NH Market Trends October 2020
Home sales in Rockingham & Strafford County jumped 6.7% from last month coming in at a staggering 797 sales for the month. This figure represents a huge 21.7% increase from October of 2019 and is the single highest sales total for the month of October that we have ever seen, beating out the previous high set in October 2015 by a whopping 12.9%. The increase in fall sales this year does not come as much of a surprise as we have seen under agreement units climb to high levels over the past 5 months. What is surprising is that this surge in sales has continued through a prolonged period of record-low inventory as we are now in the fourth straight month where active inventory levels have been down at least 48% year over year. Currently there are only 673 active listings which is 4.4% less than last month and 51% lower than a year ago. Total units under agreement now more than double the active units (1,432 to 673) and with the number of units under agreement remaining so high we expect the sales figures for the rest of the year to outpace the numbers we have seen in the past several years.
Average home sales price in Rockingham & Strafford County seem to be setting new all-time highs each month. October has continued that trend with the average sales coming in at $454,340 which beat the previous all-time high set last month by 1.7%. As inventory continues to fall to lower and lower levels the prices just keep climbing as the average sales price for October of this year was 17.9% above the average sales price of $385,391 in 2019. This is fourth consecutive month that we have seen double-digit year over year price increases due to incredibly high housing demand with very little availability. The current month’s supply of inventory for Rockingham & Strafford County hit another record low coming in at 1.1 months, meaning if nothing else came on the market then all of the active inventory would be sold in 5 weeks’ time.