Sales Down .4% and Prices Up by 4.8%
2019 experienced a similar market to that of Massachusetts in that sales were down, and prices increased over 2018. Diminishing inventory brought about an increase in prices due to buyer competition and lower sales.
Sales decreased by 57 sales year over year overall, by .4%, with single families and multi-families decreasing by .8% and 3.7% respectively. Condos increased by a single percent.
Prices increased by 4.8%, a $14,686 difference over 2018 with prices increasing for single families and condos by 4.5% and 9.9% respectively. Multifamily prices declined by 3.1%.
2018 – 2019 Home Sales by Month
Home sales were up and down in 2019 when compared to 2018. The summer months couldn’t seem to outmatch the prior year, but spring and fall did outperform 2018 in some of the months. October and December exhibited the greatest increases.
Home Prices by Month
November of 2019 was the only month that exhibited a decrease in sales prices over 2018, every other month was higher which accounted for the overall increase in sales for the year.
Sold Homes 2017 – 2019 by County
For this portion of the report, we are examining the three counties that make up Southern New Hampshire: Hillsborough, Rockingham, and Cheshire; and we are focusing on three property types: single-family homes, condominiums, and multi-family homes. Our 2020 reporting will add Belknap County as well, due to our expanded market share and realtor presence in the Lakes Region.
With sales decreasing for the state, it’s natural to see sales declining in Cheshire and Hillsborough counties. Rockingham broke the mold and increased by 41 sales over 2018 to 5,252 sales.
Average Selling Price of Homes 2017-2019 by County
All three counties increased in prices this year, just like last year as well as 2017. Hillsborough increased by 7% to $286,935, Rockingham increased by 4.7% to $390,314, and Cheshire increased by 4.8% to$211,681.
In the 2018 Year in Review we predicted that 2019 would see a decline in sales due to the interest rates, which were high at the time. Though interest rates declined despite a forecast of a continual increase, sales still declined due to inventory that couldn’t keep up with the demand. It seems as if 2020 will see a similar pattern as 2019 with a slight decline in sales, and about a 5% increase in prices.
To learn more about Anthony’s Predictions for 2020, click here.
*Data provided by Warren Group