January 2020 Market Trends
Average home sales price in Rockingham & Strafford County remained fairly steady coming in at $373,147 which is down just under 1% from December. The year over year average sales price for January was down 1.6% which is only the second time in the past 45 months that we have seen a year over year decline. As was the case the last time this happened in July of last year it appears that the reason for the decline is due to the extremely high sales price for that month the year prior. It does appear as though we may be getting closer to a plateau range in prices especially if there is any relief that comes from a significant increase in inventory. There are currently almost as many units under agreement (779) as there are active (852). The current month’s supply of inventory has fallen even further from last month down to 1.4 from 1.5 which had been the lowest level we had seen.
Home sales in Rockingham & Strafford County for January fell 33% from last month. While that seems like a big drop on the surface it is actually right in line with the December to January declines we had in all of the previous 6 years with the exception of last year where the decline was only 24% due to the extremely low sales numbers in the prior December. January’s 373 total sales were 11.7% higher than January of 2019 and is the second best sales pace for January in the past 7 years coming in second only to the 387 sales in January 2018. Current inventory levels for Rockingham & Strafford County continue to drop as active units fell from an extremely low 895 last month to 852 units this month. Active units are down 25% from the same time last year.