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A recent report released to the New Hampshire Association of Realtors by
Peter Francese, a local demographics and consumer markets expert, reveals interesting facts about New Hampshire's real estate situation.
Despite ongoing negativity in the national media, New Hampshire stands apart from the crowd with some positive trends.
*All but one of New Hampshire's counties saw an increase in the median sales price from the first 6 months of 2010 compared to the first 6 months of 2009.
*All of New Hampshire has seen an increase in the number of units sold in the same 6 month comparison period with Hillsborough county having a 10% increase and Rockingham county having a 22% increase!
*Median sales price in these two counties has only increased by 1% and 3% respectively, but hey, it did go up, and that's more than can be said for most of the country!
Francese suggests that one reason the New Hampshire real estate market is bucking the national trend is that the demographics of our state are significantly different from the rest of the U.S. as a whole.
For one thing, his research has showed that the percentage of adults currently in their peak earning years (the age range of 45-54 years old) is 19% nationally and 22% in New Hampshire. This translates into more homeowners, with an average of 74% of adults in that age range being homeowners compared with only 45% of households ages 25 to 34. (Email me at Dave@DaveHeeter.com for a chart showing the distribution of the number New Hampshire residents by age in 2010. -Also available for Hillsborough and Rockingham counties.)
The shifts taking place in the demographics of New Hampshire indicate that we'll see a strong increase in demand for retirement homes as well as small starter homes. (For a chart showing age shifts in the US and New Hampshire - Hillsborough or Rockingham counties - from 2000 to 2010, email me at Dave@DaveHeeter.com)
Hillsborough county currently has 2,302 single family homes for sale and 3,002 single family homes have sold in the past 365 days in the county. For condominiums, there are 1,797 active listings and 1,083 sold in the past 365 days in Hillsborough county. Thus, in Hillsborough county, single family homes as a whole have a better absorption rate than condominiums. Individual cities/towns and specific price ranges can and do vary widely from these general numbers.
For specific details on recent property sales in your city or town in Southern New Hampshire, give me a call today at 603-821-1134 or email me at Dave@DaveHeeter.com!