Newmarket New Hampshire Homes and Condos Sold in 2009

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

The first time homebuyer dominated the market taking advantage of the lower interest rates and tax credits offered by the government through the stimulus package.  This community is one of the more affordable towns with a reasonable commute to nearby Portsmouth.  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 options closer to the campus and the seacoast.

The Newmarket, NH homes sold activity in 2009 reports a sharp increase of 60% in transactions and a dramatic 27% decline in value.  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 dropped 37% since the peak prices in 2007.  Most of the depreciation in value occurred in the 2008 market.

The Newmarket, New Hampshire condo 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. The peak value for the past four years was obtained in 2006 with a value of $260,129. Industry experts believed the bottom for value occurred during 2009 which will be confirmed with 2010 reports.

Foreclosures and financing issues continue to plague the condo industry and effect values. Homebuyers had more options available in the single family segment which was primarily due to the lower prices and better financing. Many condo projects had numerous foreclosures which weakened the condo associations reserve funds which in turn created problems for lenders. These issues required buyers to have higher down payments which reduced the number of qualified buyers thus impacting values.

Information for this report was obtained from the NH MLS (NNEREN) and is not guaranteed to be accurate.  Virtual Homes Real Estate compiled and analyzed the data.