NH Real Estate Market Data

New Hampshire Real Estate Market Data: Q2 2015

We've compiled some highlights from the Q2 2015 New Hampshire real estate market data, recently released by the New Hampshire Association of REALTORS®, to provide some insight into what's happening in the NH real estate market this year.

All of New Hampshire

For the second quarter this year, the whole state of New Hampshire saw another positive increase in residential closed sales compared to Q2 2014. Closed sales were up 9.5% this quarter compared to 2014. We also had an increase in median sale price, pending sales, and sales volume compared to last year. Additionally, the days on market decreased by 4.2% from Q2 2014 resulting in an average of 91 days on market for single family residential homes in the state.

Let’s take a look at the local real estate market in Sullivan County and Grafton County.

Sullivan County Single Family Residential Sales

Unlike the market for the entire state, Sullivan County saw a decrease in residential home closed sales from Q2 2014 to Q2 2015. Closed sales were down 6.7% to 125 closings in the county.

Median sales price and pending sales also decreased this quarter compared to last year, 0.5% and 3.1% respectively. However, the days on market also decreased 2.7% from Q2 2014 to an average of 145 days on market for single family homes in Sullivan County.

Looking at the first half of 2015 compared to the first half of 2014, Sullivan County is down 7.8% in residential closed sales resulting in 188 total homes sold so far this year. However, for the second quarter in a row, the sales volume has increased. The total sales volume this year-to-date totals nearly $40 million in Sullivan County. That’s up 6.4% compared to 2014.

Although fewer homes have sold so far this year in Sullivan County, they are being sold at higher prices.

Grafton County Single Family Residential Sales

Grafton County, on the other hand, experienced a large 24.4% increase in closed residential home sales in Q2 2015 compared to Q2 2014, resulting in 291 total single family residential closed sales for the quarter.

The county also saw a positive increase in the number of pending home sales, from 239 in Q2 2014 to 284 in Q2 2015. Median sales price was up 9.3% from last year to $205,000, and the days on market was increased by only one day to 129 average days on market for Grafton County single family residential homes.

Grafton County continues it’s trend upward in 2015. This year-to-date, Grafton County is up 17.1% from 2014 at this time with a total of 439 closed residential home sales so far this year. It is a good year to be selling your home in Grafton County.

NH County Condo Closings

Let’s not forget about condominium sales. Condo closed sales were up 11% for the entire state of New Hampshire in Q2 2015 compared to the same time last year. While Grafton County experienced some of this with a 7.7% increase to 112 condo closed sales this quarter, Sullivan County experienced a 50% decrease in condo closed sales resulting in only 6 closings in Q2 2015.

Although the condo closings in Sullivan County dropped significantly this quarter, so did the average days on market. The Q2 2015 days on market for condos decreased 33.2% from 322 days in Q2 2014 to 215 days this year. Fewer condos sold, but those that did sold much more quickly.

Inventory Needed to Meet the Demand

The recurring theme for this year seems to be high demand and low inventory. In a recent news release from the National Association of Realtors®, NAR chief economist Lawrence Yun referred to the effect of this trend on sales prices. "Steady rent increases, the slow rise in mortgage rates and stronger local job markets fueled demand throughout most of the country this spring," said Yun. "While this led to a boost in sales paces not seen since before the downturn, overall supply failed to keep up and pushed prices higher in a majority of metro areas."

In New Hampshire, we continue to see month after month of decreased inventory of both homes and condos for sale when compared to the previous year. In the second quarter alone, there were 6% fewer NH homes on the market than in 2014.

If you’re considering listing your home for sale in the Dartmouth-Lake Sunapee Region, contact CG Shepherd Realty, LLC to speak with one of our licensed REALTORS® about the regional real estate market.

(Data for this article was found in the following NHAR Real Estate Market Data Reports:Q2 2015 NHAR Market Data and June 2015 and Year-To-Date NHAR Market Data)

View previous NH real estate market data from NHAR.

New Hampshire Real Estate Market Data: Q1 2015


Whether you currently have your New Hampshire home listed for sale or you would like to stay updated on the activity of the local real estate market as a potential buyer or seller, it is important to look at past real estate market data to understand and anticipate future trends. The New Hampshire Association of REALTORS® (NHAR) has recently released the March 2015, year-to-date and 2015 Q1 data for the New Hampshire real estate market.

NH Closed Residential Sales in Q1 2015
All of New Hampshire

The entire state of New Hampshire saw a positive change across the board in residential home closed sales, median sales price, sales volume, and pending sales in the first quarter of 2015.

Compared to the first quarter of 2014, there was a 2.2% increase in closed residential sales, a 1.6% increase in median sales price, a 2.5% increase in sales volume, and a 1.7% increase in pending sales. Also, the average days on market for residential homes in the first quarter of 2015 decreased 1.8%, which is good news for home sellers as homes spent fewer days on the market.

Additionally, New Hampshire condominium sales saw improvements in the first quarter of 2015 with a 5.8% increase to 604 units closed and an 8.6% increase to 696 units pending sales compared to the first quarter of 2014.

Since “location, location, location” in real estate is a critical driving element in sales, let’s take a closer look at county data for Sullivan County and Grafton County.

Sullivan County Single Family Residential Sales

While the single family residential home sales for the state increased, home sales in Sullivan County decreased in the first quarter of 2015 compared to last year by 10% to 63 closed sales. Pending sales decreased 2.5% to 78. The average number of days on market also moved in the wrong direction, up 27.6% to 157 days.

Although Sullivan County experienced fewer residential home closings in Q1 2015, the homes sold were at higher prices evidenced by the jump in total residential sales volume from $10 million in Q1 2014  to $12 million in Q1 2015.

Grafton County Single Family Residential Sales

After two months of decreased residential home sales in January and February 2015, Grafton County completed the first quarter up in sales, thanks to a 20% sales increase in March 2015.

Overall, Grafton County experienced a 5% increase in residential home sales with 148 closings this quarter compared to 141 closings in Q1 2014. Pending home sales also increased 8.6% to 164 pending sales.

Grafton County also experienced a small 1.5% increase in median sales price in Q1 2015. However, total sales volume in Grafton County was down 8.5%. So although there were more home closings in Q1 2015, the sales prices of those homes combined (the total sales volume) were less than those in Q1 2014.

NH County Condo Closings

Sullivan County saw large jumps in the first quarter of 2015 in the number of condo sales with closed sales up 166.7% to 8 and pending sales up 125% to 9.

The condo market in Grafton County in Q1 2015 remained comparable to Q1 2014.  Closed condo sales this quarter were exactly the same as last year (56 closings), and pending sales went down 8.2% to 56.

National Real Estate Market Trends

The National Association of REALTORS® (NAR) announced existing home sales, which include single family homes, townhomes, condominiums and co-ops, on the national level jumped in March 2015.

According to NAR chief economist Lawrence Yun in this NAR article, "The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years." However, Yun notes the need for increased inventory to match a significant increase in demand that has been observed nationally. “‘More listings and new home construction are still needed to tame price growth and provide more opportunity for first-time buyers to enter the market.’”

If you’re on the fence about buying or selling your New Hampshire home, hopefully these New Hampshire real estate market insights are helpful. If you’re located in the Upper Valley or Dartmouth - Lake Sunapee Region, our qualified Realtors at CG Shepherd Realty, LLC are happy to speak with you about the real estate market in your local community. Contact us at CG Shepherd Realty, LLC.

(Data for this article was found in the following NHAR Real Estate Market Data Reports: March 2015 and Year-to-Date NHAR Market Data and Q1 2015 NHAR Market Data)

View past 2014 and 2013 New Hampshire Real Estate Market Data.

New Hampshire Home Foreclosures Drop 42% in February 2015

 

According to the New Hampshire Housing Finance Authority (NHHFA), New Hampshire hit record lows for the number of home foreclosures this decade with only 133 foreclosure deeds filed in February 2015.

NH Home Foreclosure Drop title image

Short-term and Long-term Improvement in NH Home Foreclosures

Not only was this (133) the lowest number of foreclosures the state has seen this decade, but also it was 42% less than those filed just last year in February 2014. That means in one year, we have seen a dramatic decrease in the number of people who have lost or are at risk for losing their homes to foreclosure.

Additionally, the number of foreclosure auction notices in February dropped even more from February of last year, down 60%, to only 100. It is rare for this number to be lower than the number of filed foreclosures (133) because it is a gauge of the number of people who could lose their homes in the coming months.

Compared to five years ago, so far in January and February of this year foreclosure filings are a whopping 60% lower than they were two months into 2010.

Factors Influencing Fewer NH Home Foreclosures

So, why are we seeing these drastic improvements in the number of New Hampshire home foreclosures both long-term and more recently in just the last year? There are multiple contributing factors. “The NHHFA attributes the improved numbers to an improved economy, and the fact that some banks are allowing short sales rather than taking borrowers’ homes.” (NH Business Review)

Along with the improving economy and banks allowing more short sales, new initiatives have cropped up specifically to assist NH homeowners at risk of losing their homes to foreclosure. This recent article celebrates the success of the HomeHelpNH counseling program that helped 750 households avoid foreclosure over the last two years.

Whatever the factors, these improved numbers are a good sign looking toward the spring that we’ll continue to see fewer home foreclosures in New Hampshire in 2015.

New Hampshire Real Estate Market Data: End of Year 2014

As we look into the 2015 real estate housing market with optimism, let's take a look back at how the New Hampshire real estate market finished out 2014. The New Hampshire Association of REALTORS® (NHAR) has recently released the December 2014, year-to-date and Q4 data for the New Hampshire real estate market.

Since real estate is local, here are some of the highlights from Sullivan County and Grafton County in New Hampshire:

Sullivan County Single Family Residential Home Sales 2014

Sullivan County, NH saw a decrease in single family residential sales closings in both November  and December of 2014 compared to closings during those months of 2013. In November, we saw a 26.7% decrease (from 45 to 33) in closings compared to November 2013. Then in December, we saw a 15% decrease in closings (from 40 to 34) compared to December 2013.

The fourth quarter of 2014 ended down 12.1% in single family residential closed sales compared to Q4 of 2013 in Sullivan County. Similarly, the total year-to-date 2014 closed sales for the county were also down 12.1% to 449 compared to 2013, but the median sales price was up 5.3% to $149,500 and the number of days on market was down 6.3% to 134 days compared to the year prior.

So in spite of the number of houses sold in Sullivan County decreasing in 2014, those houses sold were on the market fewer days and sold for a higher median price.

Grafton County Single Family Residential Home Sales 2014

Grafton County, NH experienced a smaller decrease in single family residential closed sales for both the fourth quarter (4.8% down to 239) and entire year-to-date (down 5.4% to 895) of 2014 compared to the same periods in 2013.

However, we actually saw a slight 0.1% increase in median sales price by the end of 2014 ($178,750) compared to the year before. The total days on market for single family residential homes 2014 in Grafton stayed exactly the same as it was at the end of 2013 (132 days).

New Hampshire Condo Closings 2014NH Closed Real Estate Sales 2014

The total condo closings in Sullivan County were up 8.3% in 2014 compared to 2013, even though the days on market were up 17.2% to 252 days. Grafton County saw a smaller increase of 2.5% in condo closings and a 2.8% decrease in days on market to 171 days.

All of New Hampshire 2014 Real Estate Market Data

For the whole year, the entire state of New Hampshire only had a 0.4% decrease in single family residential closed sales totaling 14,208 (see chart). However, the days on market for the state was slightly down from 2013 (from 100 to 95), and New Hampshire condo closings for 2014 were up 0.3% to 3,542 from the year prior.

Your Local Real Estate Market

Looking ahead into 2015, we continue to see factors in the real estate market that make it a great market for first-time home buyers, including the improved ability to qualify for credit and to afford the down payment (Realtor.com).

Talk to our realtors at CG Shepherd Realty, LLC for more details on the local Dartmouth-Lake Sunapee real estate market to see if now is a good time for you to buy a home in New Hampshire. Similarly, those of you thinking about listing your New Hampshire home for sale, please contact our agents at CG Shepherd Realty, LLC to get a better idea of the real estate market in your area.

(Data for this article was found in the following NHAR Real Estate Market Data Reports: November 2014 NHAR Market Data, December 2014 and Year-End NHAR Market Data, Q4 2014 NHAR Market Data)

View past 2014 and 2013 New Hampshire Real Estate Market Data.