New Hampshire is one of the six New England states and shares a border with Maine, Massachusetts, & Vermont. It’s got a population of approximately 1,316,000 people as of the 2010 census with an average income of $60,000 annually. The vast majority in the population and for that reason the bulk in the homes are situated within the southern part in the state distributed among the cities and their suburbs. The key cities in the state are Manchester, Nashua, Concord, Portsmouth, & Salem.
New Hampshire real-estate has taken an extremely parallel path of decline, although not quite as dramatic as the national real-estate market throughout the last five years. For the year in 2010 there were 16,140 real estate selling documented between residential, condo, & manufactured housing types. The average sales price was $185,000 across all property types. The amount of homes sold was reduced about 1.5% from 2009 and the median sales price was unmoved.
Additional NH real estate metrics worthwhile of referencing are both the average days on market(DOM) while the sales price per square foot(PSF). The average days on market was around 150 for the year. This is a vital figure to home sellers when you consider that it gives them an indicator of approximately the length of time it takes them to sell their property. So it will require an average of 5 months to sell a property. Obviously there are a large number of situations where it takes substantially less time and situations where homes take more time. On top of that keep in mind that a great deal of homes don’t sell at all and those homes are not measured in the DOM figures.
Average sales price per square foot can be a concept utilized to roughly estimation the value of 1 home vs another. It is relatively very easy to arrive at the figure provided that the calculation is completed consistently. There will be much debate about whether to use total square feet in the building(included any unfinished or below grade space) as well as to count just the finished space and above grade space. There isn’t any total correct methodology to arrive at this number, but the most frequently used course of action would be to divide the sales price by the quantity of finished above grade square feet in a property. Use this figure primarily just to get a rough idea given that numbers may possibly be grossly manipulated by smaller homes which happen to have top of the line finish work or resources which drive up the selling price and therefore PSF.
The NH real-estate market continues to experience some depreciation and it is almost certainly going to last for another 12-18 months. At that point most analysts foresee to experience a drawn out flattening of prices before any hope of some increase in home values.