Included below is our third post of our regular Monday morning weekly real estate market reports for the White Mountain area. This data covers the greater North Conway NH real estate market area of Carroll County and into western Maine (Oxford county).
If you are looking to buy a home or if you are an investor you will find this information helpful to you. If you would like more specific information or more historical data please contact me with your request and I will send you the information.
NH Real Estate Report - August 10th to August 16th, 2008
Prior Listings Back on Market: 22
Sales Pending :24
Withdrawn Listings: 13
Average Sold amount: $239,532
Median Sold amount: $205,000
Days on the market (average): 137
Last week I commented on the drop ( by nearly $100,000 ) in the average sold amount and this week we are back to the typical homes sold average of $230,000...the data when viewed on a week to week basis can give the wrong impression without perspective.
31 homes sold last week...people are still looking and still buying. In fact the smart people know to buy when everyone one else is selling and to sell when everyone else is buying. It is NOT
imperative to wait until the proverbial "bottom of the market".
Did you know that rates have only been lower than this months 30 year fixed rate 48 out of the past 447 months? Buyer's need to remember that an increase in mortgage interest rates directly offsets any savings that they might realize by a reduced purchase price.
So you waited six months and saved a whopping $35,000 in the purchase price....BUT...you only saved $8 bucks from your mortgage payment. There is a balance to consider of course but this example hopefully will make some buyers consider how the "waiting game" is REALLY treating them.