September 20, 2022
Adam Gaudet, broker/founder of 603 Birch Realty in Concord, and the 2022 president of the New Hampshire Association of REALTORS, provides an update to WMUR-TV about New Hampshire's evolving real estate market: Home Sales Drop in New Hampshire, But Prices Still Rise
Transcript from WMUR:
New Hampshire is seeing a slowdown in home sales, with more houses staying on the market longer, but that doesn't mean prices have come down.
According to the New Hampshire Association of Realtors, while sales of single-family homes were down by about 12% in August, median sale prices were up by 9%. Condo sales dropped by 7%, while prices rose by more than 26%.
Experts said the slowdown is likely a consequence of the buying frenzy seen during the pandemic, as well as a rise in interest rates.
"There was a feeding frenzy because people knew the rates were going to go up," said Realtor Adam Gaudet, of 603 Birch Realty. "So, they were really trying to get in before the rates went up."
But now, it appears that frenzy has calmed down.
"We're seeing a little bit of a bump in inventory throughout New Hampshire," Gaudet said.
Gaudet said many customers got discouraged last year and backed off because they were being outbid.
"They said, 'You know what, I'm signing a lease and staying put.' On top of that, we've seen less out of state action," Gaudet said. "So, there's less people moving to New Hampshire than we saw during Covid."
Two counties experienced an increase in home sales last month: Belknap and Sullivan.
"I have had buyers who were shopping in Concord, and then all of a sudden, they go a little further north, a little further north, a little further north -- and then next thing they know, they're in Claremont, Berlin, other places they didn't expect to go," Gaudet said. "But when they see what their dollar gets them in some of those places, they really are very happy with what they can get."
In the months ahead, experts said the state will likely see a more balanced, healthy market, in the sense that buyers will be able to take a little more time when it comes to selecting a home.