Nashua First Quarter Home Sales Report For The $200,000 To $300,000 Price Range
April 22nd, 2009by Bill Spinelli
First Quarter 2009 versus First Quarter 2008. In the First Quarter of 2009, 34 homes were sold in Nashua in the $200,000 to $300,000 price range. The Average Selling Price was $239,500 versus 52 “solds” and an average price of $248,000 in the comparable quarter in 2008. These statistics translate to a 65% drop-off in the number of homes sold and a 3.5% decrease in average Selling Price.
The First Quarter 2009 “Average Home” was 1, 655 of above-ground finished living area ( AG – FLA) translating to $144.70 per square foot Selling Price ( Sell Price divided by Sq/Ft .) The similar comparison in the 2008 Quarter resulted in 1,412 AG – FLA ( above ground – finished living area ) and thus $175.65 per square foot Selling Price. This year-to-year Selling Price downturn is highlighted by the findings in “Market Reflections” (see below).
The average Days On Market (DOM) was slightly over 90 days for both quarters in 2008 (91) and 2009 (95) .
MARKET REFLECTIONS. “ Market Reflections” indicate that 2008 pricing held fairly steady in the 2nd and 3rd quarters and then took a significant drop in the 4th quarter for homes in the $200,000 to $300,000 price range.
Second Quarter 2008. There were 61 homes sold in the Second quarter of 2008 at an average price of $246,000. The “Average Home” at 1,450 AG square feet translated to a $169.65 per square foot Selling Price. (Please see below for an interpretive discussion on “averages” ) The average DOM was 109 – a slightly longer selling time frame than in the First Quarter.
Third Quarter – 2008 . For the Third Quarter 2008, 80 homes were sold at an average 1,480 AG sq/ft at an average Selling Price of $247,700 ( $167.35 sq/ft) . DOM was 93.
Fourth Quarter – 2008 . For the Fourth Quarter , 39 homes were sold at an average 1,530 AG sq/ft at an average Selling Price of $234,200 ( $153.07 sq/ft) . This reflects a 5.5% drop in home pricing. DOM was 96.
There are currently 100 active listings in Nashua in the $200,000 to $300,000 price range. It will be interesting to see if the first quarter of 2009 was indicative of a continuing downward trend in the $200,000 to $300,000 home market or if we are approaching a stabilizing floor – similar to the 2nd and 3rd quarters of 2008.
FOOTNOTES ON “AVERAGES”, CMA’s and INTANGIBLES . “AVERAGES” are useful and succeed to the extent of generating a starting point with a justifiable basis.
CMA’s (Comparative Market Analysis) remain the best analytical “lifeblood” for the Realtor and for their Clients. It is here that Sellers and Buyers can hone in on comparative reality through analyzing location, home styles, square footage, lot sizes and numerous possible amenity characteristics. These findings help to reinforce our recommended pricing or purchasing ranges.
The INTANGIBLES of being market savvy, intuitive, and continually focusing solely on our Client’s interests are where Realtors can further make the difference of being sought after Professionals.
Based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2008 through March 31, 2009.
Contributed By Bill Spinelli, Associate Broker, Bean Group
