I was recently ask by a client to give him some historic data to support the notion we were in a real estate recovery for my market area. With an idea where prices were headed in the up-coming months or years.
I chose one segment of the market so as not to dilute the findings, with one sale or one bad year. I chose to look at condominium sales as reported to my MLS for the past ten years. This was for a wide spread price range from a low of $50,000 to a high of one million (this excludes deeded timeshare condos).
|Condominiums Lincoln & Woodstock NH
||# sold||Average $|
We were on a strong growth and development course through 2006, in the year 2007 prices were still up slightly but sales of this segment were off by nearly 40%. Experience tells me not only was the market running scared but those that had properties for sale held out for un-realistic returns meaning many didn't sell that wished to.
2008 and 2009 reversed further with the number of sales coming in at less than half the 2006 peak numbers.
But the good news appears to be 2010 - showed a better number of sales, and reversed the slide in average sales price. In fact the number of sales Equals those of 2004 and average selling price is on par with the 2005 prices. With gross sales and selling prices back to where they were prior to the 2006 bubble burst, I would suggest it is a good time to list (in an improving market) and a good time to buy with prices still off by $20,000 to $30,000 from their average dollar values in the peak years.
Your Lincoln & Woodstock Property is worth more than when you purchased if you bought prior to 2004 -and for the buyer their is room for equity growth in the coming years...as the market improves and the resort area expands it's amenities and services.
Forest Ridge condo - 4 bedroom 2,700 square feet current selling price $375,000 (peak $425,000)
Deer Park condo - 2 bedroom 1,600 square feet current selling price $185,000 (peak $235,000)
Rivergreen Condo-hotel 2 bedroom 1,100 square feet current selling price $120,000 (peak $185,000)
Now is the time to sell (if you have owned for 7 or more years) and it is the time to buy if you don't want to wait to see if we get back to the peak prices of five years ago.
**** Use the MLS icon on the bottom of this post to see all current listings in my market area***