Home sales in Rockingham & Strafford County surged 26% from June to July. July’s 815 sales were 11% more than July of last year and were the highest sales total for July since 2015. It appears as though the big jump in closed sales that we had been anticipating has arrived as the amount of under agreement units had skyrocketed in the past few months after the brief lull caused by the early stages of COVID-19. We expect to continue to see higher sales figures for the coming months as under agreement inventory remains extremely high especially in comparison to the active inventory. The ongoing issue with lack of supply continues to be the one big thing holding us back from having an even stronger housing market. The current active inventory is the lowest it has been since we began keeping track. There are currently only 781 active units on the market which is 47% fewer than this time last year and 13% lower than a month ago. There are now almost double the amount of units under agreement (1,428) than there are active (781) which is the opposite of what we would see in a normal market.
Average home sales price in Rockingham & Strafford County remained above $400,000 coming in at $419,738 which is down just 2.7% from the all-time high set last month. The average sales price was 11% higher than the $377,099 figure from July of 2019. Housing demand remains incredibly strong and if anything has increased in the past month with more and more people looking to move out of urban areas. We continue to see Buyers lose out on homes with multiple offers and many homes selling for over asking price. With the 46% decrease in active inventory we have seen the current month’s supply of inventory for Rockingham & Strafford County fall from 1.6 to 1.4 which is equal to the lowest level we have on record. Even with the impact of COVID-19 and the severe supply shortage that appears to be an issue that is not going away anytime soon the overall sales pace for 2020 is only 6% below where it was at this time last year which leads us to believe that with even a modest uptick in inventory we could be right in line with 2019.