September 2019 Market Trends
Average home sales price in Rockingham & Strafford County rose a modest 1.3% from the $383,244 figure in August coming in at $388,095 for the month of September. This was also a 6.1% increase over September of 2018 and seems to prove that the negative year over year change that happened in July for the first time in 38 months was only an anomaly as we again have back to back months after that of year over year gains. The rolling 12 month sold increased slightly this month by 0.3% while active inventory also stayed flat keeping the current month’s supply of inventory steady at 2.7. As inventory levels remain at historical lows home prices will continue to stay at these all-time highs. At this point even if there is an increase in inventory home prices will most likely remain in this high $300,000 range because of the pent up demand.
Home sales in Rockingham & Strafford County dropped significantly in September falling 21.9% from the previous month. Even with the large month over month drop, Septembers 619 sales were still 3.5% higher than September of last year. With the slight year over year gain for September we are now 2.7% below the sales pace set in 2018. What is surprising – and which leads us to believe that demand is still quite strong – is that even with a decrease of 11% in active inventory from the same time last year sales still increased 3.5% year over year. It has become redundant to say but the lack of inventory is still the biggest factor holding sales back. At this time last year there were 1,786 active units available in Rockingham & Strafford County while now there is only 1,588. Even with the start of the Fall market active inventory remained flat compared to last month only increasing 5 units.