Hampton, NH Real Estate - March 2008 Market Update

You might not believe it, BUT, the National Association of Realtors stated recently that sales of existing homes rose to a 5.03 million annual rate in February which is an unexpected 2.9% increase. Why? The answer is that sales are being spurred by lower prices. Falling prices improve affordability and encourage people to make purchases.

In addition to existing home sales, new construction homes for sale at the end of February dropped to 471,000 units (in the US), the fewest since July 2005

Rising sales and lower prices have also stimulated the mortgage market. This is due in part to recent Federal Reserve actions that have allowed the 30-year fixed mortgage to remain near 6% and the 15-year fixed to hang around 5.5%.

Now that your all up to date on the national market. Here's what the real estate market looks like in the Hampton area.

18 homes sold in the Hampton/North Hampton area; 10 single family homes and 8 condos.

In addition, 17 homes went pending with active contracts in March and there are also 406 active listings in the Hampton/North Hampton area.

Year-to-date, homes sales in Hampton and North Hampton are as follows:

46 homes sold during the first quarter of 2008:

-29 single family homes

-13 condos, and

-4 mobile homes.

Not to bad huh?

Since prices and rates are low and sales are starting to turn around, now is the time to buy to get the best value. If you or someone you know is thinking of buying, investing or moving up, give me a call. If you wait, it may be too late!