Lebanon/Hanover Market Statistics – May 2009
Lebanon/Hanover Market Scoop!
Okay, so as of May 31st ‘09 the MLS statistics look like this.
‘08 Lebanon: 42 home/condo sales – avg DOM 114 – avg selling price $229,760 – list/sell ratio 96%
‘09 Lebanon: 34 home/condo sales – avg DOM 151 – avg selling price $185,708 – list/sell ratio 95%
So what this seems to be telling me is that the $8000 tax credit for 1st time home buyers is fueling the current home sales which are down by approximately 20% both in number of sales and selling price. Average DOM is up by 37. Also, in checking out the pending sales for Lebanon it looks like a total of 31 of which most should close in June – June of ‘08 saw 59 closed sales which is a difference of almost 47% down this year.
‘08 Hanover: 25 home/condo sales – avg DOM 145 – avg selling price $590,995 – list/sell ratio 93%
‘09 Hanover: 24 home/condo sales – avg DOM 207 – avg selling price $350,649 – list/sell ration 94%
It is interesting to note that in ‘08 the #’s in Hanover were 14 homes/ 5 condos – in ‘09 it is 3 homes/14 condos which again points to a slow down in upper end homes and more 1st time home buyers in the condo market. Gile Hill development which is on the DHMC access road has fueled much of the condo market for Hanover this year.
The average selling price is down a whooping 40% with the number of sales down 20% in all but homes sales are down almost 80% ytd……………..ouch! Average DOM is up by 62!
In checking the pending sales for Hanover it looks like there are 9 pending sales which most should close in June ‘09- June ‘08 saw 34 closed sales which is a difference of almost 45%.
Stay tuned for the end of 2nd quarter report…………………. Carol & Matt
