Hampton Had A Little Good News For Home Sellers In 2007

Hampton NH - 2007 Year End Summary
Residential Real Estate Market Report - Single Family Homes

First, A Little Good News For Sellers. The gap between the asking price and the selling price was slightly narrower in 2007 - the average sale was for 95.6% of the asking price (it was 95.1% in 2006). Keep in mind that this is the asking price at the time a property sold, not necessarily the original listing price.

With an average home’s selling price down just 4% the Hampton real estate market compared favorably to some other Seacoast communities.

Now, onto the rest of the recap of the 2007 market …

Hampton Home Sales Down Slightly From Prior Year

There were 136 Hampton homes that sold in 2007. This was down 6.8% from 2006 when there were 146 sales.

Fewer Homes Put Up For Sale In 2007

There was less housing inventory added to the Hampton market in 2007 - in all there were 313 homes that were listed for sale, down from 363 homes in 2006. Overall this was 86.2% of the new listing activity in 2006.

Hampton Listing Prices Down From Previous Year

Potential sellers may have been sensing a downward pressure on Hampton real estate values as the average price of homes that were newly listed for sale edged down by 4.5% to $424,264.

Homes Sold For 4% Less Than Year Before

The overall listing (or asking) price of the homes that sold in 2007 was down 4.5% from the previous year to $367,566. The average selling price of the homes that sold in Hampton saw values down 4% from 2006 to $351,419.

Homes On The Market Longer Before Selling In 2007

Sellers had to be a bit more patient in 2007 as days on market increased by 19.6% from 2006. This was slightly better that some other Seacoast communities such as Exeter, where the time on market was up over 35% from the prior year.

An exception to the rule? (there always is)

In 2007 an oceanfront beach house sold in Hampton for $1.75MM - in less than a month.

Thoughts On The Hampton Real Estate Market

There was a significant delta between the average new listing price of $424,264 and the average selling price of $351,419 of the homes that successfully sold. It will be interesting to see where those values go in 2008.

Based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2006 to December 31, 2007.