The Upper Valley housing market continues to show signs of a good recovery. There are area differences in how the recovery is manifested in the various towns. For the sake of this blog post, we are going to focus on our usual suspects: Hanover and Lebanon in NH and Hartford and Norwich in Vermont.
Let’s take Hanover first. Hanover experiences a reduction in the number of new listings for the first quarter 2014 as compared to the first quarter 2013. New listings decreased 18% and the average days on the market increased 47%. That’s the “bad” news because for quite some time now , we have simply not had enough Hanover inventory available. The good news, is very good. Sold listings are up 11%, the volume of sold listings is in 115%, the average sell price is up 94% (!!) and, the median sell price is up 76%. In dollars, we have the average sell price at $910,350 in 2014 vs $470,500 in 2013. Of course, with only 10 homes sold in the first quarter, the average sell price could have been greatly affected by the sale of one or two million + homes. It will be important to watch this as the year unfolds.
The next NH town that we are looking at is Lebanon. Like Hanover, Lebanon’s new listings are down 5.5%. Unlike Hanover, Lebanon’s sold listings are down 37%, the volume of sold listings in down 41%, and the median sell price is down 7%. The average days on the market decreased 10%, so that is the one piece of market-strengthening info we will hold onto.
Vermont has a more consistent story. Norwich is the smallest of the four towns that we are examining, but it’s proximity to both Dartmouth College and DHMC make it an important player in the housing market. Norwich presents a mixed picture. New listings were up 10%, but sold listings decreased 56% and the volume of sold listings decreased 48%. On the other hand, the median sell price increased 18% and the average days on the market decreased 65%.
Hartford is a much larger area and encompasses several smaller towns. In Hartford, new listings were up 29%, sold listings decreased 6.25% and the volume of sold listings decreases 15%. In addition, the median sell price was down 9% and the average days on the market decreased 44%.