Real Estate Market Trends in Hanover and Lebanon, NH

Ok, seems like some market data from the Northern New England Real Estate Network on the Hanover and Lebanon, New Hampshire housing markets might be a fun place to start this blog.  As I gathered this data, my intent was to see what the impact of the recession has been on housing in these two towns for 2007-2008 generally, the 4th quarter of 2008 vs. the 4th quarter of 2007 and lastly the first quarter of 2008 and versus 2009.

Here is how things shook out in Lebanon.  Total units sold fell from 146 in 2007 to 128 in 2008 for a decline of 12%.  The median sell price fell from $233,750 in 2007 to $212,750 in 2008 for a decline of 9%.  The number of days on the market fell from 126 in 2007 to 120 in 2008, so it took a little less time in 2008 to get a 12% fewer units sold at an average of 9% lower pricing.

In the last quarter of 2007 a total of 32 units were sold, in 2008 the number dropped to 18 inQ-4!  A 44% drop in total units year to year, seems like the recession sure found Lebanon as 2008 wrapped up.  Median sell price also dropped from $223,500 in Q-4 2007 to $192,700 in Q-4 2008 or a decline of 14%.  The number of days on market increased from 116 in Q-4 of 2007 to 198 in Q-4 of 2008, a 71% increase in the time on market.

Things seem to have hit the bottom and tipped up again as we have entered 2009 in the Lebanon housing market.  The number of units sold in Q-1 of 2009 has dropped to 14 from 20 in the same period of 2008, but the decline in unit volume is only 30%.  The median sell price in 2009 Q-1 has also declined to $190,500 from $222,500 in Q-1 2008.  The bright spot is the days on market have dropped from 154 in Q-1 2008 to 141 in Q-1 2009 or an 8% faster pace.  It has also dropped when measured against Q-4 2008 of 198 DOM to Q-1 of 2009 at 141 DOM.

Meanwhile, things in Hanover look a little bit brighter as you compare year to year and a bit more gloomy as we enter 2009.  Total units sold fell from 81 in 2007 to 72 in 2008 for a decline of 11%.  The median sell price rose from $420,000 in 2007 to $450,000 in 2008 for an increase of 7%!  The number of days on the market fell from 112 in 2007 to 102 in 2008 so it took a little less time in 2008 to get a 11% fewer units sold at an average of 7% higher pricing.  That does not sound too bad…..

In the last quarter of 2007 a total of 16 units were sold, in 2008 Q-4 the number only dropped 2 units to14 in total.  Median sell price rose from $444,500 in Q-4 2007 to $460,000 in Q-4 2008 or an increase of 3%.  The number of days on market decreased from 152 in Q-4 of 2007 to 81 in Q-4 of 2008, a 47% decrease in the time on market.  Where is the recession??

Well, it seems to have come home to roost in Hanover during the 1st quarter of 2009.  The number of units sold in Q-1 of 2009 has dropped to 8 from 13 in the same period of 2008 or a decline of 38%.  The median sell price in 2009 Q-1 has also declined to $361,025 from $420,000 in Q-1 2008, a drop of 14%.  The last gloomy data is that the days on market have increased from 120 in Q-1 2008 to 217 in Q-1 2009 or an 81% slower pace!   Further validation of the slowed pace of the Hanover market can be seen in the increase in days on market from Q-4 2008 of 81 to Q-1 2009 of 217.  The inventory sure got stale in a hurry.

This entry was posted on Tuesday, April 28th, 2009 at 3:45 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.