Posts with tag 'market watch'

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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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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Summer is upon us, and the temperatures are heating up. However, the real estate market is a little cooler than normal this time of year due to the combination of extremely low inventory and higher borrowing costs, which has restricted the market activity going into traditionally strongest part of the selling season. New Hampshire is faring much better than the national market, with the National Association of Realtors reporting that home sales nationally are down 20.4% at the end of June, while NH is only down 7.2% year over year. This tight supply has kept prices trending upward, with the median home price hitting an all-time high of $499,000, a whooping 8.5% increase over the same period last year!

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May 2023 Spring Market Watch by Andy Smith, Broker Owner of Badger Peabody & Smith Realty

As I write the Spring 2023 Market Update, it's clearly apparent that the adage I often quote, "All Real Estate is Local" is as true today as it ever has been. National news and dramatic headlines are important and relevant to pay attention to, so let's take a broad look at what's happening, and then look at the real numbers in our marketplace in real time perspective. 

There are warning signs that the recession that has been lurking in the shadows for quite some time is closer to reality than it was a few mon...

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