Homes Sales Up...Prices continue to climb

August 2012 NHAR Data

Homes Sales Up...Prices continue to climb

New Hampshire Association of Realtors® (NHAR) released data this week confirming that sales of existing homes and prices continue to climb, signs that the housing market is beginning to slowly recover.

Data released Wednesday showed that residential sales in July 2012 were 20% higher compared to homes sold in July 2011. 7,044 homes sold through the first seven months of 2012 were higher than the 5,851 homes sold through the first seven months of 2011.

The median price of home sold in New Hampshire in July 2012 was $215,000 compared to $216,000 in July 2011, just a half of a percent lower. Data confirms stabilizing median prices also.

The last five years have definitely been a buyer’s market; however the market is restricted by tight lending standards and shrinking inventory. Strict lending standards could get stricter in the coming days, as government backed mortgage such as Fannie Mae has informed lenders that it will tighten qualifications for new buyers or those refinancing their homes which could include higher mandatory credit scores for some loans. Such changes could make it more difficult for buyers to qualify for a mortgage.

Evidence in the recent months has pointed to better days ahead for the long suffering housing market. Optimism has appeared in a wide range of data showing increasing sales, homes selling faster, residential construction are up and prices stabilizing.

If the market continues on this tract for the rest of the year into 2013, these numbers should continue to change for the better.

NEW HAMPSHIRE HOME SALES CONTINUE TO CLIMB

May 2012 market data

NEW HAMPSHIRE HOME SALES CONTINUE TO CLIMB

New Hampshire real estate market data for the 1^st quarter was released by the New Hampshire Association of Realtors® (NHAR) shows home sales increased by the most April transactions since 2006.

Recently released statistics of existing home sales (completed transactions which includes single family homes, townhouses, and condominiums) showed a 21% increase in sales for April 2012 compared to April 2011.

In Hillsborough County there were 852 residential sales compared to 705 a year ago and 268 condominium sales compared to 243 sales in 2011. Statewide there were 3,207 residential sales compared to 2,714 and 779 condominium sales compared to 715 sales in 2011. With an 18% increase in year to date sales compared to last year, there are signs that New Hampshire’s housing market is at the start of an uphill climb.

In Hillsborough the Median sales price of residential sales in April of 2011 was $219,500 compared to $210,000 in 2012 and condominium sales were $147,000 in 2011 compared to $129,500 a year ago. Statewide Median home sales price for April 2011 was $199,900 compared to $190,000 in 2012. Pricing is a little bit behind because of market factors but once we begin to see inventory going down, housing prices will start going up.

It is encouraging to see the signs that the housing market is recovering yet it is still too soon to predict a major turnaround. Whether it is new buyers or 1st or 2^nd home sales, the overall New Hampshire sales projections for 2012 look very promising. In the meantime opportunity waits in the marketplace; there really has never been a better time to buy.

Back to the Future? 1991 vs. 2011

The Holidays and 2011 has come and gone. Leap Year Day  and the New Hampshire Primary and has come and gone.  Housing was used as a wepon by both encumbants and hopfulls this primary season, but as the snow settles, lets now look back at what really is going on in the state and around the corner.

To do this, lets pull the lense back. Back a few years to 1986, not because of the great year for Boston sports, but because it was a great year for New Hampshire Real Estate. With 58,000 total real estate deed transfers in the state that year, it was the highest on record and the lowest foreclosure percentage in the 35 years, we have had this statistic measured. In the five years that followed we saw the foreclosure rate rise (to higher levels than our current challenges) and the transfer of property seize up. From 1991 through 1996 our real estate market expanded. Total property transfers increased by almost 20%; the total percentage of foreclosure transfers dropped from a peak of just under 20% to almost 6%; interest rates dropped for a 30 year fixed by 2.5% and our state created almost 50,000 jobs. 

So what does this history lesson tell us? What does where we are today have in common with our non so distant past of the early ninties? What is different?

For starters consider the graph below. While the total transfers of real estate in the state is not the only measure of recovery it is a good indicator of what consumers and corporations are feeling in terms of confidence to make a long term purchase. What we feel is similar is the increase in total transfers of real estate from 2009 through 2011.

Real estate is a reaction to stability and the comfort people have in choices. Not shown on the above graph is the 20,000+/- jobs that have been created in the state since December of 2009. Also not show is the decrease in a 30 year fixed interest rate by about a half of a point over that same span. We see this all as a positive indicator. Recessions and recoveries are cyllical and we see this year as a turning point for that recovery in the state.

No analysis would be complete, however without a look at some of the differences in the cycles. In 1986 the decline in the market was like slamming on the brakes, but we arrived at our current condition by pumping them. Our recovery beyond 1991 was shown with a spike in foreclosures up to 20% and then a slow recovery year over year, but because currently we had no spike we have remained around 15% foreclosure rate for the past few years.

Overall we believe that the recession and recoveries of two decades ago share more in common that what they are apart. However because this go around did not have the “shock” decline effect, we feel that it will be a bit slower to recover as there are still issues to work out. Surely no one in 2012 is slamming on the gas, but we feel that people are staying away from the brake petal.

Erin Pontbriand Joins Real Living | The Norwood Group

We are pleased to announce that Erin Pontriand has joined Real Living | The Norwood Group at our office in Nashua, NH. Erin comes from Reflections Realty Group. 

Here is Erin's Bio - in her own words. 

"I believe that good things happen to good people.  I live my life by that motto, both personally and professionally.  As my client, you will be treated with respect and represented with integrity.  Your needs, wants and desires come first, above all else.

I work in the Salem, Derry, Londonderry and surrounding areas.  I am experienced in the area of short sales and bank owned purchases.  I specialize in working with investors purchasing distressed properties.  With a degree in Interior Design, I enjoy helping clients with staging their homes and assisting investors with design ideas.  Whatever your real estate needs, I will make you feel like you are the only client I have.

I enjoy spending time with my husband of 12 years and our two daughters.  I love to read, paint and draw."

Judy Vincent Joins Real Living | The Norwood Group

Real Living | The Norwood Group is pleased to announce that Judy Vincent has joined our team in Nashua. 

Here is her bio:

If you are looking to buy or sell the single largest investment in your lifetime, why not work with an agent who offers exceptional experience and ability - an agent who enjoys her work and consistently provides professional quality service! Judy Vincent is the agent to serve you!
 
As a real estate agent. Judy respects the decisions you make and specializes in finding the home that fits your needs. Her knowledge and integrity help implement and successfully close each transaction. Her strong negotiating and communicating skills will help you through the maze of paperwork, assuring you of a smooth and successful transaction.
 
As a Seniors Real Estate Specialist. As we age, we demand specialists in our health needs, so why not in our housing and equity needs as well? If you're thinking of selling, buying, relocating or refinancing, use the experience and knowledge of a Seniors Real Estate Specialist (SRES®) designee to help guide you through your transactions.
 
As an interior designer, she has a keen eye for how to give a home that great first impression! National statistics show that a staged home sells in half the time of a non-staged home and a staged home sells for 5% more than a non-staged home. Over 75% of Realtors® recommend a home be staged prior to going on the market, yet most of those Realtors@ do not personally have the skills to turn a house from a 'home' to a saleable, marketable 'product'.
 
Remember, Judy is committed to providing expertise for all your real estate needs. She is proud to serve all of Southern New Hampshire and the Nashua metropolitan area.

Welcome Kathleen DeMello!

Real Living | The Norwood Group welcomes Kathleen DeMello to our Nashua office!

 

 Born in Chicago, Illinois, Kathleen DeMello moved to New England with her New England native husband, Bob DeMello in 1971.  Once established in the Boston area she began building her career in space planning, design, project and facilities management, and corporate real estate, while she and Bob raised three beautiful daughters.  She served as president of the Boston Chapter of the International Facilities Management Assoc.   

In 2004 Kathleen gathered all her skills and embarked on another career path in residential real estate, obtaining her license and hanging it at Keller Williams Realty, in Nashua, NH.  In 2010, yet another opportunity presented itself to team up with two wonderful partners and open Reflections Realty Group, LLC, servicing residential real estate needs in Southern New Hampshire. She is now a proud member of Real Living/Norwood Realty Group and is happily ensconced in this great career at the Nashua office of 150 Broad Street. 

 She invites you to give her a call at 233-3673 and talk about your real estate needs!

Reflections Realty Group Joins Real Living | The Norwood Group

We are pleased to announce that Reflections Realty Group has joined our firm in the Nashua office located at 150 Broad Street in Nashua, NH.
 
In the last 24 months of combined sales we have helped over 250 families buy or sell a home. 

Kristina Prior of Reflections Realty Group said "It is wonderful to put together so many quality brokers into one location to service the greater Nashua Marketplace. If I created a team I would want to become a part of, this team would be the template. The professionalism and support has been nothing but exceptional. “

“Having Reflections join our team helps to expand our Nashua location and is an exciting way to start our rapid growth plans for 2012 throughout Southern New Hampshire.” says Karl Norwood.

If you are looking for residential, commercial, and relocation services please call us at 603-889-1875, visit us today at www.RealLivingNorwood.com.