Home sales in Rockingham & Strafford County increased 13.4% from April to May. While on the surface that appears to be a relatively good jump it is well below the average 35-45% April to May increase that we have seen over the past 5 years. The year over year sales for May fell 25% coming in at 501 this month compared to 670 for May of 2019. This steep drop in closed sales does not come as a big surprise as we are seeing the effects of the slowdown caused by the coronavirus concerns that caused a severe drop in units put under agreement in the second half of March and into April many of which would have been closing in May. We believe that this is a short lived drop as there are now currently more units under agreement (1,190) than there are active listings (1,094). This is the most units we have seen under agreement since September of 2019 and leads us to believe that the coming months will show strong sales numbers even with the extremely low inventory.
Average home sales price in Rockingham & Strafford County fell 6.4% from last month’s all-time high of $414,091 coming in at $387,614 for the month of May. That $387,614 average sales price was 3.7% higher than May of 2019. Active inventory rose only 8% month over month which is extremely low for this time of year as the Spring Market is where we usually see a big jump increase in inventory come on the market. Even with this month’s increase in active inventory we are still 22% lower than we were at the same time last year. Demand remains strong as evidenced by there being more units currently under agreement than there are active, the limiting factor has been and continues to be availability of product. Current month’s supply of inventory did increase to 1.9 this month which is due to the 12 month rolling sold falling from 7,101 to 6,960 units. Even with this slight increase it is still well below the market equilibrium range of 4-6 months.