New Boston, NH – Real Estate Market Sees A Small Dip In Number Of Home Sales And Sales Price
June 3rd, 2009by Will Cornwell
Let’s take a look at what has happened in New Boston real estate market by comparing June 1 2007- May 31 2008 & June 1 2008 –May 31 2009. In 2007/2008 a total of 59 homes sold in New Boston with an average sales price of $324,268. Homes were selling at a 4% discount from the last asking price on average. The marketing time to sell a home was 167 days. There were a total of 71 pending contract listings with an average listing price of $ 308,781. The number of homes actively on the market for sale was 127 with an average listing price of $ 366,732. During this time frame 6 Homes sold for under $200K; 25 sold between $200K – $300K; 23 sold between $300K – $500K and 5 homes sold for $500K+ in New Boston.
In 2008/2009 a total of 50 homes sold in New Boston with an average sales price of $300,110. Homes were selling at a 2% discount from the last asking price on average. The marketing time to sell a home was 151 days. There were a total of 48 pending contract listings with an average listing price of $ 298,558. The number of homes actively on the market for sale was 122 with an average listing price of $ 332,828. During this time frame 2 homes sold for under $200K; 27 sold between $200K – $300K; 19 sold between $300 – $500K and 2 homes sold for $500K+ in New Boston. Using these sales figures the New Boston market has seen roughly a 8.75% decrease in average sold sales price from June 2007 to June 2009. Homes that were placed on the market were almost inline with sales as the average list price in 2008/2009 was lower by nearly 9.0%.
As of today, there are 51 New Boston homes on the market for sale. Essentially, using the statistics above for 2008/2009 it would take 12 months to sell all of the homes on the market today without having any new homes come on. 17 of the homes on the market are new construction which usually stay on the market for a longer period of time as most are not actually built until someone shows interest in the home.
Currently, 7 Homes are priced under $200K; 15 are priced between $200K – $300K; 23 between $300K – $500K and 6 are priced above the $500K range.
So what does all of this tell us? In New Boston roughly the same amount of homes have sold in 2007/2008 as in 2008/2009, however, the sales price has come down & the asking price has followed. The current number homes on the market in New Boston also fall in line with the statistics above however with an average sales price of $312,189 for June 07-May 09 it may take a bit longer to sell those homes over the $400K range. Of course every home is special, each offer different amenities, different floor plans and in some cases magnificent views. In the end though, in these times it all comes down to price. What will the buyer (and bank) be willing to pay (borrow) for a new home, your home.
Based on information from the Northern New England Real Estate Network, Inc. for the period June 1, 2007 to May 31, 2009.
Contributed by William Cornwell, Realtor, Bean Group
