This report is updated quarterly (January, April, July and October), but anytime you have specific questions about the market, feel free to call me at 603-661-6400 or email me at dave@daveheeter.com!
Market Facts for Winter of 2009:
As of 01/10/09, there are 288 residential listings and 164 condo listings in Manchester (12 of the houses & 1 of the condos are under agreement but 'continue to show' due to contingencies within the contract).
There are 52 residential properties and 19 condo properties under contract at this time. These numbers include any 'contingent' contracts.
In the past 30 days, 45 houses and 9 condos sold in Manchester. The 90 day totals were 132 and 51. For a year over year comparison, in December of '08, 49 properties (residential & condo) sold in Manchester, compared with 40 in December of '07.
Absorption rate: In the past twelve months (365 days), 619 residential properties and 274 condos sold in Manchester. Thus Manchester has just over 5 months worth of inventory of houses, and about 7 months worth of inventory of condos. (A balanced market is about a 5-6 month supply of homes, with less than that being a seller's market and more than a 6 month supply being a buyer's market.) The lower supply to demand ratio indicates that Manchester is likely to be the first Southern New Hampshire city to see prices recover.
*Data extracted from the Northern New England Real Estate Network MLS through Innovia.
***** Opinion for Winter 2009:
With all that's been going on with the economy, stock market & political atmosphere, it seems likely that real estate prices may take a while longer to stabilize, giving those in a position to purchase real estate a comfortable window of opportunity for finding what they desire. For those whose financial situation is the least bit precarious, now is not an optimum time to purchase real estate. Those who are stable are finding that this is a prime time to seek out the property they've been contemplating. Between the prices being closer to 2005 levels and there being generally excellent interest rates for those with at least 3 to 5% down, it's hard to argue with the benefits of this market for either buying your first home, upgrading to a larger home, or obtaining cash flow positive investment properties.
The market of the moment includes a fairly high percentage of short sale properties and bank owned homes. These two types of properties provide their own set of challenges for the buyer which can occasionally offset the lower price point that often accompanies them. Approached with caution and the proper expectations, they can yield excellent value. Should you be interested in learning more about these types of purchases, please contact us and we will be more than happy to meet with you and discuss the processes involved.
Not everyone will be able to take advantage of the opportunities that this market presents.....Will you be one of the people who does?
Location Characteristics: New Hampshire's largest city and the first one to reach 100,000 residents, Manchester is full of interesting things to see and do. In addition to all the traditional city things such as parks, schools, health care facilities, a wide variety of restaurants and endless stores (not to mention the Mall of New Hampshire), Manchester has several special features. There's the Manchester Airport(an increasingly popular alternative to Boston), Gill Stadium, the Currier Gallery of Art, Verizon Wireless Arena-good for everything from concerts to sports, the Palace Theatre, the NH Fishercats Stadium, and Vertical Dreams-an indoor rock climbing gym. And trust me, that's not even the half of it.
Take a look at the city statistics here-- http://www.city-data.com/city/Manchester-New-Hampshire.html
Check out the city website-- http://www.ManchesterNH.gov
About Dave Heeter:
Being a top notch agent requires attention to detail, a willingness to listen and learn constantly, an aptitude for negotiating, a high comfort level with technology, an eye for design and advertising, an ability to be creative and flexible, an awareness of market conditions, and so much more.
As one of the premier real estate agents in Southern New Hampshire, Dave uses his vision, insight and experience to help home buyers and sellers alike make the most of their real estate opportunities. He prides himself on seeing things from his clients' perspective, and then giving 110 percent effort to turn their dreams into reality. Whether it's finding the best values on the market or positioning a home to sell quickly and for top dollar, you can count on Dave and his team to provide you with the information, advice and service you need to make an informed and well-educated decision.
So when you're ready to buy or sell your next home, don't settle for business as usual. Call Dave Heeter today, and make your move with confidence!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
