Sales Up 2.2% and Prices Up by 14.5%
2020 home sales were up over 2019 in New Hampshire in all single families and condos, and down slightly in multi-families, moving from 14,669 sales to 14,898 overall. Single families increased by 1.8%, condos by 4.1%, and multis decreased by .8%.
Prices, however, increased in all three categories moving from $346,615 to $397,015 overall. Singles increased in prices by 14.7%, condos by 16.4%, and multis by 7.7%.
2019 – 2020 Home Sales by Month
Home sales were up and down in 2020 when compared to 2019 with large deviations during the first three months of the pandemic. The Lakes Region along with the southern part of the state overall saw a similar pattern to that of Massachusetts performance in that the spring exhibited decreases in sales and increases in the fall, and an overall increase year over year.
Home Prices by Month
Prices in the Lakes Region, as well as Southern New Hampshire, showed price increases every month of 2020, with the exception of January, with the largest jump being in December.
Sold Homes 2018 – 2020 by County
For this portion of the report, we are examining the Lakes Region (Belknap County) and 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.
Sales for 2020 increased in Belknap and Rockingham counties but decreased in Cheshire and Hillsborough from 2019 to 2020. Belknap increased by 7.2%, with 1,588 sales in 2020 over 1,482 in 2019. Cheshire decreased by .7% with 1,143 sales in 2020 over 1,151 in 2019. Hillsborough landed at 6,565 sales in 2020, decreasing 1.1% from 6,639 in 2019 and Rockingham ended with 5,693 in 2020 up by 5.5% from 5,393 in 2019.
Average Selling Price of Homes 2017-2019 by County
Congruent with the overall state, prices increased in all four counties in 2020. Belknap increased by 23.8% in 2020 over 2019 now at an average price of $422,055 from $340,911. Cheshire is up by 21% to $273,641 from $226,274, Hillsborough is at $353,503 from $317,655 with a 11.3% increase. Rockingham is up by 13.6% now at $464,976 from $409,471.
Like Massachusetts performance, the number of homes listed dropped significantly in March. This lasted in New Hampshire until August where the number increased over 2019 for the rest of the year. See our chart below from our New Hampshire Updates page.
Again, right when the pandemic hit, the number of homes that went pending decreased significantly. This decrease lasted until about June where the number wasn’t over 2019 but it began to catch up. We saw 2020 increase over 2019 in late summer and it lasted until the end of the year.
It was predicted that 2020 would bring about a decline in sales and an increase in prices in the 2019 Year in Review and despite pandemic sales increased for NH. The cliff that sales fell off in March and the frenzy we’d see in the market come fall was not something expected but the market still fought hard to keep up and beat out last year.
2021 is looking like it is going to continue to be busy straight through the year as the market continues to try to keep up. It is expected that vacation areas like the Lakes Region will see an uptick in sales as people try to secure second homes with more space for a change of scenery. New Hampshire will likely see the same increase in sales as people try to move further from especially clustered living areas in search of more space. Getting more for your money is best further away from Boston, and that is what people are trying to do as prices have increased significantly.
Fortunately, mortgage rates are at an all-time low for buyers, so it’s keeping affordability in reach despite the rising prices. Sellers should be advised not to list over what comps would suggest. List appropriately, and you will get more interested buyers likely willing to compete and outbid one another to win the home.
To learn more about Anthony’s Predictions for 2021, click here.
*Data provided by NEREN.