Pelham, NH – Home Sales Report – 1st Quarter 2009
April 12th, 2009by Bill Spinelli
Pelham, New Hampshire
PELHAM – ONE OF SOUTHERN NH’S “BEST KEPT SECRETS”.
Twenty five years ago my wife and I were considering a move back to New England (from Oregon). I bought a detailed map of New Hampshire and went into a “trance-like” overview of the Federal and State major road systems. I discovered that Pelham was basically an island uniquely located amongst I-93 to the east, Route 3 to the west, I-95 to the south and Route 111 to the north and bisected by Route 38. Real estate is primarily about location. Location impacts life-style. Life-style impacts ..…and so on and so on. Twenty-five years later this location now affords a much broader range of housing styles, lot sizes and prices, yet still retains many rural activities (hiking, snowmobile trails, fishing, rod & gun clubs). Traveling time is not all that onerous to get you to (or away from) major work, cultural and other recreational centers throughout NH and Massachusetts.
A few years ago, while working on a fundraising campaign, I was referred to a small businessman from Pelham who invited me to his home business to collect some items he was donating. Surprisingly (!) we started talking about real estate. He went on and on about Pelham – how it had managed to retain its character, relationships old and new he had forged, holiday celebrations, why it was the greatest town to live in, etc., etc. I reflected back and then commented that all this was great – but why have so few outsiders ever heard about Pelham??? He looked at me and just smiled.
A look at what sold in the First Quarter 2009 versus First Quarter 2008.
In the 2009 First Quarter there were 20 residential home sales in Pelham. The Average Sales Price was $305,000 versus 18 closings and a average price of $354,500 in the comparable quarter in 2008. (The 2008 figures are somewhat distorted by two new home sales in the first quarter). The First Quarter 2009 “Average Home” was analyzed as being 2,224 of above ground finished area translating to $137.12 per square foot selling price. The similar comparison in the 2008 Quarter resulted in 2,293 square feet (above ground) and thus $154.68 per square foot Selling Price. Sell Price to List Price comparison held around 96% for both comparative quarters, a good indication that pricing expectations are stabilizing. Similar to last year, the average DOM was 150 for the first quarter of 2009.
The Pelham Housing Market Looking Forward
Second Quarter activity last year in Pelham is indicative of the (nationally envied) New England seasons. There were 32 closings in the Second quarter of 2008 at an average price of $349,904. The Sell Price to List Price was at 97.6% – again an encouraging realty statistic. The above-ground finished “Average Home” at 2,409 square feet translated to a $145.25 per square foot Selling Price. (Please see below for an interpretive discussion on “averages”) The average DOM was 108 – a significantly shorter selling time frame. It will be interesting to see how the Second Quarter of 2009 performs comparative to 2008. Based on First Quarter 2009 results, it will be interesting to see if the slightly upward sales trend continues !! There are currently 76 active listings in Pelham.
FOOTNOTES ON “AVERAGES”, CMA and INTANGIBLES. “AVERAGES” are useful and succeed to the extent of generating a starting point with a justifiable basis. CMA (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
