What's going on in the Windham NH real estate market you ask? Well, the activity and trends in the first quarter have been quite the awesome sight for real estate agents and home-sellers alike in Windham. While one quarter, doesn't the whole year make, the implications of some of the numbers are amazing. First, there is either bad news or good news depending on whether you are a buyer or a seller. The number of single family home listings coming onto the market, dropped by 14.10%, during the first quarter of 2015 as compared with the first quarter of 2014. 78 new listings in 2014 compared with 67 in 2015.
However, despite a lower listing count and despite heavy snowfall and cold, closed single family home sales, were actually up. There were 43 closed sales in 2015 as compared to 39 in the first quarter of 2014, an increase of 10.25%. The weather obviously impacted sales in the quarter though, with pending sales in 2014 of 42 compared to 31 in 2015, a drop of over 26.19% during the same period.
Ok, that's all well and good, but what about prices in Windham. What is going on with prices? Hang on, here it is. Drum roll please... the average sales price, of a single family home in Windham NH, during the first quarter of 2015, rose 14.09% compared to the first quarter of 2014. During this period in 2014 the average sales price was $418,649 and in 2015 it was $477,658. The median sales price increased from $367,000 to $390,001 and increase of 6.26% quarter over quarter. While I'm not an expert on all the subtleties of median and average, there is definitely some price appreciation going on here! The improving market is also reflected the declining number of days on market in Windham. During the first quarter of 2014 of was 135 compared to 112 in the first quarter of 2014.
I can here you thinking, "If you're so smart what's going to happen next." Predicting the future is always a perilous game, however, since the days have gotten longer and warmer, we are seeing a frenzy of activity in the Windham real estate market. For example, a house we just listed in Windham for just over $300,000 had over 30 showings in the first five days on the market and multiple offers. The first week of April has been just crazy with activity and offers coming in on our listings. At Prudential Dinsmore Associates, we are very good at marketing and pricing strategies, that create the new listing buzz, but we also have to admit that the market is incredibly strong. Much of it is the pent up demand caused from the dreadful winter weather. Yes, I can read your mind, "That's interesting smart guy, but what about your predictions for the rest of 2015." OK, out on a limb I go... based on what we are seeing right now, it appears that 2015 will be a very strong year for real estate in Windham. I know what you're thinking, "Well that's a half-assed prediction, but it will have to do."
That's all well and good you say, but what about condominiums. "Is this the year I should sell my condo?" Here is what happened in the first quarter of 2015: There were 8 condos closed in 2014 vs. 7 in 2015, a 12.5% decline. Pending sales were really whacked with the weather as shown in the fact that just 5 condos went under agreement in 2015 and compared to 9 during the same period of 2014. There were 12 new listings during the quarter in 2014 compared to 11 in 2015. Now here is the information you are waiting for; the average sales price of Windham condos in the first quarter of 2015 was $268,039 as compared to $260,526 in 2014, a 2.88% increase, quarter over quarter. Median sold prices were $272,500 in 2015 vs. $262,800 in 2014, a 3.69% rise. At Prudential Dinsmore Associates, we have seen really strong demand for our Windham condominium listings.
Now here's the rub for 2015. Real estate appraisers are likely to be behind the curve on price appreciation in Windham. They are completing valuations, looking in a rear view mirror and they are hemmed in by a slew of new banking regulations that are driving them crazy. I don't envy them right now. Buyers can be willing to pay a certain price that a seller accepts, but appraisers have to sanction the price to the mortgage company or bank. And banks and mortgage companies are being very difficult with appraisals and appraisers.
Despite the great market in Windham, there are some incredibly important things that your realtor® can do to insure that your home arrives on the market with "the great new listing buzz." There are lots of the buyers in the market, but they may just ignore your home if it's not properly prepared for the market with a strategic price, ready to show and our smart marketing initiatives. If you're ready to sell, why not give us a call.
This information is based in whole or in part on data supplied by the Multiple Listing Service of the Granite State South Board of REALTORS, Inc. Neither the board or its M.L.S. guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its M.L.S. may not reflect all activity in the market.