PORTSMOUTH – A shortage of inventory, coupled with buyer fatigue, contributed to lower sales of single-family homes and residential condominiums in Rockingham County in October.
Home sales in October fell 21.4% to $ 188.2 million and condominium sales fell 13.6% to $ 64.1 million, according to the monthly trends report released by the New Hampshire Real Estate Association.
The price of a home has also fallen from recent months, but the median price of $ 500,050 still puts a home in the county above the half-million dollar mark for the sixth consecutive month.
The median price of condominiums drops
The median price of a condo, according to NHAR data, was $ 369,500 for the month, well below the high of $ 405,000 recorded in July.
âThere is an unscientific element of buyer fatigue in the marketplace because active listings are so scarce and competition remains fierce,â said John Rice, broker at Tate & Foss Sotheby’s International Realty in Rye. “It can be overwhelming for buyers.”
Rice also keeps statistics for the Portsmouth-based squad. Seacoast Real Estate Agents Council, which also recorded a decline in home and condo sales in October.
The Board of Directors draws its sales data from 13 sample communities: Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth, Rye, Seabrook and Stratham.
According to data gathered by Rice, a record number of listed properties available in October led to 100 single-family home sales, down 14.5% from 2020, and the slowest month since July.
With 69 of those 100 sales for less than $ 700,000, the monthly median price fell to $ 532,000, the lowest level since May 2020.
A similar situation with condo inventory led to 62 unit sales in the month, down 23.4% from last year, according to data. The median October selling price was $ 412,000, up 7% from September and 14% from a year ago.
October was slow for sales and prices of single-family homes
âIt might be a bit early to call this a trend,â said Ted Mantos, chairman of the Seacoast Board of Realtors and Bean Group brokerage in Portsmouth, âbut October has certainly been a slow month for sales and selling. of single-family homes, prices Inventory remains the biggest challenge on the market.
According to Rice, sellers should properly value their property and not overvalue it.
âAs always, it comes down to the price,â he said. âWhen the property is priced to market, there will be a strong interest, and there will always be multiple offers and a short time to market. When a property is clearly overpriced, buyers are likely to be more sensitive to it and the property stays in place.
This short time to market can be seen in Days to Market statistics, which measure how long a property is on the market before it is sold. October numbers continue to show a short selling window, the mark of a continuing sellers market. The days on the market for a house in Rockingham County were 17 for a house and 25 for a condo.
Average days on the market
According to Zillow, on average in the United States in 2020, properties spent 25 days on the market before going under contract, up from 30 days in 2019.
Despite the decline in the median price, Rockingham County remains the most expensive of the 10 counties in Granite State to buy a home. At $ 500,050, it surpassed second Belknap County at $ 405,000 for the month of October.
The median price of a condo was in the middle of the pack among counties.
Neighboring Strafford County has resisted the trend shown by other counties of declining single-family home volumes. It was one of only two counties – the other being Hillsborough – to show an increase in home sales.
Statewide, according to the NHAR, home sales volume fell 8.8% and condo sales volume fell 5.5% from October 2020. Meanwhile, median prices have increased – to $ 380,000 for a home and to $ 310,000, two significant increases from last year. Both types of properties sold in less than a month – an average of 24 days for a house, an average of 23 days for a condo.
The NHAR noted in its analysis that the squeeze in home sales is also putting the squeeze on the rental market.
âRent prices for single-family homes are rising rapidly as demand for single-family homes and inventory constraints force some buyers to rent, increasing competition and pushing up rents across the country,â he said.
This article originally appeared on the Portsmouth Herald: Rockingham County NH real estate market cools down a bit in October 2021