The last couple of years show slow BUT SURE growth in the number of homes sold in Lebanon – ’11 (126) is currently showing a 4% growth from ’10 (121) which was up about the same percentage from ’09 (116)…. Coming off a high in ’07 with 158 homes selling YTD.

Average DOM is starting to come down from 118 in ’10 & 111 in ’09 to 96 in ’11 – this is down by around 20%. Median DOM in ’11 (50) is down around 17% form ’10(60) & ’09 (59).

The average selling price which was the same in ’10 & ’09 ($215K) has gone down in ’11 to 200K which is around a 7% correction in the market. Median selling price has gone down 3% in ’11( $194K) from ’10 ($200K) and around 8% from ’09 ($211K).

This is good news for the Lebanon NH housing market in that more homes are selling and in a shorter period of time than any time since the ’08 crash. It seems that seller’s are more realistic about pricing their homes and buyers are are seeing value in purchasing instead of renting with the current low interest rates and price corrections!

MORE ON THE RENT VS. BUY MARKET NEXT WEEK!

Cheers, Carol

So while the numbers look okay it is still a long way off from the peak year of ’05 when 112 homes sold YTD and Average DOM was 66/Median DOM 31…….

This tells me that though the number of homes selling is up from ’10 they are staying on the market longer. This could be for a number of reasons but most likely it has something to do with seller’s not recognizing the correction in the market and taking time for them to reduce the pricing to a point where buyers are willing to make an offer.

The average selling price of a home in Hanover went down but only by 1.5% in ’11 ($519K) from ’10 ($527K)…..however it is up dramatically 22% from ’09 (406K). Median selling price is up 4% in ’11 (($475K) from ’10 ($449K) and again a big increase of 18% in ’09 ($385).

Some conclusions that could be drawn are that in ’09 and ’10 the 1st time homebuyers credit was in effect and many new buyers came into the Hanover market but with limited purchasing power. Also, in ’10 and ’11 more buyers came back in the $500K and up market, which took a beating in ’09 and early ‘10 after the October ’08 crash.  However, the homes that are selling in the upper end of the market are taking much larger hit in the list/sell ratio – 7% in ’11 and 8% in ’10.

So, it seems that Hanover and the Upper Valley area continue to feel the effects of the current economic circumstances but in relation to a large part of the United States we continue to be more insulated than most.

Happy Thanksgiving, Carol

The numbers are looking good in Lebanon with 17 units sold, which is an increase from last year’s 14. The average price has increased to $254,382 up from $183,259 last year, a jump of 38.81%!  The average number of days on the market has increased to 195, up from 150.

Condo sales in Hanover, unfortunately, have been less promising and have actually seen a substantial dip in 2010.  So far there have only been 8 units sold, down from 21 last year.  The average price has stayed constant at about $310,000.  The average number of days on the market is also up to 268, up from 199 last year.

Chris

Carol and I recently met with Kevin and Shannon Purcell who are the developers behind Natures Walk condominiums in Lebanon.   They have sold 50 % of the project thus far and are optimistic the remaining 17 units will be absorbed into the market in the next year or so.  If you are looking for single level living with an on site fitness center and easy access to walking trails, Nature Walk is worth considering.

Quarry Hill is another new condo development in Lebanon that is aggressively looking to move units in 2010.  We have helped a Buyer in 2010 purchase one of their units and we can attest to the flexibility and responsiveness of the Developer.   A particular advantage of working with this group is the opportunity to modify the floor plan to your needs.

Westboro Woods, along with all area developers has suffered the effects of the declining real estate market and economy.  The developer of this project has been steadily dropping prices to accommodate for the lackluster demand in the market.  With these units now priced in the +-$200,000 area I think they are priced well for what they offer.

Gile Hill in Hanover has reached the end of Phase one of their development plan and are now on to phase two with some new products.  They are adding townhomes with attached garages to the mix this year, which I expect will be well received.  They are priced between $300 and $400,000 depending on size, style and location in the complex.  Being “Green Built” and on the access road for Dartmouth Hitchcock Medical Center should continue to draw buyers to this complex.

If you are looking for a condominium in the Hanover/Lebanon area, give us a call, we help people buy them all the time.

Matt & Carol

Real Estate Stats for Hanover NH

The Hanover NH real estate market is starting to show improvement in the first couple of months of 2010.  The following statistics are taken from the Multiple Listing Service.

In the 1^st 2 months of 2010 the number of single family homes sold in Hanover NH are up by 65% from the same period in 2009 ( 9 in ’10 – 4 in ’09). The other good news is that the average selling price was up 30% ($580,825 in ’10 – $402,000 in ’09). The average days on market was up 11% (112 in ’10 – 99 in ’09). The challenge continues to be in the homes over $1,000.000.

In the 1^st 2 months of 2010 the number of condominium sold in Hanover NH was down 25% from the same period last year (6 in ’10 – 8 in ’09).  The average selling price in down 18% from ’09 ($304,167 in ’10 – $372,898 in ’09). The average days on market was up 15% (339 in ’10 – 287 in ’09).

More later on Lebanon Home & Condo sales!

Carol