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Hanover New Hampshire Real Estate Market Report - First Quarter, 2019

 

The Hanover, New Hampshire real estate market had a great first quarter in 2019 – its best in over a decade in terms of the number of transactions – with twelve (12) sales of single-family homes.  As of April 1, there were an additional twenty-three (23) properties under contract or pending and set to close in the second quarter.

 

Buying activity in the first quarter is almost always the slowest period of the year due to snow covering the ground and bad weather discouraging many from wanting to take on the elements and shop for houses.  Examining data from 2004 through 2018 shows that an average of just 13% of sales occurred during the first quarter, 36% in the second quarter, 33% in the third quarter, and 18% in the fourth quarter.

 

Low inventory in the Hanover market has given seller’s a strong hand in the past several years as well-priced properties often attract several interested buyers at the same time, resulting in sale prices at or above what sellers are asking for.  To put it differently, for five (5) of the twelve (12) properties that closed during the first quarter of this year, buyers paid either at or above the asking price.  Homes that closed in 1Q 2019 were on the market for an average of just 69 days before selling.

 

The average negotiating discount – the % difference between a home’s list price and sale price – has been declining since 2015 and has continued to decline this year.  On average, buyers paid a discount of just 2.84% on homes in 1Q 2019, compared to a discount of 3.76% during the same period in 2018, and a high of 7.53% in 2015.  

 

In regard to luxury properties, there were two (2) sales of homes listed for $1 million or over.  Snyder Donegan was pleased to represent the seller in one of those two sales – that of 3 Fox Field Lane, which closed for $1,100,000.

 

Charts illustrating the above information can be found below, followed by a complete list of all twelve (12) properties that closed during 1Q 2019.  

 

A list of all 12 properties that sold/closed in Hanover in 1Q 2019 is below.

20 Greensboro Road, Hanover, NH

$420,000

5 Barrymore Road, Hanover, NH

$550,000

8 Dairy Lane, Hanover, NH

$550,000

7 Gates Road, Hanover, NH

$560,000

36 Rip Road, Hanover, NH

$565,000

15 Carriage Lane, Hanover, NH

$576,000

50 Rip Road, Hanover, NH

$605,000

8 Brockway Road, Hanover, NH

$755,000

12 Hayfield Road, Hanover, NH

$797,005

5 Emily Lane, Hanover, NH

$879,000

3 Fox Field Lane, Hanover, NH

$1,100,000

6 Clement Road, Hanover, NH

$1,700,000

 

 

 

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