2020 a Record Year in NH Housing Market

Shared from an email; ‘Market Report: Year-End 2020″ , January 8, 2021 from New Hampshire Association of Realtors (NHAR); 

“The year 2020 was an historic one in terms of New Hampshire home sales, as single family residential unit sales, median price and sales volume hit all-time highs while inventory and supply hit their lowest marks in at least 16 years.

The median price for single family residential properties in the state was $335,000, a 12 percent jump from the previous high-water mark of $300,000, which came just the year before, in 2019. It was the ninth consecutive year of year-over-year median price increases in New Hampshire and the largest single-year jump since NHAR began tracking median price in 1998.

Here are a few additional noteworthy data points from the year-end report:

• Inventory continued to dwindle in 2020. Months supply, meaning the number of months it would take to sell off current inventory at the average rate of sales for the last 12 months, dropped to 0.9 months in December, a 59 percent drop since December 2019, while last year’s average was 1.8 months (a 43 percent decrease). Those are the lowest numbers in that category since NHAR started tracking it in 2005.
• The 18,449 single family unit sales was a 4.6 percent increase from 2019 and marked the first time the state has sold more than 18,000 homes in at least 23 years.
• Every month in 2020 saw a single family residential inventory decline from the same month in 2019, and the 12-month average of 2,761 was 42 percent below last year and the lowest in at least 15 years. The 1,383 homes on the market at the end of December was the fewest in any month since at least 2005, and by comparison is roughly an eighth of the inventory that was on the market at the end of December 2010.
• The total dollar volume of single family residential sales eclipsed the $7 billion mark for the first time, at $7.2 billion, more than $1 billion above the the previous high.