Home sales in Rockingham & Strafford County for January came in at the weakest we have seen since February 2018 (318). January sales fell 13.7% year over year coming in at 334 compared to 387 in January 2018. Month over month sales also fell 24.9% from December and while on the surface that appears to be a large drop off it is actually the smallest December to January decline we have seen since 2014 – on average we have seen about a 40% drop off over the past 4 years. We have started to see a big increase in demand after the first of the year and if the inventory is there we believe this will be a very strong Spring Market.
Average home sales price for Rockingham & Strafford County took a big jump in January coming in at $379,390 which is a 9.8% increase from last month and 6% higher than last January’s $357,815 figure. While active inventory is 9.7% higher than at the same point last year it still fell 2.7% month over month and current month’s supply of inventory has once again dropped below 2 coming in at 1.9 which is the lowest level we have seen since April 2018. With the recent increase in demand after the first of the year and the low levels of inventory available the increased average sales price was to be expected. As more inventory comes on as we move into spring we expect the average sales price to come back down to the $350-370k range we have seen over the past year.