Real estate sales volume in the Golden Triangle of New Hampshire has dropped 26.4% compared to January of 2008, while the average price of sold homes decreased to $290,000 in 01/09 from $334,000 a year ago.
The area between I93 and Rt101 covers most of Rockingham County and the triangle marked by Nashua NH, Manchester NH and Portsmouth NH was a hotbed of real estate activity just a few years ago.
Rockingham County NH - homes for sale vs. homes sold
The number of homes sold in towns close to the Massachussetts state line was in the single digits in January of 2009, 5 in Pelham NH, 4 in Londonderry NH and 3 in Windham New Hampshire, chilling numbers compared to the 15-20 homes sold in January of prior years.
In addition to the ice storm of 2009, the frozen credit markets and dropping consumer confidence have certainly contributed much lower than average sales.
Rockingham County - List price vs. Sold home prices in NH
The gap between the average list price of $414,000 and sold price of $290,000 reveals a lack of demand for homes above the median price. The 89 houses sold represent 4.6% of the 1902 homes for sale in Rockingham County in January 2009.
The average sale price was only 84% relative to the original list price, a sobering ratio compared to the heady days of home sales above ask price and multiple offers just a few years ago.
Is there any good news?
Since the beginning of the year 165 homes turned sale pending, raising the total of homes under contract to 344 in Rockingham Country New Hampshire. Assuming most of them actually close, this pool of pending sales will cover two months at the usual 150-170 homes sold this time of the year.
If the pace of job losses abates, the $8,000 first time home buyer tax credit should also favorably contribute to seasonally stronger sales in the below $300,000 home price range in Southern New Hampshire.
Icy conditions in the New Hampshire real estate market
related articles:
Foreclosure homes in NH – Rockingham County
Homes for sale in Southern NH – exits 1-5 of I93
