Real Estate Trends – Londonderry, 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 Londonderry, NH in Rockingham County

 Londonderry NH Seal - Londonderry New Hampshire Real Estate

Market Trends in Londonderry, NH – January 2015 and 2016:

The Londonderry, NH market has fallen off significantly since last year.   The average prices were down a lot and the median prices were down even more.  The days on market also appear to be up a tad though.  However this appears to be misleadingly understated.  Inventory was up significantly going from 10 sales in January of 2015 to 17 in January 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Londonderry, NH the average listing price in January 2015 was $378,656.  This was down to $292,559 in January 2016.  This gives a huge decrease of 22.74% year over year. 

Looking at the median prices we see that it was higher in 2015 and was lower in 2016.  For January of 2015 the median listing price for Londonderry, NH was $403,450 and in January 2016 it was $274,000 which gives a much larger decrease of 32.09%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Londonderry, NH in January of 2015 was $380,104 and in January 2016 that was down to $289,838.  That gives a slightly larger 23.75% decrease compared to the average list price. 

We see the same pattern with the median sale prices as we did for the listing prices.  For January of 2015 the median sales price for Londonderry, NH was $398,142 and in January 2016 it was $274,000 giving another larger decrease of 31.18%. 

All the pricing metrics are showing prices are down significantly year over year for Londonderry, NH in January.  There is a sizable gap between what the averages and the medians indicate though.  Medians are the preferred way to look at things so we would say that those will give the more accurate representation of what is going on.  While the decreases shown by the averages of 22-24% are very large the 31-32% drop seen with the medians is probably more accurate for Londonderry, NH this month.

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 Londonderry, NH the average days on market in January of 2015 were 71.60 and the average days on market for January 2016 were 79.59 for a minor 11.16% increase. 

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), Belmont #2, Seabrook, NH, Hingham (Condos), Lakeville, Raynham and Holliston outliers in the data can really skew these numbers.  This again is the case for Londonderry, NH in January.  In this instance there was a very high days on market place in both 2015 and 2016.

In 2015 there was a property with 447 days on market; this was a bit more than the other 9 properties combined and over 62% of the total days on market for all 10 Properties.  When removed the new calculation for the remaining 9 properties gives an average days on market of 29.89. 

In 2016 there was a property with 324 days on market; this was a bit more than the next 2 properties combined and almost 24% of the total days on market for all 17 Properties.  When removed the new calculation for the remaining 16 properties gives an average days on market of 64.31. 

Using the adjusted numbers we now get a huge increase of over 115%!  This completely changes the conclusion of the days on market being up a small amount.  Instead of a fairly meaningless bump the days on market now appear to have more than doubled.  This is definitely consistent with the large prices drops seen.

Londonderry, New Hampshire Summary:

The Londonderry, New Hampshire real estate market is down significantly since last year.  The average prices were way down and median prices were down even more.  The days on market were also up a huge amount as well, further supporting a conclusion of the market being down substantially.

In summary if you are looking to sell a house in Londonderry, NH now you should expect to get a lot less for it than you would have gotten last year.  You can also expect it to take a much more time to sell compared to last year as well. 

 

Do you need to sell your Londonderry, 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: Londonderry NH Seal via Wikipedia)