NH Market Trends August 2020
Home sales in Rockingham & Strafford County fell 2.8% from their yearly high of 815 in July coming in at 792 sales in August which is right in line with the 793 sales recorded in August of 2019. We are now only 5% behind the sales pace set in 2019 which is in small part due to the brief disruption caused by COVID-19 but mostly due to the continued lack of available inventory which has been 40%+ below 2019 levels for the past several months. Active inventory has dropped for the third consecutive month and is now at an all-time low of 703 which is 10% lower than the previous record low set last month and 56% below where is was at this time last year. The disparity between active listings and listings under agreement continues to grow as there are now more than double the amount of units under agreement (1,494) than there are active (703). With such a large number of units under agreement we expect to see very strong sales figures in the coming months.
Average home sales price in Rockingham & Strafford County set another all-time high in August coming in at $442,992 which is a 2.7% increase from the previous record set in June and 5.5% higher than the average sales price of $419,738 last month. This month’s average sales price was 15.6% over August of 2019. The lack of inventory has caused prices to continue to rise as competition for the homes available keeps getting stronger – evidence of this can be seen with this being the first month ever that we have seen the average sales price for the month be higher than the average list price which means that many of the homes are selling for over asking price. Because so many of the units coming on the market are going under agreement and active inventory continues to dwindle we have seen the current month’s supply of inventory for Rockingham & Strafford County dip to an all-time low of 1.2 months - meaning if nothing else came on the market the current supply would be sold out in just over one month.