Sales Crushed by COVID but Prices are Up
For this report, we are examining Belknap, Cheshire, Hillsborough, and Rockingham counties in New Hampshire; and we are focusing on three property types: single-family homes, condominiums, and multi-family homes.
The New Hampshire housing market experienced a similar outcome as Massachusetts in that sales declined, and prices increased when compared to 2019.
Sales Down by 23.3%
Overall sales decreased by 1,476 transactions, 23.3%, in the first half of 2020 when compared to the first half of 2019. Sales declined in all three categories, as Massachusetts did, with single families declining by 24.8%, condos declined by 18.1%, and multi-family sales declined by 30.8%.
Prices Up 11.7%
Prices increased by 11.7% in the first half of 2020 over the first half of 2019, by $36,431. All three categories increased, single families by 12%, condos by 8%, and multi-families by 23.9%.
Home Sales by Month
Sales were up in January and March of this year, and then once the pandemic hit, declined significantly in April, May, and June.
Home Prices by Month
Like Massachusetts, prices increased every month in the first half of this year when compared to last.
Predictions for the Rest of the Year:
The COVID pandemic threw this year for a loop. Though inventory began low, the market was still active. But as soon as the stay at home mandates hit, sellers paused on listing and made it more difficult for motivated buyers to find what they wanted. Now they have to compete and when they do find what they want they end up often in multiple offer situations and bidding wars. Prices are likely to continue to rise as buyers outbid one another for homes.
Supply is historically low because sellers are hesitant to list and buyers are consuming inventory as fast as it’s being listed. Hopefully, now that there are safety protocols in place, sellers will begin to list more and more to help give buyers more selection, but only time will tell.