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NH 2010 Real Estate Sales are Up |
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First quarter 2010 sales data is out and NH is looking better...
- Home sales are up 13
percent, condo sales are up 30 percent, and prices are up over the first
quarter of 2009;
- New Hampshire non-farm employment is rising:
we’re only state in region to see an increase; and
- Our state still leads
region in the key index of economic activity, and it is also rising
Not
only are New Hampshire home sales up over the first quarter of last
year, but median home prices have also risen 6 percent statewide and are
up in seven of our state’s 10 counties. Condominium prices are also 4
percent above the first quarter of last year.
The opinions expressed herein do not
necessarily reflect those of the New Hampshire Association of
REALTORS®. NHAR has taken no officlal position on the matter of
expanded gambling in New Hampshire.
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Half the counties in our state saw double
digit home sales increase over last year, which suggests an awfully fast
start for the year, no doubt aided by the homebuyer’s tax credit. But
economic indicators in our state are so much better than other New
England states that tax break or none, we are likely to fare better than
they will in terms of home sales.
New Hampshire’s unemployment rate was 7.1
percent in February (the latest numbers available), which was more than
two points below the national rate and the second lowest in New England
(Please see charts below). But the unemployment rate only looks at the
small part of the picture.
The full part is measured by total non-farm
employment, which in New Hampshire has been increasing since the middle
of last year. Since then, 11,000 more people are working in our state,
and we’re the only state in the region where that’s happening.
These indicators of New
Hampshire’s economic health both point in the same direction. Our state
is on track to lead New England out of this awful recession, and our
real estate market is also likely to recover faster than other nearby
states.
New
Hampshire was again voted as the safest state in the nation, and we are
still ranked fourth in terms of economic activity index. That index is
also rising and is up almost three points since mid-2009. Again, we are
the only New England state where that measure of our economic well-being
has increased since then.
On nearly every measure of quality of life,
as well as many other indicators, New Hampshire leads the nation and all other New England states.
Table
I: New Hampshire unit sales and median price first quarter 2010
County
|
Unit sales
1Q 2010 |
%
change
2009-10
|
Median
$
1Q 2010 |
% change
2009-10 |
| Belknap |
119 |
+16% |
$180,000 |
+10% |
| Carroll |
107 |
-7% |
$178,000 |
+5% |
| Cheshire |
88 |
-1% |
$159,950 |
-3% |
| Coos |
57 |
-7% |
$100,000 |
+67% |
| Grafton |
125 |
+24% |
$170,000 |
+14% |
| Hillsborough |
482 |
+4% |
$217,450 |
-1% |
| Merrimack |
227 |
+38% |
$190,000 |
+3% |
| Rockingham |
437 |
+19% |
$252,000 |
+4% |
| Strafford |
181 |
+20% |
$190,000 |
+7% |
| Sullivan |
62 |
0% |
$131,500 |
-9% |
| Statewide |
1,885 |
13% |
$207,000 |
+6% |
Chart 1: Index derived from total nonfarm employment,
unemployment rate, average hours worked in manufacturing plus wage and
salary disbursements.
Chart II: Bureau of Labor Statistics
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