In Carroll County, New Hampshire, where Kubichco Brokerage is located, altos research corp. As of June 21, 2024, the Market Action Index score has declined to 39.73 from the 90-day moving average of 43 in March.
The state’s two other northernmost counties – Coos and Grafton – showed similar trends, with their respective Market Action Index scores falling from 39 to 37 and from 47 to 42 over the past month. .
“There has been a significant change in buyer trends over the past four to five weeks,” Berkshire Hathaway Home Services Verani Realty. “Winter and spring, it was very, very busy. But the spring market was slightly delayed because we had a snowstorm in April with over two feet of snow, which may be part of the reason why things are weird this year.
Despite economic slowdown, brokerage owner Andy Smith Badger Peabody & Smith Real Estatesaying that the market is actually quite strong.
“Overall pending sales are up a small amount, but we expect pending sales to be up 3%, 4% or 5% because it’s moving in the right direction,” Smith said. “Buyers are still buying, sellers are still buying. Still for sale. Nothing really scares us right now. Buyers have the opportunity to be smarter about their offers without having to worry about waived inspections or financing contingencies, which is a good thing.
Despite the increase in homes for sale, local agents noted that properties are taking longer to go under contract, leading to an increase in inventory and days on market.
The 90-day average days on market in Coos County was 49 days, up from 42 days a year ago, according to Altos Research. In Grafton County, the seven-day average jumped from 21 days in early May to 35 days in late June.
Additionally, inventory has grown in all three counties in recent months, with Grafton County seeing the most significant growth, jumping from a 90-day average of 106 single-family listings in mid-April to 147 at the end of June.
In addition to listings staying on the market longer (resulting in a small but appreciated backlog of inventory), local agents say more homeowners are looking to list their properties.
“We’ve definitely noticed an increase in inventory, and we’re seeing longer stays on the market and even lower prices due to less buyer activity,” Kubichco said. “I have more listings now than I have in years. many.”
Altos data illustrates this trend, with the 90-day average number of new single-family homes listed in Grafton, Carroll and Coos counties jumping from 11, 6.2 and 5.3, respectively, in early March to 25, 25, 6.2 and 5.3 in 2019, respectively. 20 and 11.
The increase in new listings in northern New Hampshire is contrary to what agents are seeing in many other markets across the country, where would-be sellers are holding off on selling their homes because of lower mortgage rates on existing properties.
“Part of my thinking as we see more inventory coming in is that maybe it’s because people have been waiting and they want to sell, but they can’t find the right property and don’t know where they’re going to leave, or they’re Waiting to get to the top of the market so they can get as much as they can,” said Kerry MacDougall, broker and regional sales director in North Conway. Better Homes and Gardens Real Estate The Masiello Group.
“I think what we’re starting to see is if sellers are ready to sell — or they want to sell or need to sell — they get tired of stalling. How long are they going to wait for a price or a rate?
Local agents aren’t sure what’s causing the recent market slowdown. Some speculate that this is the result of a combination of factors, including greater affordability challenges as home prices remain elevated and interest rates rise, increased awareness and sensitivity about the upcoming presidential election, and the fact that summer vacation has just begun .
“It’s tough right now,” McDougall said. “When in history have we been in a situation where we’re in a post-pandemic market, interest rates are higher than they’ve been in a while, inventories are low, and we’re in a presidential election year? Those four factors alone make for an interesting market, Normally you only get one, maybe two, at a time, but we had all four factors at once, which is a challenge for real estate agents.
While the market may not be ideal for sellers, agents say the current market is the best they’ve seen for buyers in several years.
“I think we should have moved to a balanced market, if not buyers, a long time ago, so I don’t think this is the worst thing, and it seems like we may be moving in that direction,” Kubichco said. The current market trend.
“This is a good thing for all buyers. I feel like they have more leverage than before and they are not intimidated when entering the market. They also have time to consider a property and decide if it is right for them , they can even get a little bang for their buck instead of falling in love with a house without knowing if it’s right for them. This is actually a refreshing change.
