Londonderry Housing Market Picks Up Its Pace With 14 Homes Sold In March And Greatly Reduced Time On Market
April 16th, 2009by Doug Charnley
In Londonderry, during the month of March, there were 82 homes for sale, 14 sold, and 10 under contract to be sold. The amount of homes on the market remained relatively steady in the first two months of 2009 but the number sold in March increased over January with 4 sold and February with 9 sold. Currently the lowest price home on the market in Londonderry is $174,000 and the highest is $599,000 with a median price of $256,000
The average days on market in March was 88 days which was a dramatic reduction from 123 in January and 149 in February.
In March, homes sold at 96% of list price which remained steady in January and February. The average price of homes for sale in March was $337,000 and the average price of homes sold was $272,000 which is an indication that the lower price home market is more active at this time.
The March absorption rate, which is the number of months it would take to sell the existing inventory if no other homes came to market, was 5.9 months and has been on the decline in 2009 from a high of 21.5 months in January and 9 months in February.
With the snow now behind us and the days getting steadily warmer, we are definitely in the Spring home selling market.
Londonderry has fared quite well in 2009 in respect to single family home sales. Looking back to the March absorption rate of 5.9 months of inventory, an absorption rate from 5.5 to 7.2 is known as a balanced supply and demand of inventory. Any rate lower that 5.5 is a seller’s market and anything greater the 7.2 is a buyer’s market.
That rate combined with the decrease in days on market, indicates homes are being priced right by sellers and with the low interest rates along with first time home buyer tax incentives, buyers are purchasing.
Based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2009 to March 31, 2009
Contributed By Doug Charnley, Managing Broker and REALTOR, Bean Group
