The Newmarket, NH 2009 real estate report indicates that the housing market continues its three year decline.Single family homes and condominium prices dropped to four year lows as the number of sales were concentrated in the entry level. Single family home salesspiked sharply however condo activity dropped dramatically.

The government’s stimulus package provided the tax incentives for first time homebuyers to take advantage of thelower interest rates and affordable housing pricesAffordability and access make this community a desirable option for many homebuyers.Newmarket is also impacted by the number of multi-families and rental units which provide housing for students at the University of New Hampshire in Durham. Higher end buyers prefer the optionscloser to the campus and the direct access to the waterfront and beach areas. For additional information in evaluating the community visit Newmarket NH real estate.

 

 

 

Single Family Homes

 

 

Newmarket homes sold activity reports a dramatic increase in sales (60%) while values dropped 27%. The average home sold for $229,265 as compared to 2008 values of $290,837. The high point in the last four years was in 2007 and was reported at $313,714. Values have declined sharply 37% since the peak prices in 2007. The 2008 market experienced the greatest decline in values during this four year period. Go to Newmarket NH homes for sale to view all homes and condos available for sale.

 

 

 

Condominiums

 

 

The Newmarket, NHcondominium activity in 2009 indicates a dramatic drop in sales and –6% declines in values from 2008. The average condo selling price slipped from $190,250 to $179,792. In 2006 the average selling price was reported at $260,129 which is the high point in this cycle. Most housing analysts believe that the condo values may have reached a bottom during the 2009 housing cycle which will probably be confirmed in 2010 reports.

 

 

 

 

 

 

 

Foreclosures and financing issues continue to plague the condo industry and effect values. Homebuyers had better options available in the single family home segment which was primarily due to the lower prices and favorable financing. Lender underwriting standards have become a problem for many condo developments with their associations budgets weakened by non-payment by foreclosed homeowners. These issues required buyers to have higher down payments which reduced the number of qualified buyers thus impacting values.

 

 

 

 

Virtual Homes Real Estate compiled the data in the Newmarket NH real estate report. Information was obtained from the NH MLS (NNEREN) and is not guaranteed to be accurate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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