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Coos County market expected to rebound later than rest of NH
By LORNA COLQUHOUN
New Hampshire Union Leader Correspondent
Friday, Oct. 16, 2009 Share on Facebook
WHITEFIELD – Homes in Coos County priced up to $50,000 move swiftly in the real estate market, but there is an oversupply of houses in the $100,000 to $200,000 range and buyers aren't tempted right now, according to Franconia Realtor Andy Smith.
Smith provided an overview of the real estate situation in northern New Hampshire last week, during the breakfast meeting of Gov. John Lynch and the Executive Council.
"Summer picked up in activity," said Smith, of Peabody and Smith Realty. "We had three steady months of increases and we needed it because we've been down."
The New Hampshire Association of Realtors finds that the number of residential sales in August 2009 was up 4 percent from the previous year, from 1,104 homes sold in that month last year, to 1,169 this August.
"The report comes following a June residential sales increase of 1 percent and another 6 percent increase in July," Smith said, "the first time there have been three consecutive monthly increases since July 2004."
But Coos County is not seeing that rebound, he said, because it "was later hit by the real estate downturn and therefore will come out of this later than everyone else."
Also, while other parts of the country are reaching the end of their foreclosed inventory, more foreclosures in Coos County are expected through 2010.
"Although this doesn't represent a huge portion of the market, it does have a negative impact on the sales price and becomes a part of the downward cycle," he said.
Year-to-date real estate statistics from Coos note that 680 residential listings have come on the market; 277 have sold; the average listing price is $103,171; the average sold price is $91,706 and the average days on market is 188.
In individual towns, the average selling price range from $50,047 in Groveton and $56,119 in Berlin, to $80,855 in Gorham and $96,507 in Lancaster.
In these four communities, where there are homes in the $200,000 and above range, none have sold in the past six months, he said.
"This represents a second home market," he said.
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I have to disagree with KT from Berlin. Although who would know more abouth the local real estate market than someone who lives in a town so destitute people torch their homes for the insurance money, it has been over two weeks since the last fire there. So, the Coos County Real Estate market must be getting better.
- William, Dover
A Realtor will look at a road kill and tell you it is decomposing 6% slower than road kills the previous month, which means things are REALLY looking up! And the real estate market is a road kill. Foreclosures are no where near the end. Please consider doing five minutes of research before printing such nonsense.
- KT, Berlin NH