The new list of single-family homes fell sharply in February compared to a year ago, and has been steadily heading downwards overall since 2019. This is an important indicator that the state’s housing market continues to decline.
According to a monthly market report from the New Hampshire Real Estate Association, the new list of existing detached homes fell 11.3% from February 2024. The list of condos/townhouses fell by 6.2%. A total of 727 detached homes were listed in February compared to 820 the previous year. The first month since March 2024 saw a year-on-year decline in listings, but listings have been on a downward trend overall for nearly 2019.
The single-family home list for 2024 rose slightly to 14,548 from 2023 compared to 13,650, but over 30% less than 2019. The new list has consistently exceeded 20,000 from the Great Recession residential bust. The challenges of the ongoing supply chain are likely to exacerbate tariffs, and increasingly restrictive zoning also have implications. Low inventory, as well as inconsistent economy and high interest rates, all affect whether homeowners list their homes.
Closing sales, pending sales, and overall homes for sale have increased from a year ago in February, but the new list is a key indicator of how these trends will move forward in the future. Fewer homes listed, fewer sales and higher prices.
The inventory was rising slightly, but it was 1.4 from 1.3 a year ago, but it remains the lowest since March 2024. This number means that if no new lists are added, it will take about a month and a half to sell all the properties listed at the current pace. Industry experts want to see six months’ worth of industry in a stable market.
Median sales prices for New Hampshire detached homes in February were $475,000 the previous year and $510,000 from $502,500 in January. The median means that half of the house sells higher than that price, half is lower.
Buyers took a little break for a while in February. Homes sold in February remained in the market for an average of 44 days, starting on the 39th a year ago. The average market day was the highest in September 2020 when the average was 45 years old. Buyers paid an average price of 99.1%, a slight decline from 99.9% a year ago, but slightly higher than the 98.9% they paid in January.
Closed sales increased by 5%, with 612 at 612 compared to 583 a year ago. Pending sales increased 2% to 721 compared to 707 a year ago. Total homes for sale increased by 8.5% to 1,409 compared to 1,299.
The reasonably priced index was 59, but compared to 62 a year ago. This means that the median income for a New Hampshire region is 59% of what you need to pay the monthly fees for your median home, including mortgage payments, property taxes and insurance.
The condo/townhouse market was much slower than the detached home market in February, with sales and sales dropping and overall listings rising.
In February 2024 there was a new list of 304 compared to 320, a 6.2% drop. The median selling price was $380,000, which was higher than $377,500 in February 2024, but it’s the lowest since then, much lower than $426,000 in January. The affordable index was 79 years old, rising from 78 a year ago, and was the best in the 86-year-old condominium/townhouse market from April 2023. The following month it decreased to 77.
Stock was 1.8 months of supply, up from 1.5 a year ago, with no changes since January.
February 2024 There were 220 closed sales, a 4.3% decrease from 230. Pending sales fell 16.3% from 313 a year ago. Overall 602 condominiums/townhouses for sale, an increase of 22.9% from 490% in the previous year.
Buyers in February paid an average price of 100.2%, down from 101.4% a year ago, but slightly up from 99.9% they paid in January. Condo/townhouse properties sold in February remained in the market for an average of 40 days compared to 30 days a year ago. The highest average day on the market for condo/townhouse real estate was in July 2020 when I was 42 years old.
Nationally, according to the National Association of Real Estate, the median sales price for single-family homes was $396,900, up 4.8% in February 2024. Stock was sold for 3.5 months, with 1.18 units sold, up 16.8% from the previous year. Sales increased 2% from February 2024, but fell 4.9% from January.
This article is shared by partners at Granite State News Collaborative. For more information, please visit collaborativenh.org.
