Sales down 5.6% and prices up 4.3%
The Southern New Hampshire housing market experienced a similar outcome as Massachusetts in that sales declined, and prices increased when compared to 2017. Low inventory influenced the effect that lack of supply has on demand and raised prices.
For this 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.
Sales for the whole year were down by 5.6%, with 13,256 homes sold this year compared to 14,035 homes sold in 2017.
Sales declined in single families and condos by 6.97% and 2.84% respectively with single-family sales down to 9,117 from 9,800 in 2017 and with condo sales down to 3,491 from 3,593. Multi-family sales increased by 6 transactions in 2018, now at 648 from 642.
Southern New Hampshire prices increased by 4.3% in 2018, now at an average price of $304,975 from $292,378. Prices increased in all three categories with multi-families increasing the most, by 11.54%. Single families and condos increased by 4.34% and .92% respectively.
2017 – 2018 Home Sales by Month
There were only 4 months in 2018 that were higher in sales than in 2017. January, March, April, and July showed gains over the year before, but the other 8 months of the year couldn’t keep up. October and December showed declines of around 23%.
Home Prices by Month
Average home sale prices exhibited the opposite performance than sales in that only 4 months depicted decreases over 2017 and the rest of the year beat the year prior. July and November showed large increases of around 15% over 2017.
Looking Back
Sold Homes 2016 – 2018 by County
In last year’s Southern New Hampshire report we noted the upward trend of home sales in the three counties we examine – Hillsborough, Rockingham, and Cheshire since 2011. 2018 broke that stride for Hillsborough and Rockingham counties as they decreased in sales from the year prior by 2.32% and 11.17% respectively. Cheshire stayed on pace and beat out 2017 by 3.4%.
Average Selling Price of Homes 2016-2018 by County
All three counties increased in prices this year, just like last year. Hillsborough increased by 5.34%, Rockingham increased 3.58%, and Cheshire increased by 10.26%.
2019 Outlook
Last year we predicted that sales and prices would increase, and we were only half correct. It seems as if we are going to continue to see the number of sales struggle to keep with interest rates as high as they are. To learn more about the current market or Anthony’s predictions for 2019, click here.
*Data provided by Warren Group.