Overview Of Executive Housing Sales Trends In Amherst, Hollis, and Nashua NH For The First Quarter Of 2009
April 14th, 2009by Bill Spinelli
Real Estate Market Overview – Executive Homes In Amherst, Hollis, and Nashua NH
At the executive home level (greater than $500,000), some people have dubbed this three town loop the “technology triangle”. Both newcomers and natives revere these locations for the classic New England colonial, federal and farmhouse (New Englander) style homes. There exists both “old-money” and entrepreneurial wealth – with corresponding mindsets – throughout these three beautiful towns.
Aside from outstanding homes, high-end buyers seem to migrate to these three towns typically for the outstanding education system options, theater, arts, proximity to local skiing, hiking , biking , major airports, lake and mountain vacation spots. Naturally, waterfront living is also a possibility in any three of these towns.
For the entire year of 2008 – there were 57 sales of homes at prices exceeding $500,000 in Nashua, Hollis and Amherst. The Average Sales Price was $654,000 with an average of 3,566 square feet of Finished Above-Ground ( FAB) living ($183.00 per sq/ft). The average Days on Market (DOM) during this timeframe was 176 days with an average List Price to Selling Price ratio of 95.3%.
Executive and Luxury Home Sales In Amherst, Hollis, And Nashua – A Comparison Of First Quarter 2009 Versus First Quarter 2008
In the 2009 First Quarter there were only 7 residential closings. The Average Sales Price was $633,000 versus 14 closings and an average price of $612,000 in the comparable quarter in 2008. The First Quarter 2009 “Average Home” was 3,900 of above ground finished area translating to $162.00 per square foot selling price. The similar comparison in the 2008 Quarter resulted in 3,300 square feet ( above ground ) and thus approximately $185.00 per square foot Selling Price. Sell Price to List Price comparison was at 90.1% for 1st Qtr 2009 versus 94.8% for 2008. The average DOM was 175 for the first quarter of 2009 versus 192 for 2008 ( average of six months ). .
Looking forward, second quarter home sales activity last year was up approximately 35% from first quarter results. There were 19 closings in the Second quarter of 2008 at an average price of $753,000. The Sell Price to List Price was at 96.8% – again an encouraging reality statistic. The above –ground finished “Average Home” at 3,900 square feet translated to a $193.00 per square foot Selling Price. (Please see below for an interpretive discussion on “averages” ) The average DOM was 188. It will be very interesting to see how the Second Quarter of 2009 performs comparative to 2008 – both relative to pricing and closings in this market segment. Please remember that we are Realtors and cannot turn around the economy by ourselves. Stay positive, keep your head down and keep rowing !! There are currently 88 active listings of executive homes in Nashua, Hollis and Amherst.
FOOTNOTES ON “AVERAGES”, CMAs 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 true analytical “lifeblood” for the Realtor and for their Clients. It is here that we can hone in on comparative reality through location, home styles, square footage, lot sizes and numerous possible amenity characteristics to further augment our recommended pricing or purchasing ranges. The INTANGIBLES of being genuine and continually focusing solely on our Client’s interests are where we further make the difference as Professionals.
Sales data based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2008 to March 31, 2009.
Contributed By Bill Spinelli – Associate Broker, Bean Group
