Well, let’s just say that there are plenty of buyers hoping to find a home in the Upper Valley. That’s a drastic change from a 2010/2011, but, unfortunately, we still need houses on the market in order for supply and demand to align! Below is a quick analysis of the way 2014 is shaping us thus far.
Hanover/Lebanon: New listings are down slightly ( 3%) with 217 homes listed from 1/1/2014 -5/31/2014, compared to 224 the same time last year. Sold listings are down 22% with 72 homes sold YTD 2014 vs 92 YTD 2013. 50 homes are pending 2014, vs 76 the same period 2013. The volume of sold listings is barely down with YTD sales reaching $24,439,000 vs $26,622,000 in 2013. The average sales price is up 27% from 2013 to $367,211 vs $289,371. We simply need more Hanover and Lebanon quality inventory.
Let’s look at the differences between Hanover and Lebanon sale pricing:
Hartford/Norwich: New listings are up slightly ( 10%) with 208 homes listed from 1/1/2014 -5/31/2014, compared to 189 the same time last year. Sold listings are down ever so slightly with 65 homes sold YTD 2014 vs 69 YTD 2013. 41 homes are pending 2014, vs 53 the same period 2013. The volume of sold listings is down a significant 23% with 2014 YTD sales only reaching $16,608,000, whereas 2013 sales volume for the same period was $21,513,000. The average sales price is down 18%, with $255,501 in 2014 vs $311, 793 in 2013.
As we head back into our slower season, we have to hope that sales inventory will pick up in order to meet the housing buyer demand that is definitely out there. It would be unusual to see an increase in sales inventory this toward the second half of the year but perhaps as market perceptions continue to improve, people will be more willing to risk selling their home and getting the prices they hope for. Stay tuned!
And, of course if you would like to consider the purchase of a new home, give Matt or Carol a call at Housing Solutions (603.643.4800) and they would be happy to discuss available options with you!