Condos Anyone? There Are Plenty To Choose From In Manchester – And For Many People The Time To Buy Is Now.
April 21st, 2009by Susan Crush
There are currently 203 condominiums for sale in Manchester. This figure includes garden style, townhouses, condexes and detached. Ranging in price from $59,900 to $599,900, there is truly something for everyone. You will find affordable one and two bedroom garden style homes for those just starting out or investors, new river front duplex townhouses for those looking for luxury homes without the worries of maintenance, active adult complexes for those desiring a quieter lifestyle and everything in between including quaint converted mill buildings and even a Manhattan loft style condo in the heart of downtown.
Sales for the first quarter of 2009 (34 sales) are down about 63% over first quarter of 2008 (54 sales). There is a clear trend developing that indicates the condominium market in Manchester is approaching the bottom. Consider the following sales data for the past seven years:
2002 – 264 sales; 2003 – 537 sales; 2004 – 522 sales; 2005 – 775 sales; 2006 – 596 sales; 2007 – 490 sales; 2008 – 277 sales
This pattern is a pretty clear indicator of what is happening.
March, 2009 Sales Data and Comparison
March condominium sales were up slightly over January (11 sales) and February (10 sales) with 13 condo’s sold. There were 20 sales in March, 2008 and 71 sales in March, 2007. Sales in March, 2009 averaged $115,854 with a median sale price of $115,900 and an average of 152 days on the market. Sellers were getting around 96% of their asking price, indicating that the condo’s that sold were priced right. Sale prices were higher in 2008 with an average of $151,325 and fewer average days on market at 101. Average sale price in 2007 was even higher at $170,414 and average market time of 81 days.
It appears that condominiums priced under $150,000 were the big sellers in March since there were only three that sold for more than $150,000. There were no sales over $180,000. Of the 13 condo’s sold, 5 were garden style and the other 8 were townhouse style.
2nd Quarter Of 2009 Is Looking Better!
There are 34 Manchester condo’s in contract currently. If most of these close in April, May and June, the sales data will greatly improve in the 2nd Quarter. It will be important to note how many more condo’s come on the market for sale over the next three months since inventory needs to be reduced to see significant improvement.
When Will The Condo Market Hit Bottom?
Wish I could tell you that but we won’t know until after it happens unfortunately. The stalled condo market affects the single family market in the Greater Manchester area, including surrounding towns. Those desiring to sell a condo and move up to a reasonably priced single family home can not make that move until the condo is sold. Those trying to sell the smaller single family home to move up to something larger can not buy until their home sells and on and on.
Financing A Condominium Purchase
The mortgage industry has tightened their lending criteria which has eliminated many “would be” first time condo buyers from the market. However, on a more positive note, FHA loans are available and seem to be the best way to go for most condominium purchases. FHA requires a 3% down payment compared to conventional financing which is now requiring 20% or more down. All buyers must have good to excellent credit scores in order to secure financing.
The best time to buy a condominium in Manchester may be right now!
Based on information from the Northern New England Real Estate Network, Inc. for the period March 1, 2009 to March 31, 2009.
Contributed By Susan Crush, REALTOR, Associate Broker, Bean Group
