NH’s Housing Inventory Needs One Thing — LISTINGS

Photo of homes in New Hampshire's Lakes Region
Frank Roche, President of Roche Realty Group, Inc. with offices in Meredith and Laconia, NH
Article by Frank Roche

This week I’d like to provide you with a summary of what New Hampshire’s Real Estate Landscape looks like:

  • Interest in New Hampshire homes has gone through the roof, with every county reporting double-digit numbers. They were exceptionally high in more rural areas, keeping with the trends of people relocating from cities and the work-from-home lifestyle.
  • Realtors from the Lakes Region to North Conway, Bartlett, and Berlin to the Lake Sunapee Region and Northern reaches of Lancaster and Colebrook all report a considerable increase of out of state buyers acquiring New Hampshire Real Estate
  • NH’s Housing Inventory is reaching a crisis level, especially homes priced under $300,000
  • The fired-up market has been a continuing trend on the seacoast and the rest of Rockingham county, driven by high demand, low inventory, rising prices, and low mortgage rates. The Seacoast Board of Realtors reports record-breaking sales of expensive homes over $1 million. They also report having the fewest active single-family listing ever
  • It looks like a lot of people got a new home for Christmas in NH; however, it looks like the real gift went to the sellers when sales volume in the usually quiet month of December rose by nearly 50%
  • In NH, as the year ended, the median price of a single-family home was $335,000. This represented a 16.3% increase from December 2019, the sixth straight double-digit monthly increase. On average, homes are now selling in 33 days, almost half the time it took a year ago.
  • In last week’s article, I reported there were only 928 single-family homes presently available for sale in NH compared to 2164 in October. Well, this week, it’s even lower, with only 897 single-family home listings for sale in our state. This sobering statistic results in less than a 1-month supply of homes on the New Hampshire single-family homes market. I’ve never seen it this low by any stretch in my 44 years selling Real Estate in the Lakes Region. On average, a home sells for slightly more than the asking price at 100.3%
  • In Belknap County, there were 1261 closed Single-Family homes in 2020 compared to 1169 in 2019. However, the median sales price increased 15.2%, and total volume increased 35.7%. The median sales price was $310,000 compared to $269,000 in 2019. Average days on the market dropped from 65 to 50. The highest single-family home sale was $4,900,000.
  • In Carroll County, there were 1299 closed sales vs. 1121 in 2019. The median sales price increased 13.2%, and total volume increased by 27.3%. Median price was $300,000 vs $265,000 in 2019 the highest sales price was $5,250,000.
  • In Northern Coos County, there were 634 sales compared to 498 in 2019. The median price increased 16.3%, and total volume increased by 60.5%. Prices were still very affordable, with the median sales price at $135,000 vs. $116,100 in 2019! The highest sales price was $1,500,000
  • Sullivan County (The Lake Sunapee Region) had the biggest increase with 755 closed sales compared to 601 in 2019. The median price increased 19.8%, and total volume increased 67.3% over 2019. Median price was $224,000 vs $187,000 in 2019. Average days dropped to 69 from 81. Sullivan County reported the highest sales price in the state at $7,505,000!
  • According to a study by Atlas Van Lines, New Hampshire had the 4th highest percentage (61.6%) of inbound move rates in the country. Idaho was 1st at 66.4%, North Carolina 2nd at 64.6%, and Maine 3rd at 62.4%

There’s just so much demand and just not enough houses to sell. Back in 1998, the median sales price was $127,500, and now it’s $335,000. Can you believe that in 2010 there were 11,000 single-family homes for sale in NH, and now we only have 897? Last year there were 18,449 homes sold in NH, totaling $7.2 Billion in total dollar volume. With only 897 homes for sale state-wide, we need one thing: LISTINGS!

This article was written by Frank Roche. Frank is president of Roche Realty Group with offices in Meredith and Laconia, NH, and can be reached at (603) 279-7046. Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.

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