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Nashua NH metro area real estate prices increase 10% in 2003
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Added: 05/20/2004
Type: Summary
Viewed: 797 time(s)
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Nashua NH metro area real estate prices increase 10% in 2003
Despite a limping economy, increasing unemployment, erosion of retirement and investment accounts, real estate sales in 2003 remained strong and active. Record low interest rates, and the recognition that home ownership is an excellent alternative to long term investment in stocks and bonds have helped fuel this strong performance.
Homeowners have an appreciating asset with monthly payments that are not overwhelming.
Although inventory remains low, the strong sellers market seen through the last half of 2003 appear to have stabilized.
The 2003 statistics show that area sales had an increase in selling prices, following a nationwide trend. Single family residential homes and condominiums increased an average of 9 to 10% in the surveyed market areas, according to Rudy Mayer, a Realtor® with ERA The Masiello Group in South Nashua.
"Ten years ago, when I started in real estate, it was hard to sell a condominium in New Hampshire even if you asked less than you paid for it. Now, they're one of the hottest sectors of the housing market," Mayer said.
"It's interesting, because Hudson had the largest increases in condo selling prices," says Mayer. "Condos increased a whopping 36%, while residential units increased a very respectable 14%.
Some baby boomers are downsizing into condos. At the same time, young families who can't afford to buy single-family homes are snapping them up. And almost no one is building new condo developments.
Many owners of large apartment complexes are converting them into condos to meet the demand, which is hurting the already-tight rental market.
The average resale price for condos, townhouses and co-ops rose from $133,987 in 2001 to $178,331 during the first quarter of 2004, according to the New Hampshire Association of Realtors.
"I like to post statistics like this on my website http://www.RudyMayer.com, because I think it clearly illustrates that real estate remains a good, solid investment, especially here in New Hampshire."
The New Hampshire jobless rate, at 3.9% is well below the national average of 5.6%, and homes and condos are still very much a good value, compared to neighboring Massachusets. They still appreciate significantly every single year", says Mayer. |
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