On a state level, a multi-year trend of monthly increases has resulted in the largest annual number of home sales in NH history and a median price level not seen since the 2005 price peak! In 2017, the average days on market for a single family home in New Hampshire dropped 18.1%, bringing the average days on market down to 68. (See chart above, source: New Hampshire REALTORS December 2017 Market Report).
In comparison: Nationwide, the median amount of time a home spent on the market hit an all-time low of only three weeks in 2017 (Source: National Association of Realtors (NAR). This shows a substantial decrease in median days on market nationwide since its highest mark of 11 weeks in 2012.
With strong buyer demand, housing inventory in decreasing supply, and an increasing median sales price for single family homes, we currently have the conditions for a “seller’s market.”
If you are a homeowner who is debating whether or not to list your home for sale, know that national market conditions are primed for a quick turnaround!
And while it may be considered a “seller’s market,” buyers should also take note: This is a good time to lock in at the current low mortgage rate, as several more interest rate hikes are projected for 2018. The Federal Reserve recently announced its decision to raise its benchmark federal-funds rate by a quarter of a percentage point, to a range of 1.25% to 1.5%, as a sign of economic growth and confidence. As a result, we will likely see mortgage rates creep up slightly in 2018.