February 2020 Market Trends
Average home sales price in Rockingham & Strafford County continued to remain steady coming in at $377,344 which is up 1.1% from last month’s $373,147 and is a 13% increase over the average sales price of $334,057 in February of 2019. This is the 11th straight month that the average sales price has been above $370,000. We expect to see this trend continue especially as supply remains 20% lower than it was the year prior which has been the case for the past 4 months. Supply has decreased so much that we have crossed over and now there are currently more units under agreement in Rockingham & Strafford County (926) than there are active units on the market (879).
Home sales in Rockingham & Strafford County for February dropped 16% from last month which is not out of the ordinary as we have seen a January to February decline each of the last 8 years with the only exception being 2016. The total sales for February were right in line with the past two years coming in at 318 for both 2018 and 2019 compared to 312 this year. Some of the drop from January to February was due to the exceptionally high sales total for January this year which was the second best January in the past 7 years. The other main factor has been and continues to be inventory. Current inventory rose month over month for the first time since September although it was only by 3%. The current inventory level is still 19.7% below where it was that same time last year when we thought inventory was already low.