for sale was 304 with an average listing price of $ 291,790.
During this time frame 30 Homes sold for under $200K; 70 sold between $200K – $300K; 35 sold between $300K – $500K and no homes sold for $500K+ in Goffstown.
In 2008/2009 a total of 127 homes sold in Goffstown with an average sales price of $ 218,198. Homes were selling at a 2% discount from the last asking price on average. The marketing time to sell a home was 96 days. There were a total of 141 homes under contract with an average listing price of $ 234,859. The number of new homes placed on the market for sale was 237 with an average listing price of $ 257,022.
During this time frame 47 Homes sold for under $200K; 62 sold between $200K – $300K; 18 sold between $300 – $500K and no homes sold for $500K+ in Goffstown.
Using these sales figures the Goffstown market has seen roughly a 13% decrease in average sold sales price from June 07 to June 09. 80 +/- fewer homes were available for sale in 2008/2009 however; the homes that were placed on the market in 2008/2009 were priced only a little bit above the average sold price of 2007/2008. The time it took to sell a home in Goffstown also saw a small decrease over the previous year.
As of today, there are 68 homes on the market for sale in Goffstown. Essentially, using the statistics above for 2008/2009 it would take roughly 6 months to sell all of the homes on the market today without having any new homes come on. 16 of the homes on the market are new construction which usually stays on the market for a longer period of time as most are not actually built until someone shows interest in the home.
Currently, 8 Homes are priced under $200K; 34 are priced between $200K -$300K; 20 priced between $300K – $500K and 6 are priced above the $500K range.
So what does all of this tell us? In Goffstown, only 8 more homes sold in 2007/2008 than the in 2008/2009. Overall average sales price has come down by nearly $30,000. The current homes on the market in Goffstown appear to be in line with the previous year’s figures. Having only a 6 month supply of homes on the market is a good sign for the Goffstown market comparatively. It still may take 3 months to sell a home on average but at least they are selling.
Of course every home is special, each offer different amenities, different floor plans and in some cases magnificent views. In the end though, in these times it all comes down to price. What will the buyer (and bank) be willing to pay (borrow) for a new home, your home.
Based on information from the Northern New England Real Estate Network, Inc. for the period June 1, 2007 to May 31, 2009.
Contributed by William Cornwell, Realtor, Bean Group
