New Hampshire Home Sales Increase 6 Percent In 2009

For the first time in five years, New Hampshire residential home sales ended the year with a cumulative increase, as 2009 year‐end
home sales were ahead of 2008 by 6 percent. According to data released this week by the New Hampshire Association of
REALTORS® (NHAR), 10,832 single family homes sold in 2009, a 6 percent gain from the 10,208 sales of a year ago. The good
news was even more substantial considering how far behind sales numbers had been after the first two months of 2009.

―This was an incredible comeback,‖ said NHAR President Monika McGillicuddy, a 25‐year veteran of the real estate industry .
―Since spring, the market has taken off in a way that at that time we could have only hoped.‖ McGillicuddy attributed the increase
in part to the continued incentive of the homebuyer tax credit, but generally as a signal that the residential real estate market is
amidst the early stages of the recovery process. ―There are many factors that have gone into this increase in sales, from the tax
credit to excellent interest rates to competitive prices,‖ McGillicuddy said. ―Ultimately, we’re talking about an increase in confi-
dence that I believe is at the core of sustainable momentum in the real estate market.‖
The recent sales also helped to drive down statewide inventory to 12,203 active residential, condo and mobile/manufactured
properties as of Jan. 6, the lowest such number in at least three years. The good news filtered to the local markets as well, as all but
one of New Hampshire’s 10 counties saw year‐end increases in sales, including a 7 percent jump in the state’s largest county,
Hillsborough – from 2,754 residential sales in 2008 to 2,947 in 2009.

Residential home sales for 2009 compared to 2008

Units sold % change Median price % change
Washington, December 18, 2009
County
2009 2008-09 2009 2008-09
Belknap 634 6% $175,345 -20%
According to the most recent Realtors® Confidence Index,
Carroll 714 10% $185,000 -10% 39 percent of recent buyers purchased a home with a Federal Housing
Cheshire 598 -5% $167,000 -7% Administration-insured loan. Realtors® who took part in the
November survey also reported that the number of first-time home
Coos 344 14% $75,000 -25%
buyers continued to climb to 51 percent.
Grafton 697 7% $169,000 -13%
Hillsborough 2,947 7% $229,900 -7% ―FHA helps provide affordable mortgage financing to homeowners,
Merrimack 1,162 9% $198,500 -12% particularly first-time home buyers who are so important in drawing
down inventory to help stabilize the current housing market,‖ said
Rockingham 2,399 4% $257,900 -10%
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in
Strafford 965 8% $195,000 -11% Tucson, Ariz. ―These recent survey results reaffirm that, despite its
current challenges, FHA is a critical part of the American housing
Sullivan 372 3% $149,750 -13%
fabric.‖
Statewide 10,832 6% $212,000 -10%
The RCI results also indicated that distressed sales increased to
New Hampshire 33 percent of all home sales last month, and that both investors and
first-time home buyers are competing for these properties. The
The Granite State showed a steady increase in single-family preponderance of distressed properties on the market has also
home sales in 2009, rising 4.4% over 2008, and ranking
influenced buyers’ perceptions of other homes for sale. Realtors®
fourth in New England for total sales increase.
report that many buyers have pricing expectations that treat every
According to the New Hampshire Association of property as if it were in foreclosure.
REALTORS®, New Hampshire residential home sales
experienced the larges single month increase in history, In addition, Realtors® expressed ongoing concerns with the impact of
as November 2009 unit sales jumped 70 percent over the Home Valuation Code of Conduct on recent appraisals. According
November 2008. In addition, each of the State’s ten to some survey respondents, inexperienced or out-of-area appraisers
counties saw at least double digit percentage sales gains,
including a 61 percent jump in the state’s larges county continue to rely heavily on sales prices of distressed properties, even
Hillsborough—from 183 residential sales in November when other comps are available.
2008 t0 295 in November 2009.
―As the first, best source for real estate information, Realtors® have
While the majority of consumers prefer single family their finger on the pulse of current housing trends, and their
homes, the most popular house type purchased in 2009 knowledge and experience offer valuable insights into today’s real
was the multi-family. Posting an increase of 8.5%, these
estate market,‖ said Golder. ―We know that an economic recovery is
units represented affordable, well-priced homes perfectly
suited for first time buyers. not possible without a housing recovery, and we will continue to work
with policymakers at all levels to ensure that this happens.‖
Condominiums, the hardest hit segment in 2009 across
New England, had the second smallest decrease in New
Hampshire remaining largely flat with a decline of
just –1%.

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