Derry Housing Market

The Derry Housing market is starting to come back! The above chart shows the inventory levels that we presently have today. A 5.8 Months supply is truly amazing from where it was over a year ago. The above chart shows inventory levels from 8/08 to 8/09.

Now, this in no way means that times are not tough but lets look at the facts. The housing market crash of 2006 led the demise of the economy. From there banks started having trouble, credit lines tightened, retail and hospitality services suffered and end results with unemployment being the last of tough times. Now we still need to create jobs in this country, what I would like to point out here is that the end is near for this recession. Housing had 6 months in a row of growth! Retail sales were unexpectedly high in Aug, and the Feds are saying its over in the papers.

This is good news for us! We need to stay positive and just like the new England weather, its bound to change for the better.

What the real data reveals!

Depending on who you listen to in discussing the local economy, one will get different opinions based on that persons perceived view on the economy of Derry. Last week, I had a few e-mails and phone calls about the recently approved TIF bonding the council unanimously approved and how crazy the council must be to approve such a bond in such a down economy.

I usually start with the fact the if you buy into the national media outlets, one would start to see all the negative aspects of day to day living, such as the unemployment figures, more foreclosed home coming etc etc.. and would leave some to believe that the sky is falling and we must hunker down.

For those that feel this way, I can respect that under some circumstances that is a true reality. Some even go as far as blaming all the foreclosed homes issue on the town council themselves...and in one case a person claims that a bank is telling people not to come to Derry because of the property taxes. Very interesting and I highly doubt that a bank would "red line" a community because that would be illegal!
Yes illegal! So when someone tells you this, consider the source and re-think about it.

Anyway, Lets look at the real data. We all know that New Hampshire fairs much better than the rest of the country as far as the economy goes..not perfect but not gloom and doom as some want you to believe.

Next, many of you know that Real Estate is my profession.

Take a look at these facts about Derry Housing. The facts are based on MLS readings of today. I took Single family homes only. Not Condos, Not commercial or Land listings.

Number of Houses currently on the market in Derry: 132 properties

Number of home Pending: 22 properties

That's a six months supply! Six months supply! Way down from the high of 10-12 month supply.

Now out of those that are pending: 1 is 300K or over, 10 are 200K to 300K and 11 are under 200K.

Now for the people who are complaining about the TIF and commercial development in Town... I see Tractor Supply come in to Hood Plaza, The completion of the Goddard school on Tsienneto Rd as well that Tire Warehouse began building on the same road. The new butcher shop on 28 and the news that the Fire Hall pub has new owners..

Lets start focusing on the positives in our town instead of the negative. Seems the same negative messages come from the same people over and over..

Lets look at the facts when we talk folks.. and make em positive ones for a change please!

Council in Full Agreement!

The stars have finally aligned! Its a win for the people of the Town of Derry!
Yes its true, In a 7-0 vote at last nights town council meeting, the council voted to move ahead with plans on making improvements to the Manchester Rd area from Tsienneto Rd to the Londonderry line in the councils attempts to attract business and lowering residential taxes.

The 2006 planned project came to a halting stop when Walmart pulled its plan off the table and therefore not contributing the $900,000 it promised if approved. Those plans never stopped completely as the town spent $400,000 to do the pre-lim engineering work that needed to get done.

Almost three years later, after goal setting and identifying economic development as its number one priority ( which has not changed for the six years Ive been sitting)
The council came together as a whole to get the plans moving forward.

I wish to commend my fellow councilors who voted in favor in seeing that this project is a step in the right direction in trying to help offset residential tax burden on the single family home owners of our town.

This was a very satisfying moment for me as a councilor because it shows once the council puts personal attacks behind them and concentrates on goals and shows the town that its elected officials can actual get things done.

What do you think? Will the plan work in attracting business? Let us know how you feel!