Real Estate Trends – Pelham, New Hampshire

Introduction:

Welcome back 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 Pelham, NH in Hillsborough County

 Pelham NH Town Seal - Pelham New Hampshire Real Estate

Market Trends in Pelham, NH – May 2014 and 2015:

The Pelham, NH market appears to be down some since last year.  Both the average listing and sale prices were down.  The days on market were down some year over year.  Inventory was down some going from 16 sales in May of 2014 to 11 in May 2015. 

Average Listing Prices:

First we are going to look at the average listing price.  For Pelham, NH the average listing price in May 2014 was $344,069.  This was down to $329,754 in May 2015.  That gives a fairly small 4.16% decrease year over year. 

However taking a look at the Median listing prices we will see that this could be underestimating the level of drop off that has happened.  The median prices were $377,450 in 2014 and $324,900 giving a much larger 13.92%.

Average Sale Prices:

Next we will look at the average sale prices.  The average sale price for Pelham, NH in May of 2014 was $345,033 and in May 2015 that was down to $329,845.  That gives a slightly larger decrease of 4.40%. 

However just like with the list prices we see a different level of change when looking at the Median sale prices.  In this case we see median sale prices of $364,000 in 2014 and $314,000 in 2015 for a similar change as seen above with a 13.74% decrease.

It is safe to say that prices are down in Pelham, NH compared to last May.  The decline is modest if we look at the average prices but pretty significant by the median prices.  The median is the more typical metric used in evaluating these kinds of statistics, but you are free to interpret the data in whatever way you feel is most appropriate. 

Average Days on Market:

The final metric 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 Pelham, NH the average days on market in May of 2014 were 49.44 and the average days on market for May 2015 were 44.64, for a fairly small 9.71% 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 and Canton #3 outliers in the data can really skew these numbers.  This again is the case for Pelham, NH in May.  In this case there was a very high days on market house in both the 2014 and 2015 data.

In 2014 there was a house with 250 days on market; this was higher than the next 3 combined and almost 32% of the total days on market for all 16 houses.  When removed the new calculation for the remaining 15 houses gives an average days on market of 36.07. 

In 2015 there was a house with 218 days on market; this was higher than the next 2 combined and more than 44% of the total days on market for all 11 houses.  When removed the new calculation for the remaining 10 houses gives an average days on market of 27.30. 

Using these adjusted numbers we see that the small decline in days on market now becomes a much more significant, 24.31% decrease.  This does not really change the general thought that things are selling a little faster than last year. 

Pelham, New Hampshire Summary:

The Pelham, New Hampshire real estate market looks like is has fallen off some since last year.  The drops in listing prices and sale prices show this.  The discrepancy in the magnitude of the fall based on using the average or median prices only leave debate in how much things are down.  However, the decrease in days on market is a small consolation for sellers at this time. 

In summary if you are looking to sell a house in Pelham, NH now you should expect to get less than you would have last year.  However you should also expect it to take less time to sell compared to last year if you have it priced correctly.

 

Do you need to sell your Pelham, 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: Pelham Town Seal from www.pelhamweb.com via Wikipedia)