Hanover NH Homes Sold Update!
Tuesday, November 22nd, 2011In reviewing the NNEREN statistics for the same period for ’09,’10 & ’11 1/01 – 11/21 (today) the outlook for homes sales in Hanover looks much more positive than all the grim news you hear in national news!
Homes sold YTD in ’11 is up 11% (82) from ’10 (73) and down 3.5% from ’09 (85).
Average Days on Market (DOM) however has gone up a whooping 23% in ’11 (146) from ’10 (112) and 9.5% in ’09 (132).
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

















