Manchester, NH Condominium Sale Prices Continue To Drop In September
November 2nd, 2009by Susan Crush
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
| Address | Bedrooms | List Price | Closed Price |
Sell/ListRatio | DOM | Close Date |
|---|---|---|---|---|---|---|
| 36R-104 English Village | 1 | $40,000 | $33,000 | 83% | 69 | 09/01/2009 |
| 545 Calef Road #12 | 2 | $50,000 | $52,500 | 105% | 0 | 09/28/2009 |
| 50R English Village Rd. | 1 | $52,500 | $43,500 | 83% | 119 | 09/01/2009 |
| 45-1F Log Street | 1 | $53,900 | $45,000 | 83% | 108 | 09/11/2009 |
| 34-3B Dunbarton Rd | 1 | $54,900 | $54,900 | 100% | 54 | 09/04/2009 |
| 1799 Bodwell Road #2 | 2 | $73,900 | $68,000 | 92% | 8 | 09/30/2009 |
| 470 Silver St. | 2 | $109,900 | $105,000 | 96% | 379 | 09/24/2009 |
| 6 Northbrook Dr | 2 | $118,900 | $118,000 | 99% | 46 | 09/16/2009 |
| 781 Hayward | 2 | $139,900 | $137,400 | 98% | 67 | 09/02/2009 |
| 168 Morse Rd. | 2 | $139,900 | $139,900 | 100% | 68 | 09/22/2009 |
| 343 Blucher Street | 2 | $142,900 | $141,000 | 99% | 50 | 09/21/2009 |
| 178 Morse Road | 2 | $144,900 | $142,500 | 98% | 100 | 09/25/2009 |
| 187-204 Eastern Avenue | 2 | $149,900 | $140,000 | 93% | 59 | 09/18/2009 |
| 55 River Road | 2 | $152,000 | $142,000 | 93% | 37 | 09/30/2009 |
| 324 Fox Hollow Way | 2 | $156,500 | $152,000 | 97% | 305 | 09/15/2009 |
| 144 Dunbar St. | 2 | $159,000 | $159,000 | 100% | 49 | 09/30/2009 |
| 1029 South Mammoth Road | 2 | $162,000 | $156,500 | 97% | 134 | 09/30/2009 |
| 331 Fox Hollow Way | 2 | $178,000 | $176,000 | 99% | 61 | 09/30/2009 |
| 128 Karatzas Avenue | 3 | $192,400 | $225,000 | 117% | 95 | 09/30/2009 |
| 114 Karatzas Avenue | 3 | $192,400 | $206,000 | 107% | 216 | 09/30/2009 |
| 17 Charles Chase Way | 3 | $229,000 | $220,000 | 96% | 40 | 09/30/2009 |
| 41-5 Carriage Way | 2 | $259,900 | $249,900 | 96% | 559 | 09/24/2009 |
| 001 Kidder Street | 3 | $264,900 | $252,000 | 95% | 11 | 09/30/2009 |
| 103 Westchester Way | 3 | $289,900 | $275,500 | 95% | 164 | 09/17/2009 |
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
