Real Estate Trends – Merrimack, New Hampshire

Introduction:

Thanks for checking out our latest real estate market trend report.  For those of you here for the first time reading one of these reports, what we do is examine real estate market in a city or town in Massachusetts or New Hampshire to evaluate its current conditions.  We do this by looking at the changes in several key metrics year over year for the town to see how the market has changed and evaluate what those observations mean for that market moving forward.

Today we are going back up to the granite state again, highlighting Merrimack, NH in Hillsborough County.

Market Trends in Merrimack, NH – March 2014 and 2015:

The Merrimack, NH market has fallen off some since last year.  Both the average listing and average sales prices were down somewhat and the days on market were up a bit.  Inventory was up just a bit from 13 sales in March of 2014 to 15 in 2015.

Average Listing Prices:

As normal the first thing we are going to look at is the average listing price.  For Merrimack, NH the average listing price in March 2014 was $253,930.  This was down a bit to $244,853 in March 2015.  That gives us a decline of 3.57%.

Average Sale Prices:

The next thing we are looking at is the average sale prices.  The average sale price for Merrimack, NH in March of 2014 was $253,726 and in March 2015 that was down to $242,960.  That gives a larger decrease of 4.24%.  While the differences in the falls are not huge it still might indicate that prices are falling slightly faster than the local real estate agents are compensating for it.  This thought is also supported in the observation about the days on market to follow.

Average Days on Market:

As just alluded to the final item we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Merrimack, NH the average days on market in March of 2014 were 36.77 and the average days on market for March 2015 were 54.33, for a noticeable 44.76% increase.  As I said above this supports the idea that prices are falling faster than asking prices are keeping up as properties are also sitting quite a bit longer as well. Since we have seen so many instances where a single data point in one, or both, years can skew the data I want to point out that is not the case for Merrimack, NH for either year.

Merrimack, New Hampshire Summary:

The Merrimack, New Hampshire real estate market has ticked down a little bit since last year.  The small drops in listing prices and in sale prices support this.  The increase in the days on market further support that since the longer a property sits will usually cause the price to go down. In summary if you are looking to sell a house in Merrimack, NH now you should expect to get less for it than you would have last year.  The market has also slowed down so you should consider taking a discount to sell it faster and avoid sitting on it for a long time.  

 

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

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(Image credit: Merrimack Town Seal via Wikipedia)