Posts made by author 'Andy Smith'

When folks ask us, "How's the real estate market?" It's not a simple answer. There are many variables that go into that answer, and it comes down to "It depends." It depends on the town, pricing of course, the property's condition, and other considerations such as the neighborhood, zoning laws, insurance, utility, and real estate tax costs. However, overall, we can answer that the market is "good and getting better!

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As we glide into the fall selling season, the market continues to be strong and is growing on all fronts. For the first time in 2 years, the number of homes for sale increased. At the end of August, there were 2,346 homes for sale in NH, a 28.9% increase over a year ago. With increased supply, Buyers now have a better selection and see affordability improve as interest rates decline. Rates have dropped considerably, and now are in the mid 5% to low 6% range. Expect to see interest rates continue to drop, leveling off in the low 5% range.

Although the number of homes closed in NH continued its downward trend through July, the pending sales, or those properties that are under contract and headed to closing has increased 19% year over year. We expect this trend to continue as there is a pent-up demand for homes, and there just has not been the inventory to match.

With solid demand, increased inventory, and lower interest rates, the outlook for both Buyers and Sellers is quickly getting back to pre-pandemic levels, and that bodes well for all. As always, please don't hesitate to connect with any of our 65 full time professional Realtors® from any one of our 8 conveniently located offices for a confidential discussion of your local market, and how we can help in your journey for your next real estate transaction.

At a recent Business After Hours event held in our Plymouth office, I reflected on how wonderful it was to gather again. We were delighted to see a record crowd coming together for some comradery and great conversations between new and old friends. As is often the case, many of the conversations I had turned to real estate, and I observed there were a few topics which seemed to be on the minds of most.

INVENTORY- I reported in the last issue that unit sales in NH were down 19.1% in 2023 compared to 2022. Although it may not seem like much, we are seeing more homes on the market year over year. In March of 2021, there was only .80 month's supply of homes listed on the MLS. That increased slightly t...

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As I find myself sitting at my desk with the sun a little higher in the sky, the temps creeping up with promises of spring around every corner, it's a perfect time to reflect on real estate in 2023, and to firm up some projections for 2024.

According to statistics provided by the New Hampshire Association of Realtors, there were 11,620 single family homes sold in New Hampshire in 2023, which was down 19.1% from 2022. Looking back even further, that is the lowest number of homes sold since 2011, in which we were in the middle of a real estate meltdown. Looking back 20 years, in 2003 there were 16,044 ho...

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Tight Inventory Drives Fewer Sales, Higher Prices

It's all about supply and demand in economics and in the real estate market, this theory holds true now. Low supply of inventory and buyer demand has real estate prices in New Hampshire up with a median sales price in August of $490,000. Home prices have continued to sit at record high levels nationally and locally thanks to a limited supply of homes for sale.

Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. According to Freddie Mac, the average 30-year fixed-rate mortgage has remained above 6.5% since May. As a result, existing home sales have continued to slow nationwide, but this has done little to cool home prices. These pric...

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