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

In the 4th quarter the number of single family homes sold was down 14%from the 4th quarter of ‘08 (21 in ’08 – 18 in ’09). The good news is that the average selling price of homes was up 13% in the 4th quarter ($544,799 in’08 – $635,668 in ‘09).  Average days on market in the 4th quarter shot up to a whooping 162 in ‘09 from 91 in ‘08.

Year end numbers look a bit different……… sales of single family homes for the year was down 17% from ‘08 (115 in ‘08 – 95 in ‘09).  Average selling price was also down 17% from ‘08 ( $618,133 in ‘08 – $514,883 in ‘09)
Average days on market for ‘o9 was 155 and in ‘08 124.

One of the statistics which stands out most in the Hanover housing market is that the number of homes sold over $500,000 is down substantially (23 in ‘09 – 35 in ‘08) – in which the $500K to 1M group took the biggest hit ( 19 in ‘09 – 30 in ‘08).

More on condo sales in Hanover to come!

Carol & Matt

More later ……… Matt

It was interesting to hear from Miro how the Hartland Group has adapted their plans as the economy and housing market have changed over the past year.  The most significant change is that Estes & Gallop of Lyme NH has replaced Trumbull Nelson of Hanover NH as the general contractor for the project. Miro indicated that rebidding the buildings in 2009, along with a better understanding of what consumer’s value, will help them deliver a better product well suited for the market in 2010.

They have indeed made some significant design changes and seem to have good value for moneyin their product when compared to other condominium complexes in Hanover.  The 2 bedroom flat units range in price from $289.000 to $310,000 depending on how they are situated in the buildings relative to stairs, proximity to parking and views.  The initial asking prices are somewhat higher in 2010 when compared with actual sale prices in 2009 for comparable units, a strategy often employed by developers as sales momentum is gained. When looked at in comparison to other 2 bedroom, 2 bath flat style units in Hanover and age is factored in, Gile Hill still seems reasonably priced.  The big change in design is the addition of 2 and 3 bedroom townhouse style units with their own garages, an amenity clearly valued in the winter time.  Two bedroom prices start $309,000 and three bedroom units start at $379,000 and again when compared to other Hanover 2 and 3 bedroom townhouse units the prices are in line with the market.

It seems like the real value questions facing buyers at Gile Hill boil down to two primary factors. New and green built vs. 20 – 30 year old construction technology and walk to downtown Hanover vs. walk to Dartmouth Hitchcock Medical Center from a proximity standpoint.

More later – Matt & Carol

For information and most asked questions this is a good article by Laura Saunders in the Wall Street Journal!

More Later……..Matt

Poverty Lane Orchards

One of the great things about living here in the Hanover/Dartmouth College region is that as the seasons change, interesting seasonal foods and beverages appear for our enjoyment.  This time of year I always look forward to getting a gallon of cider made by the Patch family at Walhowden Farm in Lebanon Barbara.patch@myfairpoint.net.  They are located at 33 Walhowden Way in Lebanon, NH. A trip to their beautiful farm in the fall is a great day out.  I like their cider best of the local producers because they do not pasteurize it – they use ultraviolet light instead to kill any bacteria.  That leaves the cider with its natural tangy and clean taste; pasteurized cider tends to get a bit syrupy and loses some of the biting taste I appreciate.  Another great beverage that is produced here from local apples is hard cider.  The best known producer in the area is Farnum Hill Cider in Lebanon, NH  by the Lebanon Municipal Airport. They produce a half dozen or so hard ciders. I have sampled them all over the years and can attest to the great flavors.  You can find locally produced cider and hard cider at most local general stores this time of year and always at the Hanover and Lebanon Coops.

Barb and Matt Patch
33 Walhowdon Way
Lebanon, NH 03766
(603) 448-4130    f-(603) 448-0423

Sales for Condominiums in Lebanon NH

The following statistics are from the Multiple Listing Service (MLS).

The Condo market in Lebanon NH has not faired well in the ¾ Quarter.  Sales are down by 42% (33 in ’08 to 14 in ’09).  The average sale price is about the same ($181,135 in ’08 to $182.025 in ’09).  New Condo listings are up 37% (12 in ’08 to 19 in ’09).  It seems that more first-time home buyers are opting for single family homes instead of condos.

There seems to be a number of older condos that are competing with new developments that are cutting pricing or offering concessions for up-grades……

More Later!  Carol & Matt

The following stats are taken from the Multiple Listing Service (MLS).

The single family housing market in Lebanon NH has seen some marked improvement over last year.  Sales are up by 13% (46 in ’08 to 53 in ’09).  The average sale price is up 6%  ($235,111 in ’08 to $249,811 in ’09).  New listings for this quarter are up 22% (31 in ‘08 to 40 in ‘09)……..

The First-time home buyer tax credit seems to be striking again and so far it has helped the Upper Valley as a whole to ride the wave of the this recession.

More on Condo’s in Lebanon soon! Carol & Matt

Can you live without a car in the Upper Valley?

Sure, as long as you’re living in one of the core area towns it can be relatively easy thanks to Advance Transit.  Advance Transits routes are designed to link the major employers and retailers in the area with the most densely developed housing in the area.  The blue route links downtown Hanover NH with the Dartmouth Hitchcock Medical Center and downtown Lebanon NH. The red route links the shopping plazas on rt. 12A with downtown W. Lebanon NH and downtown Lebanon NH.  The brown route links Norwich VT outside of Dan & Whits and the Norwich Inn with downtown Hanover, NH and extends out to Kendall on rt. 10N linking up with both the Ray School and the Richmond Middle School for those kids who need a ride.  The green route links Hartford VT with Norwich VT and extends around the Dartmouth Collage campus.  The pink route is devoted to shuttling folks around downtown Hanover NH and the Dartmouth campus and links up with several large parking lots on the edge of town favored by employees and students.  The orange route links the Veterans Hospital in White River Jct. VT with W. Lebanon NH and Hanover NH.   Last but not least, the purple route is dedicated to the legions of health care workers who commute longer distances to DHMC and need parking once they are there.  When you need to get out of the Upper Valley, the Dartmouth Coach will take you away in style with daily service to New York City and Boston.  If flying away is more your style, Lebanon Municipal Airport also connects you with the world.  Yes, you really can get there from here without a car.

More later – Matt & Carol