January of 2009 may be remembered as when the Windham New Hampshire housing market froze over.
Homes sold in 01/2009: 3 (as in three = 1+1+1) vs. 116 active listings in Windham NH.
In the trailing three month period the total number of sold houses was 22 with 12 sold homes in November and 7 in December of 2008 added in. Windham real estate sold a year ago: 7 in January 2008, 11 in December and 10 in November of 2007 totaling 28. Was it the ice storm, the financial crisis, the rising unemployment rate that has held buyers back?
How about sold home prices in Windham NH? The average sold price was $472,000 in 11/07, $476,000 in 12/07 and $429,000 in 01/08. Compare these home sales with $432,000 in 11/08, $413,000 in 12/08 and $448,000 in 01/09, averaging $431,000 for the last three months vs. $459,000 a year ago, a 6% drop. Not great, but much better than the national averages.
One metric that has suffered, is the sold vs. original list price ratio of home listings in Windham NH. Remember the heady days of getting more than the asking price of the house? At the beginning of the year 2008 the ratio was 91-92%, for the past 3 months house sale prices in Windham NH were hovering at 89% in January, 80% in December and 90% in November relative to the price the home was listed at.
How is the spring market shaping up?
Here is the silver lining: as of today there are already 18 pending homes sales in Windham New Hampshire spanning a healthy $127,900 to $719,000 price range. Is the $8,000 first time home buyer tax credit having an effect already? Are low interest rates for NH home buyers helping them to commit to a home purchase? Are longer days, the snow melting, spring fever and pent-up demand for Windham homes showing their signs?
Stay tuned for the next update: flowering real estate market in Windham New Hampshire…