Is it the weather, the interest rates, the choice of homes on the market? Maybe all of the above, but home sales have increased so far in 2012. Read on. . .
Give us a call if you’d like to see any properties in our market area – We’re “The Best Team in Town”! 603-526-4116; www.cbmilestone.com.
After four consecutive months of steady residential sales gains in New Hampshire, November unit sales saw a slight decline compared to the same month a year ago, according to data released this week by the New Hampshire Association of REALTORS (NHAR).
The median price of those homes, meanwhile, decreased by 4 percent in November.
There were 822 homes sold in November 2011, 2.5 percent behind the 843 sold in November 2010. That came following jumps of 29 percent, 14 percent, 13 percent and 14 percent in the four months prior. Year to date sales for this year, meanwhile, were 1.2 percent above those through the first 11 months of 2010: 9,790 compared to 9,674.
“We would expect to end 2011 a shade ahead of 2010 in terms of the number of residential homes sold,” said NHAR President Tom Riley, a 35-year veteran of the real estate industry and president of Riley Enterprises in Bedford. “This supports our contention that while we are not making huge gains, there seems to be a stabilization underway that we hope speaks to the early stages of a slow recovery, both in the New Hampshire housing market and the broader economy.”
The state’s November residential median price dropped from $202,000 in 2010 to $193,450 in 2011. Year to date, the $203,000 median sale price in 2011 is 6 percent below the $215,000 through November of 2010.
In local markets, November unit sales increased in five of the state’s 10 counties: 30 percent in Cheshire, 15 percent in Carroll, 14 percent in Belknap, 10 percent in Sullivan and 3 percent in Rockingham. New Hampshire’s largest county, Hillsborough, saw just a 0.5 percent November vs. November decline.
Median price fell in all counties other than Rockingham, which saw a dramatic increase in November compared to a year ago: a 52 percent jump, from $159,900 in November 2010 to $242,500 in November 2011.
November 2011 data residential
As for the number of November condominium sales in New Hampshire, there was a slight increase from 2010 (187) to 2011 (189), while the median price of those sales increased 4 percent, from $160,000 to $166,000.
Source: Dave Cummings, NHAR Director of Communications
Many sellers are tempted to take their homes off the market between Thanksgiving and New Year’s. They feel the market significantly slows down and that they have little chance of selling – so why disrupt their holidays? While the slowdown may be true to some degree, there are several advantages for keeping a house on the market during this time frame. First, the buyers that are out looking are serious buyers and are ready to offer on something they like. In addition, there usually are fewer properties on the market this time of year so the competition is reduced. Plus the holidays offer a perfect time to dress up a home for prospective buyers. Sellers looking to sell should seriously consider keeping their home on the market through the holidays – it may turn out to be their most wonderful time of the year!
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Sales of existing-home sales rose in March, continuing an uneven recovery that began after sales bottomed last July, according to the National Association of Realtors®.
Existing home sales which do include condominiums and co-ops, increased 3.7 percent to a seasonally adjusted annual rate of 5.10 million in March from an upwardly revised 4.92 million in February, but are 6.3 percent below the 5.44 million pace in March 2010. Sales were at elevated levels from March through June of 2010 in response to the home buyer tax credit.
Lawrence Yun, NAR chief economist, expects the improving sales pattern to continue. “Existing-home sales have risen in six of the past eight months, so we’re clearly on a recovery path,” he said. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.”
NAR’s housing affordability index shows the typical monthly mortgage principal and interest payment for the purchase of a median-priced existing home is only 13 percent of gross household income, the lowest since records began in 1970.
“Although home sales are coming back without a federal stimulus, sales would be notably stronger if mortgage lending would return to the normal, safe standards that were in place a decade ago – before the loose lending practices that created the unprecedented boom and bust cycle,” Yun explained.
“Given that FHA and VA government-backed loan programs turned a modest profit over to the U.S. Treasury last year, and have never required a taxpayer bailout, we believe low down-payment loans should continue to be available for those consumers who have demonstrated financial responsibility and are willing to stay well within their budget. Raising the downpayment requirement would unnecessarily deny credit to many worthy middle-class families and veterans,” Yun said.
The national median existing-home price for all housing types was $159,600 in March, down 5.9 percent from March 2010. Distressed homes – typically sold at discounts in the vicinity of 20 percent – accounted for a 40 percent market share in March, up from 39 percent in February and 35 percent in March 2010.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said some renters are looking to home ownership as a hedge against inflation. “The typical buyer today plans to stay in a home for 10 years, while rents are projected to rise at faster rates over the next few years,” he said. “As buyers gain more financial security, the advantages of home ownership become more obvious. Rents will continue to trend up, especially in comparison with a fixed-rate loan which provides financial stability and gradual accumulation of equity over time.”
Total housing inventory at the end of March rose 1.5 percent to 3.55 million existing homes available for sale, which represents an 8.4-month supply at the current sales pace, compared with a 8.5-month supply in February.
Single-family home sales rose 4.0 percent to a seasonally adjusted annual rate of 4.45 million in March from 4.28 million in February, but are 6.5 percent below the 4.76 million level in March 2010. The median existing single-family home price was $160,500 in March, down 5.3 percent from a year ago.
Regionally, existing-home sales in the Northeast rose 3.9 percent to an annual level of 800,000 in March but are 12.1 percent below March 2010. The median price in the Northeast was $232,900, down 3.0 percent from a year ago.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Source: The National Association of Realtors, Washington, DC, April 20, 2011
Home sales activity in the Granite State saw a February increase of 7.4 percent compared to February 2010, according to data released recently by the New Hampshire Association of Realtors (NHAR).
The median price for statewide home sales, meanwhile, fell 7.5 percent for the month, from $200,000 in February 2010 to $185,000 in February 2011.
Year to date (January and February), unit sales are ahead of last year’s pace by 5 percent, while median price for that period is down almost 4 percent.
“We’re not ready to jump to the conclusion that this is a trend,” said NHAR President Tom Riley, a 35‐year veteran of the real estate industry and president of Riley Enterprises in Bedford. “But I don’t think it’s a stretch to say that the housing market appears to be stabilizing, and that’s great news.”
Riley pointed to the fact that despite a difficult winter for home sales, this is the second consecutive year that both January and February activity has increased. The last time both January and February showed unit sales gains for two straight years was 2000‐01 and 2001‐02.
In terms of local markets, seven of the state’s 10 counties saw unit sales increases in February compared to a year ago, including a 61 percent jump in Carroll County, 42 percent in Coos County and 38 percent in Belknap County. The state’s largest county, Hillsborough, witnessed a 3.6 percent unit sales increase. Median price, meanwhile, saw increases in four of 10 counties.
Click here for February 2011 data residential
Click here for February 2011 data condo
With inventory still relatively high, interest rates low and prices competitive, Riley said the market remains ripe for strong sales activity.
“There are incredible opportunities for buyers right now,” he said. “It wouldn’t surprise me to see activity continue at a strong pace.”
Source: Press Release from Dave Cummings, NHAR Director of Communications
As reported in the REAL Trends Update #1275 on February 1st, the number of properties going under contract nationally continue to increase. Through December, the numbers have gone up in five of the last six months (although this past December was 4% below a year ago). The fact that the contract activity is fairly steady indicates that the sales volume is approaching a “sustainable, healthy volume” in the range of 5.5 million sales.
The media reporting of the reality of “modest gains” in the job market and other indications of an improving economy are giving consumers some confidence to seriously pursue the purchase of a home. The housing affordability conditions continue to be excellent for those active buyers, as there is still a great selection in inventory, sellers are motivated, and interest rates are still very appealing (and expected to rise only modestly over the first quarter and into the second).
The article further reports that buyers shouldn’t expect to see continuing falling prices in all areas, as the median existing home price actually rose 0.3% in 2010. Predictions are for a flat or slight rise in this median selling price over 2011. The expectation is that home sales will rise about 8% to 5.3 million which brings it closer to what is considered a healthy, sustainable level of about 5.5 million.
