NH Market Trends December 2020
Home sales in Rockingham and Strafford County ended the year on a high note coming in with the highest sales total we’ve ever seen for the month of December. The 684 sales in December was 22.8% higher than last year and 7.4% higher than the previous all-time high for December set in 2015. With the boost from strong sales in the second half of the year we saw the sales total for 2020 surpass the pace set in 2019 and finish out with 7,258 total sales which was 3.4% higher than last year and is the highest sales total we have seen since the 7,440 in 2015. Active inventory continued its decline falling by 25% from last month and 51% from this time last year. We are now in the 6th straight month of year over year active inventory declines of greater than 46%, currently we are at the lowest level of active inventory we have ever seen. Total units under agreement continue to double up active listings with 915 units currently under agreement compared to only 447 active listings. Total under agreement listings continue to surpass the year prior as we currently have 28.5% more units under agreement than the same time last year. With under agreement inventory levels remaining elevated we expect to see a strong start in sales for the year 2021.
Average home sales price in Rockingham & Strafford County ended the year continuing the streak of setting all-time highs for the 5th straight month coming in at $456,623 and beating out the record set last month by 0.3%. December’s average sales price was 21.3% higher than in 2019. With so many record setting months it is no surprise that the average sales price for the year blew away the average set last year by 12.1% coming in at $422,080 compared to the previous high of $376,410. The rolling 12 month sold increasing 2.4% combined with the substantial drop in active listings we have seen the current month’s supply of inventory fall to an unprecedented 0.7 which means there is currently less than one month’s worth of inventory on the market at the current sales pace. To be able for the market to continue the level of sales we have seen the past 6 months there will need to be a significant increase in inventory that comes on the market. We expect that as the COVID-19 vaccine continues to roll out that many would-be Sellers that had been staying on the sidelines will enter the market and provide a much needed boost in inventory.