Manchester NH Real Estate Market’s First Quarter 2009 Absorbtion Rate Released
May 17th, 2009by Chris Bonta
The City of Manchester has weathered the 1st quarter of this year and the information regarding its absorption rate is in. What is the definition of absorption rate? In short the absorption rate for a market is the length of time it will take for the current inventory on the market to be sold. The magic number looked at by Realtors is 6 months, meaning if the market has a rate above 6 months the market is considered to be a Buyer’s Market. If the absorption rate is below the 6 month mark, then it is considered to be a Seller’s Market.
Manchester ended the 1st quarter of this year with an absorption rate of 6.76 months, which is good considering the market we are in and the rates for some of the towns around Manchester. Londonderry for example has a rate of 7.68 months and Derry has a rate of 9.14. Although Manchester’s rate is above the 6 month mark, the City is showing a surprisingly strong market position. Sellers should not be mislead though by the better showing of the City, since the rate would have to fall into the 5 month range before anyone would consider calling Manchester a “Seller’s Market”. So what do you do with your property if you are thinking of selling it? You make sure that you do not overprice your home, even by $5,000. Make sure that the Realtor you choose is going to price it well and be able to market your property as it will need to be.
When marketing your property it is always important to be aware of current market trends. If you are considering selling your home, you need to have someone with the expertise and experience to help you navigate the ever changing waters of the real estate market.
Based on information from Northern New England Real Estate Network, Inc. for the period January 1, 2009 to April 30, 2009.
Contributed by Christopher Bonta, Bean Group
