Real Estate Trends – Seabrook, New Hampshire

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Today we are highlighting the market in Seabrook, NH in Rockingham County

Seabrook NH Nuclear Power Plant - Seabrook New Hampshire Real Estate  

Market Trends in Seabrook, NH – November 2014 and 2015:

The Seabrook, NH market has fallen off quite a bit since last year.   The average prices were both down a bit while the median prices were down by even more.  The days on market look to be down a huge amount but there were a lot of issues with skewed data that we will discuss below.  Inventory was pretty consistent going from 6 sales in November of 2014 up to 7 in November 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Seabrook, NH the average listing price in November 2014 was $706,600.  This was down to $611,943 in November 2015.  This gives a large decrease of 13.40% year over year. 

Looking at the median prices we see that it was much smaller than the averages both years.  For November of 2014 the median listing price for Seabrook, NH was $589,900 and in November 2015 it was $360,000 which now gives a much larger decrease of 38.97%.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Seabrook, NH in November of 2014 was $673,008 and in November 2015 that was down to $577,613.  That gives another noticeably large decrease of 14.17%. 

We see a similar pattern with the median sale prices as we did for the listing prices for both years.  For November of 2014 the median sales price for Seabrook, NH was $586,575 and in November 2015 it was $321,000 giving another significantly larger decrease of 45.28%.

There is no doubt that prices are down significantly in Seabrook, NH this month.  You see a pretty dramatic difference if you look at the averages or at the median numbers.  While still a considerable drop the averages are saying things are down around 14% while the medians are saying as much as 45%.  This is a perfect example of why the medians are the favored metric generally for real estate price analysis.  In this case there was a single sale in 2015 for over 2 million dollars and was more than the total paid for the other 6 sales, so the average is highly skewed that year, with it being over than $160K MORE than the 2nd highest sale.  This is clearly not indicative of the market in general.  Based on this observation we would concur with the normal preference for median prices and say that for November prices in Seabrook are down over 40%.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a property to sell in the current market.  For Seabrook, NH the average days on market in November of 2014 were 187.5 and the average days on market for November 2015 were 52.0 for a vey large 72.27% decrease.

However, as we have seen many times before in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH, Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, BeverlyFramingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough, Milton, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury , Somerville, Canton #3, Pelham, NH, Westford, Plymouth (Condos), Boston’s Jamaica Plain , Halifax,Braintree (Condos), Newton (Multifamily), Plainville ,Boxford, Wayland , West Bridgewater, East Bridgewater, Marlborough (Condos), Natick (Condos), Gloucester, (Condos), Melrose (Condos), Norton (Condos), Newburyport, Atkinson, NH, Fairhaven, Lexington, Arlington (Condos), Salisbury, Weston, Groton, Wellesley, Littleton, Lowell (Condos) #2, East Boston (Condos), Dedham #3, Hanover, Canton (Condos) and Belmont #2 outliers in the data can really skew these numbers.  This again is the case for Seabrook, NH in November.  In this instance there was a very high days on market place in the data for both years.

In 2014 there was a property with 630 days on market; this was more than the other 5 properties combined and 56% of the total days on market for all 6 Properties.  When removed the new calculation for the remaining 5 properties gives an average days on market of 99.0. 

In 2015 there was a property with 172 days on market; this was almost as much as the next 4 properties combined and over 47% of the total days on market for all 7 Properties.  When removed the new calculation for the remaining 6 properties gives an average days on market of 32.0. 

Using the adjusted numbers we now get a slightly smaller decrease of 67.68%.  This does not change the conclusion of the days on market being down a lot as the adjustments in both years mostly canceled each other out in terms of the percentage change.    

Seabrook, New Hampshire Summary:

The Seabrook, New Hampshire real estate market is down a tremendous amount since last year.  The average prices were down significantly and the median prices were down by huge amounts.  The days on market were down a lot though.  That is nice for a seller but does not even start to make up for price drops of over 40%. 

In summary if you are looking to sell a property in Seabrook, NH now you should expect to get much less for it than you would have gotten last year.  However you can also expect it to take a bit less time to sell compared to last year too. 

 

Do you need to sell your Seabrook, New Hampshire house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Seabrook Nuclear Power Plant 2009 by Jim Richmond via Wikipedia)

 

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