N.H. residential prices rise in Feb.
The median price of residential real estate in New Hampshire continued to show improvement in February, rising by more than 8 percent from a year earlier, as unit sales increased by nearly 5 percent in the same time frame.According to data released by the New Hampshire Association of Realtors, the median price for residential homes sold in February was $200,000, 8.2 more than the $184,900 median price of February 2009. Unit sales rose by 4.9 percent, from 511 in February 2009 to 536 this year. It was the fifth consecutive month of year-over-year gains.February condominium sales jumped as well, with 179 sales reported in February 2010 – a 42 percent increase from the 126 sales reported a year earlier.But condo prices fell slightly, a drop of 4 percent, from $147,750 in February 2009 to $142,000 in February 2010.While overall, the February results were encouraging -- NHAR President Monika McGillicuddy, a real estate agent with Prudential Verani in Londonderry, said the increase in residential prices was “certainly good news” – there were still lingering signs of softness. For instance, while there was an overall increase statewide, unit sales fell in five of the state’s 10 counties – Belknap, Carroll, Coos, Hillsborough and Sullivan -- and remained static in a sixth, Strafford. In addition, median prices fell in four counties – Cheshire, Coos, Strafford and Sullivan.On the brighter side, the average number of days that units remained on the market continued to drop. Statewide, the average was 134 days in February 2010, 8 percent lower than the 145-average in February 2009. Average number of days on the market fell in seven counties as well – increases were reported in Coos, Rockingham and Sullivan.Nevertheless, McGillicuddy said, “the overall picture is good news. We’re obviously not near the statistical peaks of 2004 and 2005, but the indications are that we’re heading back in that direction.”Complete data on residential sales can be found here. Click here for data on condo sales. – JEFF FEINGOLD/NEW HAMPSHIRE BUSINESS REVIEW