The real estate market in the Northeast is well on its way to a recovery and in some cases even surpassing expectations after that nasty bubble burst in 2008. Below are the most current press releases from the National Association of Realtors as well as more local Realtor boards describing the recent numbers with regards to existing home sales. In New Hampshire in particular listings are in great demand which bodes extremely well if you are considering selling your home. Even though it is cold and wet the buyers are out and ready!
National – Existing-Home Sales Forge Ahead in November
WASHINGTON (December 21, 2016) — A big surge in the Northeast and a smaller gain in the South pushed existing-home sales up in November for the third consecutive month, according to the National Association of Realtors®.
November existing-home sales in the Northeast hiked 8.0 percent to an annual rate of 810,000, and are now 15.7 percent above a year ago. The median price in the Northeast was $263,000, which is 3.3 percent above November 2015. *
Maine – October home sales up 5 percent; prices increase 2.67 percent*
AUGUSTA (Nov. 22, 2016)—Despite rising interest rates, home sales across Maine continue at a healthy pace, according to Maine Listings. Last month, Realtors reported 1,639 sales of single-family existing homes—an increase of 5.0 percent compared to October 2015. Prices continue to rise; the median home sale for October 2016 reached $192,500, a rise of 2.67 percent. The MSP indicates that half of the homes were sold for more and half sold for less.
New Hampshire – NH Monthly Indicators*
New Listings were down 6.0 percent for single family homes and 3.2 percent for condo properties. Pending Sales increased 14.6 percent for single family homes and 21.9 percent for condo properties.
Single Family Activity Overview 2 Condo Activity Overview 3 Closed Sales 4 Median Sales Price 5 Dollar Volume of Closed Sales (in millions)
The Median Sales Price was up 5.9 percent to $248,750 for single family homes and 8.1 percent to $189,900 for condo properties. Months Supply of Inventory decreased 36.4 percent for single family units and 26.7 percent for condo units.
So, what does all this mean? It means, if you are thinking of selling, now is the time! Listings are in short supply and if you list your property now you will have less competition than you will in the Spring when listings tend to flood the market. If you are considering buying now, you may not have the largest selection to choose from but you will not have the flurry of buyers competing for the same property as you will in the Spring.
Whether you are considering a purchase or a sale, RE/MAX Realty One and I can help. Give me a call direct at 207-451-3016 to assist with any of your real estate needs!
Happy 2017 Everyone!
Let me start by saying 2016 was amazing in many ways for me, some good, some not so good. However, each experience, whether good or bad, was a “moment” and moments are what our life is made up of…….and, if we’re lucky, there will be many of them. They make us laugh, cry, cringe and rejoice. Most of all they teach us and shape us into the people we ultimately become. So…..make the most of your “moments” this year, learn from your mistakes, rejoice in your successes and the successes of others, be thoughtful toward your fellow man and be absolutely fabulous at “making new moments”!