May 2016 Real Estate Update
As we move into the summer months here in the Mount Washington Valley, more than just the temperature is rising. The real estate market continues to improve, showing strong growth over May of last year, as well as over April 2016. Below are the facts and figures for your May Market Update!
- Closed Residential Properties from May 1, 2016 thru May 31, 2016 increased 61% over the same period in 2015.
- For the same time period, land sales increased a whopping 214% in the Mount Washington Valley.
- Month over month also saw great improvement in May. Sold residential properties increased 11% in May over April, while sold land properties increased 14% over the prior month.
What does this mean for you? The market is continuing to improve and gain traction in the Mount Washington Valley. Home prices and interest rates remain steady, which means housing affordability is attracting buyers.
If you’re thinking of selling, now is a great time to list your home, as houses that are in a desirable location and priced appropriately are going under agreement quickly (within just a few days in some cases).
Thinking of buying? With low interest rates, now is a great time! Though you might experience some competition from other buyers, being pre-approved and having a down payment can be large benefits when you are in a multiple offer situation.
*Data compiled from NNEREN Multiple Listing Service as of June 1, 2016. Subject to errors and omissions. Towns include: Albany, Bartlett, Chatham, Conway, Eaton, Freedom, Hales Location, Jackson, Madison, Ossipee & Tamworth (New Hampshire), and Fryeburg (Maine).