Newmarket NH Real Estate Activity in 2009

Posted by A.Brule on July 31, 2010; This entry is filed under General.

 

The Newmarket New Hampshire real estate market continues its three year decline based on 2009 statisticsAverage sales prices ofsingle family homes and condominiums reached a four year low as the first time homebuyer impacted the market at the entry level. Home saleswere up sharply while condo activity was nearly dormant.

The government’s stimulus package provided the tax incentives for first time homebuyers to take advantage of thefavorable market conditions.Affordability and access make this community a desirable option for many homebuyers. Newmarket provides housing for the University of New Hampshire with a number of multi-family and apartment complexes. Higher end buyers prefer the optionscloser to the college campus and the direct access to the waterfront and beach areas. For additional information in evaluating the community visit Newmarket NH real estate.

 

 

 

Single Family Homes

 

 

The Newmarket, NH homes sold activity in 2009 reports a sharp increase of 60% in transactions and a dramatic 27% decline in value. The average home sold for $229,265 as compared to 2008 values of $290,837. The peak in the last four years was in 2007 and was reported at $313,714. Values have declined sharply 37% since the peak prices in 2007. Most of the depreciation in value occurred in the 2008 market. Go to Newmarket NH homes for sale to view all homes and condos available for sale.

 

 

 

Condominiums

 

 

The Newmarket, NHcondo activity in 2009reports a dramatic drop in sales and –6% declines in values from 2008. The average condominium selling price slipped from $190,250 to $179,792. The peak value for the past four years was obtained in 2006 with a value of $260,129. Most housing analysts believe that the condo values may have reached a bottom during the 2009 housing cycle which will probably be confirmed in 2010 reports.

 

 

 

 

 

 

 

Foreclosures and financing issues continue to plague the condo industry and effect values. Homebuyers had more options available in the single family home segment which was primarily due to affordability and favorable financing. Lender underwriting standards have become a problem for many condo developments with their associations budgets weakened by non-payment by foreclosed homeowners. These issues required buyers to have higher down payments which reduced the number of qualified buyers thus impacting values.

 

 

 

 

Virtual Homes Real Estate compiled the data in the Newmarket NH real estate report. Information was obtained from the NH MLS (NNEREN) and is not guaranteed to be accurate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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